Schneider Electric: 2Q preview: turning the corner; raising ests & PT

研报英文原文证据摘录

Schneider Electric: 2Q preview: turning the corner; raising ests & PT

Equity Research

European Capital Goods

29 June 2026

Schneider Electric

2Q preview: turning the corner;

raising ests & PT Earnings Preview

Among the most important quarters for the equity story in SCHN.PA/SU FP OVERWEIGHT

recent times. We like the set-up: substantial valuation Unchanged

discount to peers; operational turnaround likely to be clear European Capital Goods UnchangedNEUTRAL

through P&L; scope for guidance upgrade. Schneider ticks a Price Target EUR 340.00

lot of boxes; reiterate OW. raised 11% from EUR 307.00

Price (26-Jun-26) EUR 276.05

Potential Upside/Downside +23.2%

We expect a beat and raise but make no mistake, this is a bigger moment than that in the Source: Bloomberg, Barclays Research

Schneider equity story. Amid myriad investor choice across the important thematics

(electrification, AI infrastructure), stocks increasingly need something else to outperform. Market Cap (EUR mn) 159314

Shares Outstanding (mn) 577.12For Schneider this is bringing back investor confidence in execution. The past 1-2 years have

Free Float (%) 94.97been far from vintage, characterised by operational missteps (unconvincing pricing strategy,

52 Wk Avg Daily Volume (mn) 0.9lack of operating leverage), wholesale senior management change (CEO, CFO), and, at times,

Dividend Yield (%) 1.52capital allocation that raised an eyebrow (India JV acquisition). But we think the corner has now

Return on Equity TTM (%) 15.22been turned: we expect 1H to show pricing is trending in such a way as to restore sector-leading

Current BVPS (EUR) 41.93gross margin this year and for actions on cost to pave the way for better operating leverage. If

Source: Bloomberg