First Read: Burckhardt Compression "FY25 results conference feedback" (Neutral)

研报英文原文证据摘录

First Read: Burckhardt Compression "FY25 results conference feedback" (Neutral)

Global Research

4 June 2026ab

First Read

EquitiesBurckhardt Compression

FY25 results conference feedback Switzerland

Industrial, Diversified

12-month rating Neutral

Energy independence potentially an even more important driver long term

At the FY25 results conference earlier today management elaborated on recent market 12m price target CHF530.00

trends, challenges and opportunities. Management remains convinced of the structural

long-term trends around population growth, energy security and energy storage driving

Price (04 Jun 2026) CHF463.00

demand for their compressors. Recent geopolitical events could potentially even

accentuate the need for energy independence. That said, trading into H1 of FY26 has RIC: BCHN.S BBG: BCHN SW

been slow and at a similar run-rate as H2. Petrochemical and chemicals customers in Trading data and key metrics

China are particularly hard impacted. Persistent overcapacities combined with feedstock

52-wk range CHF735.00-463.00

shortages (Middle East) are causing delayed decision making for large projects. While

Market cap. CHF1.57b/US$2.00b

there's no visibility on when order momentum could return, the backlog from prior years

Shares o/s 3.40m (REG)

already secures 75% of the FY26 mid-point revenues with the balance (c25%) typically

accounted for by book-to-shop business. Free float 88%

Avg. daily volume ('000) 8.73

Additional colour around delayed orders Avg. daily value (m) CHF4.4

Management provided quantitative indications to illustrate the extent to which delayed Common s/h equity (03/26E) CHF0.38b

decision making at customers is impacting the company. As per H125, the top ~15 P/BV (03/26E) 4.6x