Belimo: Downgrade to Hold - DC Market Risks Outweigh Upside Potential

研报英文原文证据摘录

Belimo: Downgrade to Hold - DC Market Risks Outweigh Upside Potential

EUROPE | European Midcaps

Belimo EquityJuneResearch22, 2026

RATING | TARGET | ESTIMATE CHANGEDowngrade to Hold - DC Market Risks Outweigh

RATING HOLD (BUY)Upside Potential

PRICE CHF965.50^

We raise our PT to CHF1,035 but downgrade BEAN to Hold as valuation

CHF1,035.00

approaches historical peak levels after the strong share price rally in recent PRICE TARGET | % TO PT (CHF1,013.00) | +7%

weeks. We expect most of DC volumes to be baked into consensus 52W HIGH-LOW CHF975.00 - CHF608.50

expectations with increasing execution risk across capex deployment FLOAT (%) | ADV MM (USD) 79.8% | 28.09

outweighing upside potential. We continue to like the story but don't see room MARKET CAP CHF11.9B | $14.8B

for further multiple expansion given normalising earnings growth towards low TICKER BEAN SW

teens going forward. ^Prior trading day's closing price unless otherwise

noted.

1H26 preview. We expect first half results to come in much better than initially feared by mgmt

(guided margin 20%+), with most of the positivity however priced in by the market after the recent FY (Dec) CHANGE TO JEFe JEF vs CONS

share price rally. With DC demand unbroken and both price hikes unfolding, we expect 1H sales 2026 2027 2026 2027

growth of +16% (+17/+5/-6% vol/price/fx vs. cons. +16%) and a margin of 22.0% (cons at 22.0%). REV NA NA +1% +1%

For 2H26, we expect margins to be +290bps higher YoY (-32bps HoH), translating into a FY margin EPS +3% +3% +2% -1%

of 21.8% (prev. 21.1%, cons. 21.7%), mainly driven by mix, operating leverage and normalizing fx

headwinds. 2026 (CHF) 1Half 2Half FY

Let's talk Data Centre potential... To be clear, liquid cooling penetration across AI DCs provides EPS -- -- 18.73