Burkhalter Holding AG: View on H1 26 results and model update

研报英文原文证据摘录

Burkhalter Holding AG: View on H1 26 results and model update

Burkalter's sales growth in H2 26E as the company can

From To % ch Cons.

pass on higher input costs to customers. To account for that, we increase our sales 12/26E 6.23 6.32 1 6.21

estimates by around 1% over 2026-28E. On margins, we expect the completion of the 12/27E 6.68 6.83 2 6.57

ERP platform consolidation (which was the main driver behind the +40bp margin 12/28E 7.14 7.28 2 6.92

improvement in H2 25) to have a positive impact, hence, we raise our EBIT margin

estimates by +5-15bp over 2026-28E. These changes lift our EPS estimates by around Marti Queral Ferre, CFA

+1-2% over the same period. We also roll forward our DCF and derive a new PT of Analyst

marti.queral-ferre@ubs.com

CHF140 (from CHF133). We remain Neutral-rated.

+41-44-236 9246

Latest acquisition and competition in M&A Tommaso Operto, CFA

Analyst

(1) Burkhalter recently acquired anplaq, a technical installation services provider for tommaso.operto@ubs.com

energy and water infrastructure. The acquisition adds cCHF8.5m of annual sales (<1% +41-44-239 2049

of group sales). We view the deal as opportunistic and do not expect Burkhalter to

meaningfully increase its focus in this segment. (2) We expect the Danish technical

installations company Installer Group to remain active in M&A in Switzerland. Since

entering the market last year, the company has completed five bolt-ons. While

acquisition opportunities remain plentiful, its presence is likely to increase competition

for targets. We nevertheless expect Burkhalter to remain disciplined.

Valuation: we derive a new DCF-based PT of CHF140 (from CHF133)

Burkhalter trades on c24x 2026E earnings, above its historical average of 21x, but it also

offers a dividend yield of c4%.