Cicor Technologies: Execution is the key for the remainder of 2026

研报英文原文证据摘录

Cicor Technologies: Execution is the key for the remainder of 2026

Global Research

30 July 2026ab

Cicor Technologies Equities

SwitzerlandExecution is the key for the remainder of 2026

Electric Components & Equipment

12-month rating Buy

Execution on supply chain disruptions and costs savings is the key for H2

We see Q2 26 as an inflection point on organic growth for Cicor. Driven by defence 12m price target CHF173.00

(double-digit organic growth in H1 26, according to management), we think organic Prior : CHF172.00

growth is likely to improve in H2. Moreover, industrial and medical segments (which had

Price (29 Jul 2026) CHF116.80

a negative organic growth of LSD in H1, according to Cicor) can bottom out, as reflected

by improving manufacturing PMIs in Europe/Germany (backed by better trends in new RIC: CICN.S BBG: CICN SE

manufacturing orders in Germany recently), momentum in semis (although small overall

Trading data and key metrics

for Cicor) and potentially new programs with hearing aids customers. While company

52-wk range CHF221.00-111.00

execution on navigating the reduced availability of PCBs will be key, we think that the

FY26 guidance does not bake in any improvement in the supply situation, and that a Market cap. CHF0.53b/US$0.65b

'collapse' in the supply chain would need to happen to not reach it. We also view Shares o/s 4.54m (ORD)

positively the increased granularity with which Cicor now sees the cost savings kicking Free float 54%

into the P&L, with the full run rate already supporting Q3. Post H1 26 results, we make Avg. daily volume ('000) 18.0

cosmetic changes to our model and raise our EPS estimates by 0-3% over 2026-28, Avg. daily value (m) CHF2.3

reflecting higher cost savings, and we derive a new PT of CHF173 (from CHF172).