Schneider Electric: Cognite deal

研报英文原文证据摘录

Schneider Electric: Cognite deal

Equity Research

European Capital Goods

1 July 2026

Schneider Electric

Cognite deal

Capital allocation concerns likely to resurface; we find it hard

to justify the valuation for Cognite. Instead we suggest

focussing on the evidence of operational turnaround since SCHN.PA/SU FP OVERWEIGHT

European Capital Goods NEUTRAL

this will matter more in the end. Price Target EUR 340.00

Price (30-Jun-26) EUR 285.40

It's been just two days since we made the point that a clear detractor to the Schneider Potential Upside/Downside +19.1%

equity story in the past 2 years has been capital allocation that, at times, may have raised Source: Bloomberg, Barclays Research

an eyebrow. The Cognite deal, at 13.5x EV/sales (2026e), an industrial SaaS business

without the current SaaS price tag, could be seen as emblematic of a failure to capture the European Capital Goods

zeitgeist, in our view. We expect a negative reaction in the shares today. The good news is George Featherstone, CFA

that this deal is small in the overall context (<2% of market cap) and so ought not to +44 (0)20 3555 8585

detract from the wider operational turnaround underway for too long (more on that george.featherstone@barclays.com

here). Barclays, UK

Vlad Sergievskii

We think it's a fair criticism that Schneider's last 3 high-profile acquisitions suggest mixed +44 (0)20 7116 1117

pricing discipline. Last summer's buyout of the remaining portion of the India JV valued it at vlad.sergievskii@barclays.com

~8.7x EV/Sales. At the time this was over 4 times the Capital Goods sector average valuation and Barclays, UK

a premium to the listed Indian subsidiaries of Schneider's peers. Timothy Lee, CFA

+44 (0)20 7773 6879

In contrast, Motivair, the liquid cooling business, was ~5x EV/Sales.