Siegfried Holding AG: Takeaways from CFO roadshow

研报英文原文证据摘录

Siegfried Holding AG: Takeaways from CFO roadshow

Global Research

25 June 2026ab

First Read

EquitiesSiegfried Holding AG

Takeaways from CFO roadshow Switzerland

Biotechnology

12-month rating Neutral

Unchanged industry dynamics, 2H skew and top-10 product

We hosted Siegfried outgoing CFO Reto Suter and new CFO Tania Micki for a roadshow 12m price target CHF80.00

in Zürich. Management reiterated largely unchanged industry dynamics with supportive

structural growth drivers and regionalisation driving demand for local manufacturing,

Price (24 Jun 2026) CHF69.80

particularly in the US. Capacity levels vary across product clusters and regions. Small-

molecule Drug Substance supply remains structurally tight in the US, where the number RIC: SFZN.S BBG: SFZN SW

of scaled sites is limited, while China and India offer ample capacities, skewed towards Trading data and key metrics

generics. In Drug Products, high-speed sterile fill-finish (vials/some pre-filled syringe

52-wk range CHF100.00-66.90

lines) remain in surplus, whereas lower-volume formats (e.g. niche opthalmics, biologics)

Market cap. CHF3.16b/US$3.88b

are tighter. 2026 phasing is 2H-weighted, with organic revenues split c44/56 reflecting

Shares o/s 45.2m (REG)

long DS production cycles, and an acquisition contribution of cCHF80m (cCHF10m in

1H). On the top-10 product, messaging was unchanged: while structurally intact and Free float 92%

manufacturing expected to resume again, destocking (after overly optimistic demand Avg. daily volume ('000) 93.0

assumptions) leads to a base case of no 2026 revenues, with limited upside optionality. Avg. daily value (m) CHF7.1

Common s/h equity (12/26E) CHF1.28b

Networked site model, new capacity ramping P/BV (12/26E) 2.3x