COLTENE (AO) | Hold | H1 2026 preview : a soft H1 before an expected H2 recovery

研报英文原文证据摘录

COLTENE (AO) | Hold | H1 2026 preview : a soft H1 before an expected H2 recovery

COLTENE Hold | Target Price: CHF55.00

Company description Management

COLTENE is a Swiss-based international developer, manufacturer, and distributor Dominik Arnold, CEO

of high-quality dental consumables and small equipment. Its portfolio is Markus Abderhalden, CFO

organised into three core areas: Infection Control, Dental Preservation & Matthias Altendorf, Chairman

Improvement, and Treatment Auxiliaries. COLTENE’s products are trusted by Key shareholders

dentists, dental service organisations (DSOs), clinics, and laboratories in over 100 Free float 43.78%

countries worldwide. Huber family 22.49%

Arthur Zwingenberger 17.28%

Franz Rauch 12.30%

Investment case Valuation methodology

COLTENE targets a mid-term organic growth of 3-5% p.a LFL and We value the company through a DCF analysis (WACC of 8.40%

an EBIT margin of 13-15%. We view those targets to be and LT growth of 1.5%).

demanding, given the uneven track record of the group and the Risks to our rating

market momentum. Our 2028E forecasts imply 2.5% LFL growth Cost inflation and margin pressure.

and EBIT margin of 11.3%. Integration failure and/or delivery on growth from recent M&A.

COLTENE operates in a dental consumables market growing at

2-3% p.a. We believe COLTENE's growth will be mainly driven by

its Infection Control and DP&I divisions, which are the best

positioned to benefit from structural tailwinds : ageing

demographics, workflow digitalisation, and rising demand for

aesthetic care.

M&A is not central but remains a lever, considering COLTENE's

solid balance sheet.

Catalysts

Sound execution on the top-line and margins.

New product launches.

Key data charts

Price performance Sales split by region Sales split by division