Straumann AG (STMN.S): Raising FY26 profitability guidance implies +MSD consensus EBIT upgrades

研报英文原文证据摘录

Straumann AG (STMN.S): Raising FY26 profitability guidance implies +MSD consensus EBIT upgrades

Equity Research

17 June 2026 | 6:56AM BST

Straumann AG (STMN.S): Raising FY26 profitability guidance implies

+MSD consensus EBIT upgrades

Straumann are lifting FY26 profitability guidance, from 30-60bps adj. EBIT margin Richard Felton, CFA

+44(20)7552-7872 |

expansion previously to 140-170bps expansion (c. FX). Using latest FX margin impact richard.felton@gs.com

Goldman Sachs International

expectations (~120bps headwind, noted on Q1 26 earnings call), at the mid-point

Lauren Mitchell

this new margin guidance implies 25.5% adj. EBIT margin in FY26 (vs 24.5% Visible +44(20)7774-8731 |

Alpha Consensus Data) and ~4% upgrades to adj. EBIT consensus. Straumann’s lauren.r.mitchell@gs.comGoldman Sachs International

topline outlook for high-single-digit organic revenue growth (vs 8.8% consensus) is

unchanged.

The drivers of the margin upgrade include 1) China, with improving profitability

supported by the Shanghai campus ramp-up, lower local production costs and a

more favourable pricing backdrop following the delayed rollout of VBP 2.0, alongside

gradually normalising demand, 2) Stronger-than-expected profitability across all

segments, driven by gross margin expansion, favourable mix and disciplined

execution, with orthodontics transformation initiatives and improving IOS

profitability providing additional support, 3) Faster-than-expected operational

efficiency gains (supply chain, manufacturing productivity and cost control),

enhancing operating leverage. Potential tariff refunds (up to CHF 17m) provide

additional, albeit non-core, upside.

Based on our estimates, Straumann is trading on 27.2x 12m fwd P/E

Valuation methodology. Our 12-month price target of CHF 97 is derived from a