Accelerated implementation of strategy measures
– Expected loss in H1 – Performance to improve from 2017 onwards
– Estimates lowered on announcement
– Power Magnetics: Management change
– Valuation

Headwinds affected performance, strategy 2020 enters execution phase

– Strategy 2020 enters execution phase
– Power Magnetics and Automotive divisions to drive growth
– North American growth story continues
– Valuation

Weaker sales and EBIT margin

– Weaker sales due to market conditions
– Strategy review costs weigh on EBIT margin

Strategy 2020: Strengthening leadership with acquisitions

– Strategy 2020 unveiled
– Power Magnetics and Power Quality as growth drivers
– Recommitting itself to expand in North America
– Segmental analysis
– Profitability analysis
– Solid financials to cover inorganic growth; decent shareholder returns
– Valuation

A mixed-set of numbers

• Revenues in-line, EBIT margins ahead of guidance
• Geographical revenue distribution more balanced now
• Outlook unchanged for FY2015
• China PV market – A near-term struggle
• Unwarranted discount to its peers

Demand slump in key markets, FX to affect FY2015

– Uninspiring demand scenario to impede top-line growth in FY2015
– Guidance on 1H and full FY2015 results
– CHF de-peg to impact FY2015
– Stock weakens post guidance
– Compelling valuation vs. peers

Strategy Execution Yields Solid Results

– Cost optimization and enhanced utilization to bolster margins
– Robust demand for automotive products to boost top-line growth
– Healthy FY2014 results; outlook positive
– Multiples at discount; attractive entry point

Confidence boost to execution capabilities

– Rolling out new strategies
– Focus shift to North America
– New Power Quality business unit to increase speed of growth
– Emphasis on cross-selling opportunities between business divisions
– Consolidating growth and margin-enhancing products
– Investor day update boosts confidence in the company’s execution capabilities

Strategy implementation bearing fruit

– Comprehensive guidance beat
– Solid execution leads to improved operating performance
– No changes to our forecasts
– Trading at a significant discount to its peers

Schaffner strengthens its position in the US with the acquisition of Trenco

– Acquisition details
– Changes to the model
– Our view