Bystronic Trough in sight: Upgrading to Neutral

研报英文原文证据摘录

Bystronic Trough in sight: Upgrading to Neutral

Global Research

18 June 2026ab

Bystronic Equities

SwitzerlandTrough in sight: Upgrading to Neutral

Building Materials

12-month rating Neutral

Downside protection amid stabilizing business and valuation support Prior : Sell

We cut our PT to CHF155 per share (from 220) but see valuation support and a 12m price target CHF155.00

stabilizing business environment (albeit on low levels), and hence, upgrade Bystronic Prior : CHF220.00

from Sell to Neutral. Following downward revised FY26 guidance, we cut our estimates

Price (18 Jun 2026) CHF148.40

significantly. Our FY26-28 revenues come down by around 4%, while we cut our EBIT

margins on average by 220 bps, and now expect break even to be reached only by FY28 RIC: BYS.S BBG: BYS SW

(prev. FY27). However, we see indications that Q1 is likely to be the trough, both in terms

Trading data and key metrics

of profitability and top line growth. Additionally, we see valuation support, and would

52-wk range CHF402.50-146.00

stress the company's strong balance sheet, with net cash of close to CHF200m per FY26

(UBSe). Market cap. CHF0.31b/US$0.38b

Shares o/s 2.07m (BEAR)

Top line likely troughing in Q1 Free float 80%

Q1 26 saw sales drop from already low levels by another 15.4% yoy. Excluding the Rofin Avg. daily volume ('000) 1.95

acquisition impact, Q1 sales growth would have even been -23%. This was due to i) a Avg. daily value (m) CHF0.4

weak start in North America, which had traditionally been an above average margin Common s/h equity (12/26E) CHF0.56b

region, and ii) change of business mix toward more automation machines, vs laser P/BV (12/26E) 0.6x

cutting systems, and iii) conservative accounting. These automation solutions tend to Net debt to EBITDA (12/26E) 10.5x