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.