Packaging division to participate in the mega-trend of the pharmaceutical industry
– Packaging division: Set for secular long-term growth
– Solid track record
– Sustainability at its core
– Outlook for FY2024
– Valuation and conclusion
Packaging division to participate in the mega-trend of the pharmaceutical industry
– Packaging division: Set for secular long-term growth
– Solid track record
– Sustainability at its core
– Outlook for FY2024
– Valuation and conclusion
Resilient performance and positive outlook after the separation of the Paper division
– Sales and profitability impacted by lower materials cost
– Segmental performance
– Outlook for FY2024
– Valuation and conclusion
Separation of Paper business from Chemistry and Packaging activities
– Deal Overview
– Focus on high growth and superior margin business
– Expanding the Chemical business inorganically in high-growth markets
– Strategic focus and prospects for Perlen Industrieholding AG post-separation
– Mitigate valuation discount and enhance investor value
– CPH Group AG after the transaction
– Valuation and conclusion
CPH Chemie + Papier Holding AG (CPH) announces plan to separate Paper business from Chemistry and Packaging activities
– Deal Overview
– Deal Rationale
– Focus on high growth and superior margin business
– Strategic focus and prospects for Perlen Industrieholding AG post-separation
– Valuation and conclusion
Resilient performance amidst challenges
– Segmental performance
– Outlook for FY2024
– Valuation and conclusion
FY 2023 targets reaffirmed amidst uncertain markets and focus on implementation of sustainability strategy
– Investor Day summary
– Sustainability
– Other highlights
– Valuation and conclusion
Mixed performance amid challenging market
– Profitability remains intact
– Outlook for FY2023e
– Valuation and conclusion
Broad-based growth across all divisions
– Elevated levels of profitability
– Outlook for FY2023
– Valuation and conclusion
Strong volumes and higher realizations lifts CPH’s profitability
– FY2022 guidance raised again with group EBIT guided above CHF 100 million
– Valuation and conclusion
Rising demand for products in the Chemistry division to drive future growth
Broad-based growth across all divisions
– Better volumes and realizations of price increases lift profitability
– Segmental performance
– Cautious outlook for FY2022
– Valuation and conclusion
Recovery in all divisions led by higher price realization
Recovery in all divisions to drive overall growth
Capex plans in place to tap emerging opportunities
– Chemistry and Packaging divisions continue to perform well
– Cautious outlook for 2021
– Valuation and conclusion
CPH to undertake expansion at Chemistry division
– Expansion in lithium molecular sieves capacity to tap the demand for portable oxygen concentrators
– Purmol capacity expansion to tap new and existing growing applications
– Investment program
– Valuation and conclusion
Packaging division at the forefront of the way forward
– Packaging Division to provide the next leg of growth
– Reaping benefits from the successful implementation of the long-term strategy
– Outlook
– Valuation and conclusion
Diversification helped tide over adversities
– Sound operating performance amidst a harsh environment
– Segmental performance
– Estimate changes
– Valuation and conclusion
CPH to merge with Uetikon Industrieholding AG
– Higher free float may aid rerating
– Estimates unchanged
– Valuation and conclusion
Adjustments to FY20 earnings outlook
– CPH Group to benefit from significant one-off effects
– Valuation and conclusion
At the forefront of the sustainability
– Strategy 2020-2024 – Implementation progressing well
– Paper Division well placed to mitigate challenges
– The lynchpin in reducing carbon footprint and sustainable production
– Domestically produced paper essential for sustainability
– Digital media lacks print in sustainability
– Valuation and conclusion
Tapping into growing packaging market
– Perlen Packaging to set-up a film coating plant in Brazil
– Expansion is key to tapping high growth emerging markets like Brazil
– Valuation and conclusion
Navigating a challenging environment
– Muted 1H/20 results, with cautious short-term outlook
– Segmental performance
– Estimate change
– Valuation and conclusion
Resilient performance despite global slowdown
-2019: Unprecedented EBIT margin reflects disciplined execution
-Focus on divisional balancing and expansion of planned activities
-Valuation: significant discount compared to peers
Stable revenue despite demanding markets
-Flat YoY growth at operating revenues levels and positive outlook over the medium-term
-Sustained investments and innovation aimed at long-term growth
-Internaxx Bank SA, integrated in “Securities trading”
-Valuation
Execution on track despite macroeconomic challenges
– Healthy 1H2019 results, with all time high EBIT margins
– Full-year guidance maintained
– Refinancing to reduce financial burden
– Valuation and conclusion
Diversification: Key to profitable growth
– Chemistry division: Innovation and integration
– Valuation
Operating revenue above the CHF 200mn mark
-Record high results as revenue surpassed the CHF 200mn mark for the first time
-Sustained investments in technology and geographical expansion to drive growth
-Current valuation level offers a good entry opportunity
CPH marks bicentenary with record results
– 2018: Record operating performance across segments
– Integration coupled with cost efficiencies, the key to growth
– Valuation: outperformed the benchmark by a wide margin
Another feather in the cap
-Swissquote continues to augment its offerings
-Valuation
Growth momentum continues
-FY2018 guidance is in line with our estimates
-Public bond issue increased to CHF 100mn from CHF 85mn
-Valuation and conclusion
On the road to a diversified industrial group
-Packaging division: Multiple growth levers
-Product innovation
-Diversification into growth markets
-Refinancing of CHF 85 mn via bond issue
-Valuation and conclusion
Robust 1H 2018 results, growth in all areas and a very sensible strategic acquisition in the EU
-Healthy 1st half 2018 numbers; positive outlook over the medium-term
-Sustained investments in technology, providing an edge
-Internaxx Bank acquisition to provide reach across Europe
-Valuation
Profitability soared on turnaround in the Paper division and strong results in Packaging
-Robust 1H2018 results, with top line growing in double digits
-Increase of full-year guidance
-Valuation and conclusion
Technological expertise providing an edge in Digital Banking
– Global exposure, wide range of products and innovation to drive growth
– Investments in technology to increase range of services
– Healthy 2017 numbers; positive outlook over the medium-term
– Current valuation level offers an entry opportunity
Strong 1H numbers with 14.5% organic growth, but turn-around in Power Magnetics weighting on group result
– EBIT above expectations, supported by market share gains in EMC division
– Broad-based growth across segments lifts top-line
– Estimate adjustments
– Valuation attractive based on discount to peers
Performance improvements with an eye on future
– Sales growth backed by strong volume growth
– Net loss contracts slightly
– Guidance
– Valuation
The fruits of execution are coming through
– 2017: Revenue growth across segments
– Internationalization and cost efficiencies, the key to growth
– Chemistry and Packaging divisions to offset Paper underperformance
– Valuation: outperformed the benchmark by a wide margin
Guidance confirmed despite special effects
– Key data guidance
– Valuation looks attractive
CPH strengthens its Packaging Division with Sekoya acquisition
– Sekoya Indústria e Comércio Ltda. will be integrated in CPH’s Packaging Division
– Valuation and conclusion
Markedly improved profitability amid pricing pressure
– Increased profitability and strong order pipeline ensures sustainable growth
– Revenue growth and considerable progress across segments
– Optimistic outlook
– Valuation looks attractive based on discount to peers on 2018 estimates
CPH strengthens its chemicals’ position
– Armar AG will be integrated in CPH’s Chemistry Division
– Valuation and conclusion
Execution on track, but higher recycling paper prices erode margins
– Strong 1H 2017 sales, with top line growth in all divisions
– Segmental performance
– Guidance
– Zeochem merges its Swiss-based companies
– CPH Group’s Packaging and Chemistry division sharpens brand profile
– Paper Division to acquire Papierfabrik Utzenstorf AG’s paper recycling business
– Valuation and conclusion
Upscaling to 200 million Airopack dispensers annually
– Manufacturing capacity set to be doubled
– New financing secured
– New financing secured
– Conclusion
– Valuation
Vertical integration to fuel top line
– FY2016 Result in line with expectation
– Credit Facility to help leverage IP and Patent Portfolio
– Strategic acquisitions in 2016-17 to improve topline
– Blockchain as a Service for US enterprises
– Opportunities ahead
Marching Towards Higher Profitability
Airopack a game changer in the packaging industry as a planet friendly alternative to traditional aerosol dispensers
– A better and effective product for consumers and manufacturers
– Addressing the rising environmental concerns
– Financing backed by Apollo
– Valuation
On the road to profitable growth
– 2016: moderate revenue growth with positive EBIT
– Efforts should start yielding results
– An encouraging year ahead
– Valuation: market is yet to price in the operational improvements
Key changes in Group Dynamics
– Changes in the leadership team
– New financing from GEM
– Conclusion
– Valuation
Taking further strides towards consolidation
– Agreement to acquire QuoVadis
– Secured line of credit for acquisitions and other key developments
– Outlook
– Valuation
Mixed FY 2015/16 results; Automotive the bright spot
– Revenue above guidance, EBIT tops our estimate
– Segmental performance
– Unchanged mid-term targets
– Regional diversification
– Impact of changeover to Swiss GAAP FER
– Board recommends zero dividend
– New board and management composition
– Discount to peers on 2017 estimates
Poised for international growth
– Establishment of Indian Joint Venture complete
– Agreement to acquire QuoVadis
– WISeKey Argentina and Feitian Technologies deals signal geographic diversification focus
– Strategic partnership with WTPF
– Valuation
Advancing the development of atexakin alfa
– Strategic collaboration agreement with PX’Therapeutics
– Strategic collaboration agreement with FirstString
– Conclusion
– Valuation
Site for new European manufacturing unit acquired
– Land acquisition to diversify manufacturing base
– Sale of Uetikon facility
– In line with the Chemistry segment’s strategy
– Valuation and conclusion
Expanding vertical cybersecurity IoT platform in India
– Partnership with Indian Potash Limited (IPL)
– Intention to create a partnership with Bajaj Electricals
– Conclusion
– Valuation
Solid outlook post H1 results; INSIDE Secure’s semiconductor unit acquisition complete
– H1 2016 operating loss widens
– Strong guidance
– Other key developments
– Valuation
Addressing diabetes and respiratory disease
– Attractive potential in underserved markets
– Commercial exclusivity through proprietary patents and orphan drug designations
– Strengthening the pipeline through acquisitions
– Valuation
Acquisition target omitted, organic growth guidance confirmed under “Strategy 2020”
– Management maintains Strategy 2020 targets
– Switch from IFRS to Swiss GAAP FER
Monetizing on substantial opportunities
– Vertically Integrated Platform, potential operational synergies and domicile in a neutral location
– Buying growth and applications through acquisitions and partnerships
– High-growth target markets and expansion in the IoT space to drive future revenue growth
– Valuation
On road to recovery
Interim management to guide through challenging times
Uncertain scenario weighing on outlook
Difficult market environment persists
Sale of Uetikon site to Canton of Zurich
– Successful conclusion of lengthy negotiations
– Implications for CPH’s Chemistry division
– Strategically sensible move
– Valuation
Accelerated implementation of strategy measures
– Expected loss in H1 – Performance to improve from 2017 onwards
– Estimates lowered on announcement
– Power Magnetics: Management change
– Valuation
Currency hits 2015 results, recovery seen in 2016
– 2015: Volumes increase, but strong currency depresses earnings
– Strategically important 2016: Entry into China market
– Performance likely to improve
– 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
Currency headwind shadows growth
A mixed-set of numbers
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
Gratifying 2014 results, challenging outlook
– FY2014 numbers in line with guidance
– Execution of plans yield solid results
– A shift to high-growth markets to reduce dependency on Europe
– De-peg of CHF vs. EUR to be a near-term headwind
– Attractive entry point at current valuations
Erfreuliche Ergebnisse 2014, Ausblick herausfordernd
– Ergebnisse für das Geschäftsjahr 2014 im Einklang mit Guidance
– Projekt-Umsetzung führt zu soliden Ergebnissen
– Expansion in Wachstumsmärkte reduziert Abhängigkeit von Europa
– Aufhebung der Mindestgrenze zum EUR als kurzfristiger Gegenwind
– Attraktiver Einstiegszeitpunk bei aktueller Bewertung
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
Recovering its footing
– Exposure to high-growth markets to bolster revenues
– Investments in technology to boost margin expansion over long-term
– Healthy H1 2014; positive outlook over the medium-term
– Current valuation level offers an entry opportunity
Rückkehr zu Stabilität und Wachstum
– Fokus auf schnell wachsende Märkte
– Investitionen in Technologie zur langfristigen Verbesserung der Margen
– Robustes 1. Halbjahr 2014; mittelfristig positiver Ausblick
– Derzeitige Bewertung bietet Einstiegsmöglichkeiten
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
Guidance confirms positive trend
– 1HFY2014 key data guidance
– Still trading at a discount to its peers
Embarking on profitable growth
– Demand for Automotive products to spur revenue growth
– Improved utilization coupled with cost rationalization to boost margins
– Robust FY2013 results and positive outlook
– Trading at a significant discount to peers