OC Oerlikon Corp AG : Execution pure play – Small is beautiful, isn’t it?
The H1 2025 results due 5 August 2025 will offer a first glimpse of the new OC Oerlikon, with Barmag (former Polymer Processing division ex HRSflow) classified as discontinued operations. We expect the new OC Oerlikon to be more resilient to economic cycles, offer higher growth and margin potential, but also to have an asset-heavier business model. We have adjusted our target price from CHF 4.00 to CHF 4.30 and reiterate our Neutral rating. But we also describe the way forward for the group to become a more compelling investment case (and the risk of being a less attractive equity story).OC Oerlikon supplies production systems, components, support and services for applications in the mobility, energy, food, infrastructure, functional wear and electronics markets. Co. operates in four Segments: Surface Solutions, which is a supplier of surface technologies, provides customers a range of coating solutions, products and services; Manmade Fibers, which provides plant solutions for the production of chemical fibers; Drive Systems, which supplies gear, drive and shifting solutions; and Vacuum, which provides a range of vacuum pumps and components for the manufacturing process industries, coatings technology applications, instrumental analysis as well as research and development.
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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