Edison Investment Research - Schaltbau Holding AG (SLT) Schaltbau Holding - On track for strong margin recovery

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Edison Investment Research

Toby Thorrington

Schaltbau Holding - On track for strong margin recovery

Schaltbau Holding reported Q121 results that showed good revenue growth, despite the ongoing effect of the COVID-19 pandemic. Profitability improved strongly, with reported EBIT margin up 170bp to 4.9%. Cost saving and efficiency efforts will continue to drive higher profitability and we expect a further improvement in the EBIT margin to 7% in 2023, reflecting an EBIT CAGR of 26% in 2021–23. Schaltbau’s valuation offers re-rating potential now that it is on the verge of restoring profitability.

10/05/2021 6 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 - On track for strong margin recovery

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)

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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