Sulzer Preview H1 / Q226 - Lack of large orders and delays to weigh on results

研报英文原文证据摘录

Sulzer Preview H1 / Q226 - Lack of large orders and delays to weigh on results

Global Research

21 July 2026ab

Sulzer Equities

SwitzerlandPreview H1 / Q226 - Lack of large orders and

delays to weigh on results Industrial, Diversified

12-month rating Neutral *

12m price target CHF130.00Missing large orders

We expect orders to improve sequentially (easing comps), but still contract due to a lack

of large orders and project delays as a result of macro and geopolitical uncertainty. We Price (20 Jul 2026) CHF142.70

expect Q2 orders to decline -4.3% in LC with a low-teens decline in Chemtech more RIC: SUN.S BBG: SUN SW

than offsetting minor growth in Flow and MSD growth in Services. We also expect these,

slower dynamics to curtail organic growth across all divisions, and through lower Trading data and key metrics

utilisation weigh on margins. We model 0% organic for H1 and an EBITDA margin 52-wk range CHF179.40-126.60

contraction of -80bps to UBSe 13.6%. Sulzer is set to trail guidance for order growth of Market cap. CHF4.89b/US$6.04b

1-5%, sales +2-5% and an EBITDA margin of ~16.5%, but guidance could still be Shares o/s 34.3m (REG)

confirmed. We understand there to be various large projects in the pipeline for H2, with Free float 37%

Services to benefit from pent-up demand. Cost measures, better utilisation in H2 and an Avg. daily volume ('000) 51.6

improving mix should support margins. We therefore leave our estimates mostly Avg. daily value (m) CHF7.4

unchanged with only minor tweaks to FY26-28E EPS. Common s/h equity (12/26E) CHF1.50b

P/BV (12/26E) 3.3x

Flow and Chemtech down, Services up Net debt to EBITDA (12/26E) 0.2x

While we expect Flow to have improved q/q with org. growth of UBSe 1.8%, we assume

H1 order intake will still be down due to the slow start in Q1.