LEM Holding "Feedback from roadshow with management" (Neutral) Operto

研报英文原文证据摘录

LEM Holding "Feedback from roadshow with management" (Neutral) Operto

Global Research

26 May 2026ab

LEM Holding Equities

SwitzerlandFeedback from roadshow with management

Electric Components & Equipment

12-month rating Neutral

Disciplined capex supporting FCF generation

LEM delivered a resilient FY 2025–2026 performance in a challenging macro 12m price target CHF400.00

environment, with sales of CHF 287.7m flat in constant currency (-6.3% reported), but a Prior : CHF355.00

sharp improvement in profitability and cash generation. EBIT rose ~29% YoY, driven by

Price (26 May 2026) CHF409.50

the CHF 20m cost program, while operating FCF turned strongly positive to CHF 31.7m

(vs. -CHF 11.6m prior year). Excluding restructuring cost, FCF would have amounted to RIC: LEHN.S BBG: LEHN SE

around CHF40m, acc. to management. Gross margin declined ~300bps due to pricing

Trading data and key metrics

pressure—particularly in China and early-year tariffs—but stabilized into H2. The

52-wk range CHF898.00-262.00

balance sheet strengthened materially, with net debt reduced below CHF 60m (from

90m) and equity ratio improving by 6pp to above 42%, reflecting disciplined capex and Market cap. CHF0.47b/US$0.59b

working capital management. Shares o/s 1.14m (ORD)

Free float 47%

Some green shoots potentially emerging... Avg. daily volume ('000) 3.62

Operationally, performance was mixed across segments and regions, highlighting Avg. daily value (m) CHF1.1

ongoing volatility. Automation (31% of sales) was the key growth driver, benefiting Common s/h equity (03/27E) CHF0.15b

from data center demand, while Automotive slowed in H2 due to weakness in China P/BV (03/27E) 3.2x

and the US. Renewable Energy and EDHP both declined YoY but improved sequentially, Net debt to EBITDA (03/27E) 1.2x