Straumann Holding AG: Back in action

研报英文原文证据摘录

Straumann Holding AG: Back in action

Equity Research

European Medical Technology & Services

18 June 2026

Straumann Holding AG

Back in action

The upside risk on margins we had talked about was realised

with yesterday’s raise. But what now? We see more to go:

+80bps expansion 2026-28E and an upside case of +150bps if STMN.S/STMN SE OVERWEIGHT Unchanged

VBP is abandoned. We lay out the margin building blocks to European Medical POSITIVE

2028 and innovation-led growth story in this note. Technology & Services Unchanged

Price Target CHF 120.00

raised 4% from CHF 115.00

Straumann is one of our preferred names in EU Medtech with sector-leading, innovation-

led growth in an attractive end market. We have been talking about upside risk to Price (17-Jun-26) CHF 103.35

guidance since Q4 and whilst investors had increasingly been expecting a raise in Q2 Potential Upside/Downside +16.1%

Source: Bloomberg, Barclays Research

recently, the magnitude was greater, with management raising guidance from 30-60bps to

140-170bps in ccy margin expansion. The shares were up 10.8% on 17th June (vs SXDP

+1.1%) as a result. We map out our assumptions on the 2026 margin guidance, forecasting Market Cap (CHF mn) 16479

c.150bps of margin expansion and see scope for further margin expansion of +80bps out to Shares Outstanding (mn) 159.46

2028 from mix, operating leverage, and further cost rationalisation through the Smartee Free Float (%) 71.13

partnership. Straumann screens well on our inflation impact framework, with low 52 Wk Avg Daily Volume (mn) 0.4

exposure to relevant cost buckets and pricing power to offset potential headwinds (see: Dividend Yield (%) 0.97

MedTech back from the dead? Assessing inflation risk, 1 June 2026). We see an additional Return on Equity TTM (%) 16.95