Interroll (1K) | Reduce (vs Hold) | Back to growth but FX and investments weigh

研报英文原文证据摘录

Interroll (1K) | Reduce (vs Hold) | Back to growth but FX and investments weigh

#RatingChange

Release date: 11 June 2026

Company research

ESG profile Reduce (Hold)Interroll

Switzerland | Capital goods Beta Profile: MCap: CHF1.2bn

Target Price: CHF1400.00 (2400.00) Change in TP: -41.7 % Bloomberg: INRN SW Reuters: INRN.S

Current Price: CHF1434.00 Change in Sales: 3.1% 26E/4.6% 27E Free float 79%

Up/downside: -2.4% Change in Adj EBIT: -4.3% 26E/-1.4% 27E Avg. daily volume (CHFm) 4.3

YTD abs performance -34.8% Market data: 10 June 2026 Change in Adj. EPS: -7.5% 26E/-4.0% 27E

52-week high/low (CHF) 2580.00/1434.00

Back to growth but FX and investments weigh Price

performance

Why this report?

We cut our TP after a fundamental reassessment of the Interroll equity story.

Yes, Interroll is back on the growth path after a long soft patch. However,

adverse FX is eating into reported growth, and the Middle East conflict may

weigh on recovery dynamics. And yes, Interroll is finally executing a credible

strategy to fend off Chinese competitors. However, it will take significant time

to see evidence of success, and the respective opex investments (primarily

marketing, R&D, etc.) will continuously weigh on margins. The recent Royal

Apollo deal is sensible but margin-dilutive. The company is in a regime that

may call for further multiples compression. For now, a Reduce rating seems

warranted (down from Hold) until faster growth resumes.

Key findings

We understand that the positive H2 trend has continued YTD, but at a more FY to 31/12 (CHF) 12/26E 12/27E 12/28E

moderate pace. The Middle East conflict has also likely had some impact on the Sales 567 616 649

sector since March, and large-scale projects may get delayed. MENA airports are EBITDA adj. 105 117 126