Report
Delphine Brault ...
  • Quentin Borie

Dormakaba : Guidance for H1 2022-23 implies a significant revision to estimates

>No major surprises in final results - Final 2021-22 results published yesterday contained no major surprises (compared with the preliminary results published on 21 July). Sales grew by 7.7% on an organic basis, of which 9% for H2 alone. Prices increases stood at 3.5% over the full year. Adjusted EBITDA was CHF 372m, up 2.8% and the margin was down 100bp to 13.5%. All told, two elements, that were not known, disappointed: first, FCF (under dormakaba’s definition), was...
Underlying
Dormakaba Holding AG

dormakaba Holding and its subsidiaries are engaged in the security industry. Co. offers its customers solutions that benefits in terms of security, organization and convenience. Co.'s offering ranges from individual components, products and systems to fully integrated solutions from a single source. Co.'s activities are organized along three business segments: Door Systems, which provides a flexible and extensive range of automatic doors, gates and wall systems; Access & Data Systems, which includes all hardware and softwarebased components and systems for access control solutions; and Key & Ident Systems which produces key blanks and key encoding machines for the duplication of keys.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Delphine Brault

Quentin Borie

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