First Read: Sika "EC sends statements of objections to construction..."

研报英文原文证据摘录

First Read: Sika "EC sends statements of objections to construction..."

(CHF)

financial implications for the company, although the outcome of the current process UBS Cons.

remains uncertain. In addition, the MBCC admixtures activities were divested before 12/26E 7.27 7.20

12/27E 8.38 8.10

Sika consummated the MBCC takeover and were therefore never owned by Sika.

12/28E 9.35 9.04

Other investigations have been concluded without consequences for Sika Patrick Rafaisz, CFA, FRM

The original investigations were coordinated with authorities in the US, UK and Turkey. Analyst

All those investigations have already been concluded without consequences for Sika, patrick.rafaisz@ubs.com

+41-44-239 90 66

although the outcome of the current process remains uncertain. The US nationwide

lawsuit was dismissed in June 2025 by a US district judge in Manhattan, citing that price Julian Radlinger, CFA

hikes were "episodic" and inconsistent with coordinated activities (see here). In the UK, Analyst

the CMA closed the case in January 2025 on "administrative priority grounds" (see julian.radlinger@ubs.com

+44-20-7901 6558

here). The investigation in Turkey was concluded in June 2025 with relatively small fines

(<EUR0.5m) for Mapei and Chryso (now owned by SGO), while the other 11 chemicals Leonie Zirn

companies and 2 trade associations in that probe were cleared (see here). Analyst

leonie.zirn@ubs.com

+41-44-235 0154

Valuation: Shares trade at a ~6% Eq FCF yield 26E

We value Sika's shares on a DCF (7.3% WACC, 2.0% t-growth). At an Eq FCF yield 26E

of ~6%, Sika trades at almost twice the yield of Swiss quality building supplier peers.

Highlights (CHFm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 11,239 11,763 11,201 11,330 12,027 12,815 13,679 14,548