First Read Bossard 1H26 results - takeaways from conf call with CEO

研报英文原文证据摘录

First Read Bossard 1H26 results - takeaways from conf call with CEO

Global Research

21 July 2026ab

First Read

EquitiesBossard

1H26 results - takeaways from conf call with Switzerland

CEO Industrial Services

12-month rating Neutral

12m price target CHF156.00

Additional thoughts on 1H26 demand drivers

Overall, we estimate that railway, aerospace and semicon/electronics contributed

around 25% to the company's 1H26 group revenues. This compares with a share of 22- Price (20 Jul 2026) CHF203.00

23% in 1H25 and thus supported group sales in 1H26, in our view. Moreover, we expect RIC: BOS.S BBG: BOSN SW

that Bossard's 1H26 organic group revenues growth saw an around 2 pp. support from

Trading data and key metrics

the pass-on of previously introduced prices increases related to the implementation of

steel and aluminum tariffs in the US. Since this pass-on started in in 3Q25, we anticipate 52-wk range CHF212.00-136.40

fading support for 2H26. Moreover, we expect that gaining an additional US agri- Market cap. CHF1.36b/US$1.68b

focussed customer in the beginning of the year helped US sales in 1H26 and likely will do Shares o/s 6.65m (BEAR)

so in 2H26E. Free float 87%

Avg. daily volume ('000) 12.9

Further thoughts on the guidance Avg. daily value (m) CHF2.4

Considering the continued demand uncertainty (geopolitics, tariffs, currencies, etc.), we Common s/h equity (12/26E) CHF0.43b

expect Bossard to remain cautious and thus guiding for FY26E sales growth (in lc.) just in P/BV (12/26E) 3.7x

excess of 5%, without providing more granularity. However, we also expect that the Net debt to EBITDA (12/26E) 1.9x

company's customers were doing less pre-buying, or restocking, which should support

EPS (UBS, diluted) (CHF)

the company's 2H26's sales growth prospects.