Emmi AG Channel checks: Solid momentum but investor expectations have increased

研报英文原文证据摘录

Emmi AG Channel checks: Solid momentum but investor expectations have increased

Global Research

7 July 2026ab

Emmi AG Equities

SwitzerlandChannel checks: Solid momentum but investor

expectations have increased Food Products

12-month rating Neutral

12m price target CHF830.00Next catalyst should reflect solid financials

We expect Emmi's next catalyst, the H1 26 results due on 19 August, to reflect solid

financials. We forecast organic sales growth of 3.1% y/y (2.5% volumes, 0.6% price/ Price (06 Jul 2026) CHF887.00

mix) or total sales of CHF2,300m. A one-off contract in cheese should overcompensate RIC: EMMN.S BBG: EMMN SW

lower milk prices in H1 26E. Against easier comps, EBIT should improve 5% y/y to

CHF153m, resulting in a 20bp y/y margin improvement to 6.6%. We estimate net Trading data and key metrics

income to increase 6% y/y to CHF102.5m. We expect good demand for dairy/protein 52-wk range CHF887.00-680.00

products. Gross margins should expand on mix and cost efficiencies while SG&A will Market cap. CHF4.75b/US$5.89b

likely be impacted by rising logistics and wage inflation costs. We expect Emmi to Shares o/s 5.35m (ORD)

confirm its guidance, with the earnings base getting higher in H2 26E versus H1. Free float 38%

Avg. daily volume ('000) 4.38

Recent dairy market trends − protein in demand Avg. daily value (m) CHF3.7

Emmi's higher-margin products account for 35-40% of total revenues. Almost half of Common s/h equity (12/26E) CHF1.23b

these are desserts (bakery and Italian) while the other half includes higher-end cheese, P/BV (12/26E) 3.9x

drinks (eg, Caffè Latte) and other premium, specialised high-protein products. We are Net debt to EBITDA (12/26E) 1.2x

seeing sound consumer demand trends for these higher-margin products, supporting

Emmi's margin mix.