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

Guidance confirmed despite special effects

– Key data guidance
– Valuation looks attractive

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

Marching Towards Higher Profitability 

• Revenue growth returns, EBIT margin tops our estimate
• Segmental performance
• Maintains medium-term goals
• Restructuring process continues to cut cost
• Measures for growth
• Discount to peers on 2017 estimates

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

Acquisition target omitted, organic growth guidance confirmed under “Strategy 2020”

– Management maintains Strategy 2020 targets
– Switch from IFRS to Swiss GAAP FER

Interim management to guide through challenging times

• CEO Alexander Hagemann leaving with immediate effect
• Resignation not a total surprise
• “Strategy 2020” maintained, but short-term focus on internal projects

Uncertain scenario weighing on outlook

• Management maintains “Strategy 2020” targets
• Automotive and Power Quality to drive growth
• Management’ priority for the next twelve months
• Valuation

Difficult market environment persists

• Strategy 2020 targets seems increasingly difficult to achieve
• Revenues in-line, EBIT margins ahead of guidance
• Segmental performance
• Optimistic outlook

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

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