Georg Fischer: Turning point- upgrade to Buy

研报英文原文证据摘录

Georg Fischer: Turning point- upgrade to Buy

Global Research

20 July 2026ab

Georg Fischer Equities

SwitzerlandTurning point- upgrade to Buy

Industrial, Diversified

12-month rating Buy

We see inflection points on various metrics Prior : Neutral

Due to our constructive end market outlook into 2027, GF's good H1 26 order trends 12m price target CHF60.00

(already reported) implying an earnings growth inflection point and the negative Prior : CHF44.00

consensus revision cycle coming to an end (potential for a positive one to start) plus

Price (20 Jul 2026) CHF50.80

considering the stock's weak performance over the last 12-18 months and YTD, we

think it is a good time to revisit the story. We upgrade the stock to Buy. We forecast RIC: GF.S BBG: GF SW

compelling mid single digit organic sales and >10% average EPS growth for 2026-28

Trading data and key metrics

supported by semi end markets, good infra projects, room for construction markets to

52-wk range CHF66.05-39.66

bottom out and cost savings. We raise our 2026-28 EFCF estimates by c7% and lift our

PT to CHF60. GF trades on 2027E c18x PE (in line with Swiss small/midcap industrials). Market cap. CHF4.16b/US$5.15b

We expect earnings growth to be the key driver of shareholder value creation. Shares o/s 81.8m (REG)

Free float 95%

Improving end market outlooks into 2027 Avg. daily volume ('000) 276

GF has c40% exposure to construction end markets (mainly residential new build in Avg. daily value (m) CHF12

Europe and the US) where UBS forecast some recovery to +2-4% y/y growth in 2027 Common s/h equity (12/26E) CHF0.15b

(2026 flat to midly down y/y). In the industrial end markets (c30% of sales), semi has a P/BV (12/26E) 27.7x

large weight and UBS forecast semi capex to grow 20-25% y/y in 2026-28.