Schindler Holding: Decade low PE, despite bottoming growth & further margin improvement ahead

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Schindler Holding: Decade low PE, despite bottoming growth & further margin improvement ahead

Equity Research

21 July 2026

Schindler Holding

Decade low PE, despite bottoming

growth & further margin

SCHP.S/SCHP SW OVERWEIGHTimprovement ahead

Unchanged

SCHP reported in-line 2Q, showed multiple evidence of European Capital Goods NEUTRAL

bottoming growth, & is set to continue efficiency-driven Unchanged

margin improvements. CMD in Nov could offer potential Price Target CHFUnchanged320.00

margin guide upgrade & a step up in shareholder distribution. Price (20-Jul-26) CHF 269.60

Stock is on a decade low PE of 24x (for 2026E); reiterate OW, Potential Upside/Downside +18.7% Source: Bloomberg, Barclays Research

PT CHF320.

Market Cap (CHF mn) 28174

Decade low PE, despite bottoming growth & further margin improvement ahead. SCHP Shares Outstanding (mn) 106.88

reported an in-line 2Q, with orders starting to slowly recover, sales growth at the lower end of Free Float (%) 99.95

guided range, EBIT margins setting new record, and FCF impacted by temporary working capital 52 Wk Avg Daily Volume (mn) 0.1

headwind. We see positive path ahead with multiple signs of bottoming growth (we model MSD Dividend Yield (%) 2.23

organic sales growth from 4Q26), continued above-consensus margin improvement (guide Return on Equity TTM (%) 22.26

upgrade possible in 3Q26) despite modest mix headwind, and a roadmap to higher shareholder Current BVPS (CHF) 42.37

distribution at the CMD in November. Headwinds that we already factor in include: 1) continued Source: Bloomberg

decline in China NI market over the coming years, 2) competition in the US maintenance market

from ISPs, 3) Mechanical c2.5% headwind to EBIT from IFRS18 (neutral impact on net income). Price Performance Exchange-SWX