Belimo : Magnificent structural growth story – but temporary tariff headwinds ahead

We consider the HVAC automation specialist Belimo of Top Swiss Quality. Having presented impressive defensive characteristics in the commercial building market for decades, we expect sales and earnings momentum to accelerate further going forward due to the higher-margin data centres cooling business and the group’s own specific growth initiatives in the retrofit and sensors business. This should lead to a gradual upgrade of the company’s EBIT margin target (from 18-20% fixed a couple of years ago to 25% in the longer-term/2025e: 20.4%). However, delayed price increases could temporarily hit h...

Brunello Cucinelli : Robust Q3 growth as expected, company reiterates comments on recent controversy

Brunello Cucinelli : Croissance T3 robuste comme attendu, la société réitère ses commentaires au sujet de la controverse récente