Monday, November 29, 2021
HomeValue InvestingAll Swiss Shares Half 16 – Nr. 166-180

All Swiss Shares Half 16 – Nr. 166-180


As final time, I throw in an extre 5 shares at no further value for my readers (2 candidates to look at) !!! To make it an much more compelling supply, I add this hyperlink which explains how German traders can mitigate the 35% withholding tax for Swiss dividends.

166. Walliser Kantonalbank AG

Walliser is among the many regional banks with a market cap3 of ~1,6 bn CHF. As the opposite Kantonalbanken, the have a good dividend (~3,3%) however the inventory value is flatlining for a few years. “Go”.

167. Valora AG

Valora is a 775 mn CHF market cap firm that’s energetic in meals and comfort retailing. If I perceive it appropriately, they run each, personal retailers in addition to franchises and have a sure deal with bakery merchandise. 75% of gross sales are accomplished in Switzerland.

The long run share value appears extraordinarily uninspiring:

Valora’s enterprise had been hit hart by Covid and the primary 6M 2021 are nonetheless ~-20% vs 2019. The corporate nevertheless stayed worthwhile in 2020. If Valora’s enterprise returns to pre-Covid ranges, the inventory could be comparatively low-cost, nevertheless I’m not an professional in meals retail. “Go”.

168. Swiss Life Holding AG

Swiss Life is among the nice names of Siwss Excessive Finance. With a market cap of 15,4 bn CHF, the corporate lately is clearly “the little Sister” of Zurich. However, SwissLife did rebound properly from the GFC which I wouldn’t hae believed again then:

Swiss Life

At a primary look, particularly their predominant Swiss enterprise appears to do properly and ROE is at round 11% which is nice for a Life Insurance coverage firm. A giant contributor to this appear to have a shift into “different” property like Personal Quity and Actual Property. I feel out of curiosity I would wish to dig a little bit bit deeper at some pint sooner or later. “Watch”.

169. Burckhardt Compresson AG

Burckhardt is a 1,4 bn CHF market cap firm that makes a speciality of compressor know-how. Compressor know-how s principally wanted to compress gases and as such Burckhardt is energetic in and across the Pure Fuel trade but in addition in different areas. One fascinating side is that Hydrogen is clearly additionally a fuel and if this may be an enormous enterprise, Burkhardt would profit.

Apparently, Burckhardt confirmed no detrimental affect from Covid and had a powerful 2020 (FY goes from March to March). The share value has recovered properly since March 2020 however continues to be under the highs from 2014.

Burckhart

The enterprise as such is break up right into a low margin gear segement and a really excessive margin servicebusiness. Total they reached near 10% EBIT margin. They declare to have 30% market share and being nr. 1 within the related world markets.

Valuation smart, the inventory will not be low-cost at 31x trailing PE, however I actually assume that this can be a very fascinating firm, subsequently I’ll “watch” them rigorously.

170. Villars AG

Villars is a 75 mn CHF market cap thinly traded firm that appears to personal actual property and run some retail shops and bars/eating places. In 2019 they made round 25 CHF revenue per share which places them at a trailing PE of round 30x.

Essentially the most fascinating level about this inventory it that the share value wasn’t affected in any respect by Covid though the enterprise actually tanked in 2020. Not my circle of curiosity, “Go”.

171. Daetwyler AG

Simply wanting on the chart, Daetwyler, a 4,6 bn market cap inventory appears like your typical “Swiss Corona winner” inventory, having doubled vs. pre-Covid ranges:

Daetwyler

Based on the investor presentation, the corporate is energetic as a provider to pharmaceutical and healthcare firms in addition to the automotive trade.

The corporate tasks 6-10% progress within the subsequent years and EBIT margins of as much as 20% which appears good. The corporate utterly reorganized in 2020 and 2021, promoting off much less worthwhile divisions. THE EBIT run-rate for 2021 is somwhere round 180-190 mn CHF, ROCE at a wholesome 25%. After the latest enhance, the inventory will not be low-cost however I nonetheless discover it very fascinating, subsequently I’ll “watch”.

172. Julius Baer AG

Julius Baer is a 14,8 bn CHF market cap financial institution that is among the largest and most well-known Swiss “Personal banks”. The inventory chart doesn’t look too dangerous in comparison with different banks:

Julius Baer

Primarily based on the 6M numbers, Julius Baer trades at round 13-14 instances 2021 earnings and a couple of,2 instances Ebook worth. Profitability is clearly higher than with “regular” banks however to be sincere, I don’t just like the Personal Banking mannequin that a lot, subsequently I’ll “move”.

173. HBM Healthcare Investments AG

HBM Healthcare is a 2,5 bn CHF market cap funding firm that, because the title implies invests into Healthcare firms. their portfolio, it appears to be a mixture of non-public and listed firm, wtih presently round 60% of the portfolio being listed inventory. The observe report appears spectacular, with the inventory having doen 10x over the past 10 years:

HBM

The shares appears to commerce rouhly or barely above reported NAV. The largest stake with a 25% weight is a Chinese language Biotech firm. As that is clearly outdoors my circle of competence and can all the time be, I’ll “move”.

174. Hypothekarbank Lenzburg AG

Hypo Lenzburg is a 302 mn market cap regional mortgage financial institution. The inventory is flatlining since greater than 15 years. “Go”.

175. St. Galler Kantonalbank AG

One other regional Kantonalbank with a market cap of two,6 bn CHF and a flatlining inventory value. “Go”.

176. Compagnie Financiere Custom

CFT is a 836 mn CHF monetary service firm that acts as a “Dealer of Brokers”, i.e. facilitiating as a market maker between giant monetary establishments. CFT is definitely majority owned by French Viel &Cie, an organization I checked out 9 years (!!) in the past.

The inventory value has recovered over the previous few years which is sort of stunning contemplating that the Dealer-to-broker enterprise modle was thought of to be useless some years in the past:

CFT

Primarily based on 2020 earnings, CFT trades at a comparatively low-cost 12x PE, earnings have been growing properly over the previous few years. The primary 6M nevertheless di not look so good. If I’d have plenty of time, i want to underatnd how they got here again, however in any other case it’s a “move”.

177. Bobst AG

Bobst is a 1,23 bn CHF market cap equipment firm that manufactures machines for the packaging trade. Trying on the inventory chart we are able to see that Bobst has not made that a lot progress over the past 20 years or so:

Bobst

Previously few years, already 2019, pre Covid confirmed a detoriation. EBIT margins previously have been round 5-7%, ROCE between 12-23%. Assuming common earnings of round 70 mn CHF, Bobst would commerce presently at round 18x “normalized” Earnings. This isn’t extraordinarily costly, however there additionally appears to be restricted room for long run structural progress. Bobst is clearly not a foul firm, mabye corresponding to Krones from germany, but in addition probably not fascinating to me, “move”.

178. Bystronic AG

Bystronic  is a 2,6 bn CHF market cap firm that is the rest of a conglomerate referred to as Conzzeta. Trying on the share value, the “de-conglomeration” was successful with traders:

Bystronic

In the mean time, the remaining section which once more is particular equipment, appears to generate ~900 mn CHF in annual alses with an EBIT margin of 7-8%. They plan with annual progress of round +5% and an EBIT margin of 12% in 2025. Assuming that is appropriate, this may signify an EV/EBIT (adjusted for round 500 mn internet liquidity) of ~15 for the yr 2025. In my view that’s too costly for a equipment firm, “move”.

179. Leonteq AG

Leonteq is a 1,2 bn CHF market cap monetary companies firm tha appears to supply principally structured merchandise, each to retail purchasers in addition to B2B.

The corporate has fairly risky earnings, 2020 for example was a foul yr, the primary 6M 2021 look so much higher. I assume the reason being that they’re in precept quick volatility. The share prcie doesn’t look too exceptional abart from that peak in 2015.

Leonteq

The corporate appears to have been based as a subsidiary of EFG after which IPOed in 2012. In 2015/2016 they bumped into deep bother, each operationally but in addition with the regaultar as they appeared to have screwed over some purchasers in a reasonably dangerous approach.

Total this doesn’t appear to be a reliable monetary establishment 8(ven in relative phrases), therfore I’ll “move”.

180. CI Com SA

CI Com is a 2 mn CHF market cap nano cap with a really ugly chart. Nothing to see right here, “move”.

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