First Read: Implenia AG "Feedback from the UBS Infrastructure Day in Munich"

研报英文原文证据摘录

First Read: Implenia AG "Feedback from the UBS Infrastructure Day in Munich"

Global Research

20 May 2026ab

First Read

EquitiesImplenia AG

Feedback from the UBS Infrastructure Day in Switzerland

Munich Home Construction

12-month rating Buy

12m price target CHF100.00

Technical expertise as USP

At our UBS Infrastructure Day in Munich we hosted various corporates and visited the

Marienhof subway station construction site, at ~45m depth Germany's deepest Price (20 May 2026) CHF59.40

construction site. From Implenia, we met CFO and IR, as well as head of the Civil RIC: IMPN.S BBG: IMPN SW

Engineering division Erwin Scherer, alongside several construction site related local

Trading data and key metrics

experts. Overall, we came away highly impressed by the technical expertise on offer.

Local staff highlighted that when technical expertise is the relevant factor for auctions 52-wk range CHF82.60-48.30

bids, Implenia has structural advantages, despite offering at higher price points. Market cap. CHF1.10b/US$1.39b

Shares o/s 18.5m (ORD)

From 20 ton doors and three years to build 120 meter tunnel Free float 78%

The Marienhof site is built in a JV with Hochtief, a typical JV partner of Implenia. The Avg. daily volume ('000) 47.4

tendering took place over three years 2015-2018, and some of the challenges include Avg. daily value (m) CHF3.2

intracity logistics and working with local sub contractors. Also, given its the deepest Common s/h equity (12/25E) CHF1.03b

construction site in Germany, technical challenges around high air and water pressure P/BV (12/25E) 1.1x

arise, and potential squeezing of adjacent subway tunnels needs to be taken into Net debt to EBITDA (12/25E) 1.3x

account. This requires areas to be entirely shielded and tunneling works to be done