Sulzer : Attractive combination of end market tailwinds, self-help measures and inexpensive valuation
Sulzer is well on track in its journey to reach its Ambition 2028 targets, outperforming the underlying, booming end markets, and continuously increase its operating profitability. Despite a strong share price performance in recent years (around +125% since beginning of 2023), we regard Sulzer’s valuation as still very attractive. We reiterate our Outperform rating with a new target price of CHF 205. Based on the current share price, Sulzer trades at 9x EV/EBITDA, ~18% discount to peers (close to 11x). With this report, coverage of the stock has been transferred to Christian Arnold.Sulzer Sulzer specialize in pumping solutions, surface technology, separation, reaction, and mixing technology, as well as rotating equipment maintenance. Co.'s operations are organized along four divisions: Sulzer Pumps, which develops and supplies centrifugal pumps globally; Sulzer Metco, which is a global supplier of services and products for thermal-spray and thin-film surface technologies; Sulzer Chemtech, which is engaged in separation column and static mixing technologies; and Sulzer Turbo Services, which is a provider of repair and maintenance services for thermal turbomachinery and other rotating equipment.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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