Edison Investment Research - Schaltbau Holding AG (SLT) Schaltbau Holding - Long term growth potential remains intact

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Edison Investment Research

Toby Thorrington

Schaltbau Holding - Long term growth potential remains intact

Schaltbau Holding reported 3% growth in both revenues and EBIT in 9M21, which is a slowdown versus the stronger growth in H121. Reasons for this are the global supply chain bottlenecks and projects delays due to the prolonged pandemic. Guidance for FY21 was reiterated and we expect a further improvement in EBIT margin to 7.4% in 2023, reflecting an EBIT CAGR of 28% in 2021–23e. After completion of the Carlyle Group’s takeover on 25 October 2021, the offer for the remaining c 22% of the shares will be published in early November and the delisting of the shares is expected at the end of 2021 or early 2022.

08/11/2021 1 EN

Underlying

Schaltbau Holding AG

Schaltbau Holding AG is a Germany-based company, which develops and manufactures components for transportation technology and for the investment goods industry. It operates in the following segments: Mobile Transportation Technology; Stationary Transportation Technology and Components. The Mobile Transportation Technology segment offers door systems for buses and railway vehicles, fittings for sliding vehicle doors through the Bode Group, and solutions for the controlling and monitoring of trains as well as their communication with stationary safety and signal system technologies through Albatros S.L. The Stationary Transportation Technology segment offers railway signal technology, warning systems, rail point heating systems and maritime aids to navigation through the Pintsch Group, as well as Brake Systems, which provides industrial brake and crane brake systems through the Pintsch Bubenzer Group. The Components segment offers connectors and snap-action switches, among others.

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DE000A2NBTL2 Germany

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Schaltbau Holding - Long term growth potential remains intact

Schaltbau Holding - Termination of coverage

Schaltbau Holding - Termination of coverage

DGAP-News: Schaltbau Holding AG concludes a domination and profit and loss agreement with Voltage BidCo (Carlyle)

Recce Pharmaceuticals - Advances on several fronts

PB Holding - Net loss of €2.6m in FY23

Sylvania Platinum - Annual guidance maintained, despite strike

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