Tecan "Discounting the latest order and sales indications" (Neutral) Vogel

研报英文原文证据摘录

Tecan "Discounting the latest order and sales indications" (Neutral) Vogel

Global Research

26 May 2026ab

Tecan Equities

SwitzerlandDiscounting the latest order and sales indications

Advanced Industrial Equipment

12-month rating Neutral

Reflecting latest orders, sales and FX

Following Tecan’s recent 1Q26 trading update, we have revised our FY26/27/28E 12m price target CHF162.00

projections for the company. In our FY26E revenue forecasts, we factor in the company’s Prior : CHF164.00

reported 1Q26 order growth and sales performance, as well as the 2H25 order intake.

Price (22 May 2026) CHF149.40

Additionally, we incorporate the latest FX developments since our previous estimate

adjustments. As a result, we now expect FY26/27/28E organic sales growth of RIC: TECN.S BBG: TECN SW

approximately 5%/6%/5%. Given our slightly more conservative sales outlook, we have

Trading data and key metrics

also updated our FY26/27/28E EBITDA (UBS adj.) estimates. This revision reflects the

52-wk range CHF174.30-114.70

company’s typical operating leverage, while also accounting for potential benefits from

its previously announced cost optimization initiatives. Overall, we project FY26/27/28E Market cap. CHF1.92b/US$2.44b

EBITDA (UBS adj.) margins of 15.9%/17.2%/17.6%. Overall, these estimate changes Shares o/s 12.8m (ORD)

also drive our DCF-derived PT to CHF 162 (previously CHF164). We rate Tecan Neutral. Free float 100%

Avg. daily volume ('000) 61.6

Expecting MSD organic sales growth in FY26E Avg. daily value (m) CHF7.9

We incorporate Tecan's robust 1Q26 order intake into our FY26E projections, asserting Common s/h equity (12/26E) CHF1.11b

that these orders will bolster Tecan's revenue in upcoming periods, consistent with P/BV (12/26E) 1.7x

historical trends.