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#Switzerland

04Reports
·工业自动化 ·内部研究

Belimo Holding: A Premium HVAC Compounder Priced for an AI-Cooling Runway

Belimo is the Swiss pure-play leader in HVAC field devices (the actuators, control valves, sensors and meters that regulate heating, cooling and ventilation), selling through contracting and retrofit channels at about 60% of sales and OEM channels at about 40% without competing with the integrated building-automation giants it supplies. In 2025 sales rose 23.3% in local currencies to CHF 1,120.8 million with a 20.8% EBIT margin and 27.8% ROIC, as AI data-center liquid cooling at about 17% of sales became a second growth engine on top of a durable energy-efficiency retrofit franchise, yet at roughly 61x trailing earnings the stock sits near the top of its own historical range. Rating Watch: a genuinely excellent niche compounder whose price already discounts excellence plus a long AI-cooling runway, with a more attractive entry only below roughly CHF 480.

BEAN.SW Belimo Holding AG #HVAC controls#building automation#data-center cooling#liquid cooling#quality compounder#valuation#Switzerland
Watch
·特种化学品 ·内部研究

Sika AG: Quality Compounder in a Cyclical Air Pocket

Sika is the global leader in construction chemicals (admixtures, waterproofing, sealants, roofing and industrial adhesives), selling locally adapted systems through more than 400 factories in over 100 countries, with bolt-on M&A such as Parex and MBCC built into its model. 2025 sales fell 4.8% to CHF 11.20bn on a strong Swiss franc and a soft construction cycle, yet local-currency growth stayed positive and material margin rose to 54.9% while MBCC synergies reached CHF 182m. Rating Hold: a first-rate serial-acquirer compounder caught in a cyclical air pocket, but at roughly 26x trailing earnings the valuation already prices much of the margin recovery before organic growth has returned.

SIKA.SW Sika AG #construction chemicals#specialty chemicals#M&A#MBCC#Switzerland#valuation
Hold
·医疗器械 ·内部研究

Straumann Holding AG: Dental Platform Leader at a Demanding Price

Straumann is the global leader in specialty dentistry, a Swiss platform that grew from a premium implant maker into a multi-brand, multi-price-point group spanning implants, digital workflows, biomaterials, prosthetics, and clear aligners, with CHF 2.61 billion of 2025 revenue and about 35% of a CHF 6.0 billion implant market. The franchise quality is genuine (ROCE 30.6%, equity ratio 57.6%, a decade of share gains), but gross margin has drifted from 76.2% to 68.6% and free-cash-flow margin from 21.8% to 11.1% as value-tier and digital mix grew, and the stock trades near 35.8x core earnings on a 1.7% free-cash-flow yield. Rating Hold: a high-quality compounder with a long runway, but the price already discounts much of the next margin and ecosystem leg, leaving little margin of safety.

STMN.SW Straumann Holding AG #dental implants#clear aligners#medtech#compounder#valuation#Switzerland
Hold
·检测与认证服务 ·In-house Research

SGS: High-Quality TIC Compounder at Full Value

SGS SA is the world's broadest publicly listed testing, inspection and certification group, monetizing accreditation, network density and a century-old reputation for independence across more than 2,500 facilities in 115 countries. In 2025 it generated CHF 6.945 billion of sales at a 16.0% adjusted operating margin and converted profit to cash at roughly 1.9x net income, yet at about 25.9x trailing earnings and a 3.6% dividend yield the market already prices the Strategy 27 reacceleration, leaving no conservative margin of safety against a CHF 80-84 fair value. Rating Hold: a high-quality TIC compounder whose current price captures most of the Strategy 27 improvement and leaves limited conservative upside.

SGSN.SW SGS SA #TIC#Testing Inspection Certification#Quality Assurance#Compounding#Switzerland
Hold