Komax (1K) | Hold | Leadership change, repositioning continues

研报英文原文证据摘录

Komax (1K) | Hold | Leadership change, repositioning continues

Komax Hold | Target Price: CHF55.00

Outlook clouded

Still anticipating minor improvements from very low levels

Komax has deferred its mid-term targets due to market weakness. While near- and medium-

term financial targets remain official, the team that designed, communicated, and defended

them is largely gone.

FY 2026 is set to be a transition year. The tone is cautious with no granular outlook. However,

the remaining CHF5m cost-out measures are set to come through and, starting from a level of

CHF16m recurring EBIT, the minimum implied EBIT for FY 2026 should be around CHF20m.

We are slightly higher on recurring EBIT. However, we now expect more restructuring and more

one-off costs as well. So far, cost cuts have a fast payback. However, the P&L has already seen

one-off costs in the last two years. Payouts are therefore likely to remain constrained.

The company's primary near-term objective is clear: stay compliant with covenants at all times

and achieve a double-digit EBIT margin from FY 2027 onwards on CHF65m of revenue. This

constitutes a major top-line rebound, which we do not see for now.

However, there are credible margin protection initiatives in place, and in the event of further

end market weakness, the group is likely to intensify efficiency measures.

In fact, Komax now aims to reduce its revenue breakeven point further - even below CHF540m

sales - and it could be reduced even further through additional restructuring (we think this is

likely).

Efficiency measures continue

The company's recovery relies on three pillars.

First, a successful cost transformation: from FY 2026, the cost base should be at least CHF25m

lower than FY 2024 levels, with approximately CHF20m already realised in FY 2025.