Bucher (1K) | Hold | Muted activity in Q2 expected

研报英文原文证据摘录

Bucher (1K) | Hold | Muted activity in Q2 expected

#EarningsPreview #Negative #TPchange

Release date: 01 July 2026

Company research

ESG profile HoldBucher

Switzerland | Capital goods Beta Profile: MCap: CHF3.2bn

Target Price: CHF330.00 (360.00) Change in TP: -8.3 % Bloomberg: BUCN SW Reuters: BUCN.S

Current Price: CHF318.00 Change in Sales: -0.5% 26E/-1.4% 27E Free float 62%

Up/downside: 3.8% Change in Adj EBIT: -6.5% 26E/-6.9% 27E Avg. daily volume (CHFm) 7.5

YTD abs performance -13.7% Market data: 30 June 2026 Change in Adj. EPS: -6.4% 26E/-7.0% 27E

52-week high/low (CHF) 409.00/306.00

Muted activity in Q2 expected Price performance

Why this report?

Ahead of Q2 results due 30 July, we are trimming estimates and TP. The Ag

capex sentiment indicators in Europe are turning back to recession territory

again. This reflects major pressures on farmers and ranchers due to the

repercussions of the crisis in the Persian Gulf, i.e. rising fuel and fertiliser

costs and more adverse financial conditions. This is set to weigh on the

recovery and may delay or soften it. At the same time, the outlook for

Specials (small restructuring) and Emhart (downcycle hitting now) is muted.

Multiples may be appealing on an over-the-cycle perspective, and the

company has significant net cash, but at the same time, the recovery may

move into next year, so that investors again need more patience.

Key findings FY to 31/12 (CHF) 12/26E 12/27E 12/28E

Guidance for FY 2026 has been confirmed after Q1, but Bucher has started Sales 2,878 2,964 3,053

pointing to increasing political uncertainties (“The impact of increasing political EBITDA adj. 311 338 363

uncertainties on the recovery in demand at Bucher Industries is currently difficult EBIT adj. 220 244 266

Net profit adj. 174 190 206 to assess.”).