Burckhardt Compression (1K) | Hold | TP down ahead of FY results as FX weighs

研报英文原文证据摘录

Burckhardt Compression (1K) | Hold | TP down ahead of FY results as FX weighs

#EarningsPreview #Negative #TPchange

Release date: 21 May 2026

Company research

ESG profile HoldBurckhardt Compression

Switzerland | Capital goods Beta Profile: MCap: CHF1.8bn

Target Price: CHF550.00 (720.00) Change in TP: -23.6 % Bloomberg: BCHN SW Reuters: BCHN.S

Current Price: CHF520.00 Change in Sales: -0.7% 26E/-3.2% 27E Free float 91%

Up/downside: 5.8% Change in Adj EBIT: -1.6% 26E/-7.2% 27E Avg. daily volume (CHFm) 6.5

YTD abs performance -4.9% Market data: 20 May 2026 Change in Adj. EPS: -1.8% 26E/-7.3% 27E

52-week high/low (CHF) 735.00/472.00

TP down ahead of FY results as FX weighs Price performance

Why this report?

FY 2025/26 results (due 4 June) should come in about in line with guidance

(c.CHF1.1bn in sales and ~12.9% EBIT margin), supported by the large

backlog built in prior years. The critical read-through will be H2 order intake:

management has not provided any orders guidance, and whether the

September uptick turned into a sustained recovery will also determine the

revenue bridge into FY 2026/27 and whether the MRP CHF 1.2bn target for FY

2027/28 remains credible. FX and tariff-related uncertainty are the main

headwinds. We expect a strong Swiss franc to weigh. We must trim estimates;

we move to the low end of the MRP guidance. We also factor in the Fornovo

Gas acquisition. This sees us cut our TP ahead of the release.

Key findings FY to 31/03 (CHF) 03/26E 03/27E 03/28E

Management holds to the guidance of CHF1.1bn sales and a flat EBIT margin YOY, Sales 1,085 1,087 1,130

but the FX situation (weakness of USD, CNY and INR vs CHF) keeps weighing EBITDA adj. 161 161 168

heavily. For now, we understand that the adverse transactional effects can be EBIT adj. 138 138 144