Forbo "Feedback from corporate access event" (Buy) Rafaisz

研报英文原文证据摘录

Forbo "Feedback from corporate access event" (Buy) Rafaisz

Global Research

11 June 2026ab

Forbo Equities

SwitzerlandFeedback from corporate access event

Building Materials

12-month rating Buy

Good momentum into the transformation, trading as expected

We hosted Forbo CEO Johanes Huber for a corporate access event with investors. With 12m price target CHF1,050.00

the new mid-term strategy still being developed and the management team not quite

complete yet (new CFO joining in July), the focus of conversations was mostly qualitative

Price (10 Jun 2026) CHF707.00

in nature. Forbo has started with good momentum into the transformation. However,

the turnaround and placing Forbo on a profitable growth path may take longer than RIC: FORN.S BBG: FORN SW

expected initially. In terms of current trading, 2026 is shaping up to be a challenging

Trading data and key metrics

year as expected. YTD the group remains on track with plan for slight growth in LC and

52-wk range CHF964.00-682.00

slightly higher net profit - likely with a softer H1. Indicatively, management is addressing

the footprint at both divisions, go-to-market strategies (incl. sales force incentives), Market cap. CHF1.00b/US$1.25b

pricing strategy and procurement. Explicitly not a capital allocation focus are M&A, Shares o/s 1.42m (REG)

buybacks or a SOTP review. Key KPIs going forward will be EBIT; cash flow and ROC. Free float 100%

Near-term, the focus is on reliably supplying customers. Topics like NWC efficiency will Avg. daily volume ('000) 2.83

be addressed at a later stage. Avg. daily value (m) CHF2.1

Common s/h equity (12/26E) CHF0.70b

Flooring: more challenging environment P/BV (12/26E) 1.4x

The current environment in Flooring was described as more challenging than in Net debt to EBITDA (12/26E) NM

Movement.