StarragTornos (AO) | Buy | H1 2026 preview

研报英文原文证据摘录

StarragTornos (AO) | Buy | H1 2026 preview

StarragTornos Buy | Target Price: CHF45.00

Company description Management

StarragTornos is a Swiss metal-cutting tool manufacturer that specialises in Martin Buyle, CEO

machines for milling, drilling, grinding, and turning. The group operates under 11 Markus Jäger, CFO

brands, each focusing on a specific technology ranging from ultra-high precision Michael Hauser, Chairman

to large parts machining. StarragTornos produces about 90% of its tools in Key shareholders

Switzerland or Germany with a satellite in Taiwan. A quarter of the sales relates Free float 33.04%

to service with stations all over the world. Walter Fust 52.11%

Eduard Stürm AG 5.69%

Michel Rollier 5.53%

Investment case Valuation methodology

StarragTornos has shifted its focus from legacy markets such as We value StarragTornos using a DCF model. We assume a WACC

automotive to attractive growth industries (Luxury, Aerospace) of 9.0% and a long-term growth rate of 1.0%.

where it can target highly focused niches. Risks to our rating

About a quarter of the revenue comes from services. While the Competition from China poses a real threat, as competitors can

bulk is still generated from spare parts, refurbishing old produce high volumes at low prices.

machines is becoming a lucrative business. StarragTornos takes Despite the efforts to achieve more visibility, the shares might

old machines and extends their lifetime by overhauling the not attract new investors, as liquidity remains low and small

whole system. caps are still not in favour.

Thanks to the merger, the company has reached the necessary Impact of US tariffs.

critical mass to be recognised by the capital market. The new

visibility is meant to bring increased liquidity to the stock and