Schindler Holding AG Part.Cert.

Schindler Holding is a holding company. Co. through its subsidiaries is engaged in the production of escalators, elevators and moving walks. Co. operates globally in one main division: Elevators and Escalators. The Elevators and Escalators division provides a range of elevators for different applications, including freight and special elevators, high-rise elevators, residential elevators and commercial elevators. Co. also provides commercial and public transport escalators and inclined and horizontal moving walks.
  • TickerSCHP
  • ISINCH0024638196
  • ExchangeSix Swiss Exchange
  • SectorIndustrial Engineering
  • CountrySwitzerland

SCHINDLER HOLDING AG sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of SCHINDLER HOLDING AG (CH), a company active in the Industrial Machinery industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date July 31, 2020, the closing price was CHF 230.50 and its potential was estimated at CHF 257.36.

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Alfred Glaser ...
  • Delphine Brault

Schindler Holding Ltd : After a good Q2 the group remains cautious on a number of markets

>Q2 adjusted EBIT came in 30% above forecasts - Like the majority of groups in the sector that have already published, Schindler has beaten expectations. Order intake was down 9.9% at constant currency and sales -5.8% (vs -12.8% and -10.9% forecast by the consensus). Adjusted EBIT was CHF 286m vs CHF 220m forecast by the consensus, taking the margin to 11.4%, a contraction of 30bp. The group notably benefited from a favourable mix (more maintenance). Feed...

Alfred Glaser ...
  • Delphine Brault

Schindler Holding Ltd : Après un bon T2, le groupe reste prudent sur un certain nombre de marchés

>Le T2 était 30% au-dessus des attentes au niveau de l’EBIT ajusté - Comme la plupart des groupes du secteur qui ont déjà publié, Schindler a dépassé les attentes. Les commandes ont affiché un recul de 9.9% à changes constants et le chiffre d’affaires de 5.8% (vs -12.8% et -10.9% attendus par le consensus). L’EBIT ajusté atteint 286 MCHF, vs 220 MCHF attendus par le css, portant la marge à 11.4%, en recul de 30 pb. Le groupe a notamment bénéficié d’un mix favorable (p...

Alfred Glaser ...
  • Delphine Brault

Schindler Holding Ltd : After a good Q2 the group remains cautious on a number of markets

>Q2 adjusted EBIT came in 30% above forecasts - Like the majority of groups in the sector that have already published, Schindler has beaten expectations. Order intake was down 9.9% at constant currency and sales -5.8% (vs -12.8% and -10.9% forecast by the consensus). Adjusted EBIT was CHF 286m vs CHF 220m forecast by the consensus, taking the margin to 11.4%, a contraction of 30bp. The group notably benefited from a favourable mix (more maintenance). Feed...

Alfred Glaser ...
  • Delphine Brault

Schindler Holding Ltd : Après un bon T2, le groupe reste prudent sur un certain nombre de marchés

>Le T2 était 30% au-dessus des attentes au niveau de l’EBIT ajusté - Comme la plupart des groupes du secteur qui ont déjà publié, Schindler a dépassé les attentes. Les commandes ont affiché un recul de 9.9% à changes constants et le chiffre d’affaires de 5.8% (vs -12.8% et -10.9% attendus par le consensus). L’EBIT ajusté atteint 286 MCHF, vs 220 MCHF attendus par le css, portant la marge à 11.4%, en recul de 30 pb. Le groupe a notamment bénéficié d’un mix favorable (p...

Alfred Glaser ...
  • Delphine Brault

Schindler Holding Ltd : A Q2 well above expectations but caution for 2020-2021

>Q2: decline of 5.8% in sales at cc, adjusted EBITA margin -30bp - Schindler this morning reported Q2 2020 results broadly ahead of our estimates.Orders at constant currency (cc) were down -9.9% in Q2 (consensus at -12.8% and ODDO BHF at -15%). Schindler indicated that China and the EMEA region remained close to 2019 levels, whilst the Americas were under pressure. Sales declined by 5.8% at cc (consensus: -10.9%; ODDO BHF: -10.5%).Q2 2020 adjusted EBIT came ...

Alfred Glaser ...
  • Delphine Brault

Schindler Holding Ltd : Un T2 très supérieur aux attentes mais de la prudence pour 2020/2021

>T2: recul du CA à cc de 5.8%, marge d’EBITA ajusté -30 pb - Schindler a publié ce matin des résultats T2 globalement supérieurs aux attentes:Les commandes à changes constants sont en recul de 9.9% au T2 (css à -12.8% et ODDO BHF à -15%). Schindler indique que la Chine et la région EMEA sont restées proches des niveaux de 2019, tandis que les Amériques sont sous pression. Le chiffre d’affaires a reculé de 5.8%% à changes constants (consensus: -10.9%, ODDO BHF -10...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction in France: when “les Bleus” become green

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent perf...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean Danjou
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/22/2020

The rise in share prices from the low points raises questions. The arguments in favour, an unprecedented response from states and central banks, the probable reaching of the pandemic peak and the beginning of the lifting of lockdown measures, are known. But a slew of unknown elements (the profits mass post-normalisation, possible epidemic rebound) persist and the macro low point has not yet been reached. A modelling of the time to reach the trough carried out on the last 5 bear marke...

SCHINDLER HOLDING AG sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of SCHINDLER HOLDING AG (CH), a company active in the Industrial Machinery industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date July 31, 2020, the closing price was CHF 230.50 and its potential was estimated at CHF 257.36.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Schindler Holding AG – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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