Revisiting our investment case - Upgrade to Buy

研报英文原文证据摘录

Revisiting our investment case - Upgrade to Buy

et overcapacities,

industry supply / demand seems more balanced now, resulting in more stable industry pricing (see

e.g. stable ASP per MW for wind OEMs), benefiting Gurit's profitability. The stock trades on c7x 2026

EV/EBIT, which is a c50% discount to the average of Swiss small and midcap industrials, thus offering

an attractive risk reward.

EVIDENCE (1) Recent order intake growth at main Western OEMs (Vestas, Nordex, which we expect to be

among Gurit's main customers) as well as their 2026 sales outlook statements imply wind market

growth. (2) The company expects cCHF10m sales over 2-3 years coming from the furniture market

and cCHF10-15m from defence over 5 years (adding c1-2% to growth in 2026E). (3) The

antidumping investigation into Goldwind by the European Commission (details) and the blocking of a

wind turbine factory from Ming Yang in the UK (details) potentially suggest limited risk of Chinese

players gaining substantial market share in Europe near term. (4) Consensus expects higher operating

margins from main Western wind OEMs, reducing pricing pressure along the supply chain.

WHAT´S PRICED IN? We use UBS HOLT's Flex Valuation tool. After loading IBES consensus for 2026, we need to factor in

sales growth of 3% over 2027-30E (UBSe 4-5%) and a constant EBITDA margin of c12% (UBSe 12-

13%) to reach the current stock price.Please

Upside/Downside

Spectrum

Average organic sales Average EBIT margin Valuedrivers, 2025-28E EBIT CAGR

growth p.a. growth p.a.

CHF50 upside +9% +13% +90bp

CHF43 base +6% +9% +60bp

CHF25 downside 0% 0% 0bp

Source: UBS estimates

Company Description Gurit is a component and material supplier for wind blade producers (c75% sales) and marine &

industrial applications (c25%).