Sika: ‘Show-me‘ story executing well; upgrade to OW

研报英文原文证据摘录

Sika: ‘Show-me‘ story executing well; upgrade to OW

J P M O R G A N Europe Equity Research

29 July 2026

Sika ▲Overweight

Previous: Neutral

‘Show-me’ story executing well; upgrade to OW SIKA.S, SIKA SW

Price (28 Jul 26):CHF177.35

▲Price Target (Dec-27):CHF215.00

Prior (Dec-27):CHF165.00

We upgrade Sika to OW as we see improving execution with a strong Q2 building European Building & Construction

on a better-than-expected Q1 and an end to the downgrade cycle, which we had and Infrastructure

seen in recent years. We also think an improving H2 outlook leaves scope for Elodie Rall AC

earnings upgrades later this year and though the company confirmed it was happy (44-20) 7134-5911

with current absolute consensus EBITDA expectations, should the company meet elodie.rall@jpmorgan.com

the upper-end of top-line (which we see as quite conservative given it implies an J.P. Morgan Securities plc

undemanding H2 against an easier comparative base) and margin guidance, this Zaim Beekawa

would imply EBITDA of ~CHF2,240m, which is ~4% above consensus. (44-20) 7134-4175

zaim.beekawa@jpmorgan.com

Furthermore, the group has pro-actively managed to mitigate cost inflation with J.P. Morgan Securities plc

good price increases and in a scenario of deflationary trends, Sika should benefit Jamie Smallbone

from favorable price/cost trends as it will likely keep some pricing (we explored (44-20) 3493-7015

this in a recent note here). Whilst some of the above has been reflected in the recent jamie.smallbone@jpmorgan.com

share price move (+10% yesterday) this is in the context of the shares J.P. Morgan Securities plc

underperforming the lightside sector by ~30ppt since 2024 and de-rating from Manshi Sinha

~20x EV/EBITDA to ~14x currently. More broadly, as we highlighted in our (91-22) 6157 5111