Lonza: Strong Results, Stagnant Stock

研报英文原文证据摘录

Lonza: Strong Results, Stagnant Stock

Deutsche Bank

Research

Rating Company Date

Buy Lonza 18 May 2026

Forecast Change

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (CHF) 474.20

LONN.S LONN SW SWX LONN

Price Target (CHF) 656.00

Healthcare

Life Sciences Tools & ADR ISIN 52-week range (CHF) 586.60466.70-

LZAGY US54338V1017

Diagnostics

Strong Results, Stagnant Stock

Valuation & Risks

Falko Friedrichs

Takeaway Summary Research Analyst

We see no reason to turn less positive on the investment case following the Q1 +49-69-910-36270

qualitative update, which pointed to a strong operational performance, better-than-

Jan Koch, CFA

initially-expected H1 results, and confirmation that the company is on track to meet Research Analyst

its full-year guidance for double-digit revenue and earnings growth. However, this +49-69-910-47428

strong operational momentum has not been enough to lift the share price. The stock

Fynn Scherzler

has actually de-rated to just 22x 2027 P/E and 14x 2027 EV/EBITDA, despite

Research Analyst

prospects for a double-digit sales and earnings CAGR in defensive, structurally

+49-69-910-40764

growing end markets. Given this disconnect, we believe the market would welcome

management using its balance sheet for additional share buybacks. Sachin Gadilingappa

Research Associate

Forecast Changes & Valuation

We have left our full-year forecast unchanged, but following company indications, Key changes

we have shifted the weighting of growth and margins in 2026 more towards the first

695.00 to

half. We are slightly decreasing our target price to CHF 656 (from CHF 695), as we TP 656.00 ↓ -5.6%

have reduced our target EV/EBITDA multiple for 2027/28 to 17x (from 18x) to reflect Source: Deutsche Bank

the continued de-rating of the sector.