All Swiss Stocks Part 16 – Nr. 166-180


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166. Walliser Cantonalbank AG

Walliser is likely one of the many regional banks with a marketplace cap3 of ~1,6 bn CHF. As the opposite Cantonalbanken, the have a tight dividend (~3,3%) however the inventory value is flatlining for a few years. “Pass”.

167. Valora AG

Valora is a 775 mn CHF marketplace cap corporate this is lively in meals and comfort retailing. If I comprehend it as it should be, they run each, personal shops in addition to franchises and feature a definite center of attention on bakery merchandise. 75% of gross sales are accomplished in Switzerland.

The longer term percentage value appears to be like extraordinarily uninspiring:

Valora

Valora’s trade have been hit hart through Covid and the primary 6M 2021 are nonetheless ~-20% vs 2019. The corporate alternatively stayed winning in 2020. If Valora’s trade returns to pre-Covid ranges, the inventory can be quite reasonable, alternatively I’m really not a professional in meals retail. “Pass”.

168. Swiss Life Holding AG

Swiss Life is likely one of the nice names of Siwss High Finance. With a marketplace cap of 15,4 bn CHF, the corporate this present day is obviously “the little Sister” of Zurich. Nevertheless, SwissLife did rebound well from the GFC which I would not hae believed again then:

Swiss Life

At a primary look, particularly their major Swiss trade turns out to do neatly and ROE is at round 11% which is excellent for a Life Insurance corporate. A large contributor to this appear to have a shift into “alternative” belongings like Private Quity and Real Estate. I believe out of interest I might wish to dig a little bit bit deeper at some pint one day. “Watch”.

169. Burckhardt Compresson AG

Burckhardt is a 1,4 bn CHF marketplace cap corporate that makes a speciality of compressor era. Compressor era s most commonly had to compress gases and as such Burckhardt is lively in and across the Natural Gas business but in addition in different spaces. One fascinating facet is that Hydrogen is obviously additionally a gasoline and if this may be a large trade, Burkhardt would get advantages.

Interestingly, Burckhardt confirmed no detrimental affect from Covid and had a powerful 2020 (FY is going from March to March). The percentage value has recovered well since March 2020 however continues to be under the highs from 2014.

Burkhart

The trade as such is divided right into a low margin apparatus section and an overly prime margin servicebusiness. Overall they reached as regards to 10% EBIT margin. They declare to have 30% marketplace percentage and being nr. 1 within the related international markets.

Valuation smart, the inventory isn’t reasonable at 31x trailing PE, however I truly suppose that it is a very fascinating corporate, subsequently I’ll “watch” them sparsely.

170. Villars AG

Villars is a 75 mn CHF marketplace cap thinly traded corporate that turns out to possess actual property and run some retail shops and bars/eating places. In 2019 they made round 25 CHF benefit according to percentage which places them at a trailing PE of round 30x.

The maximum fascinating level about this inventory it that the percentage value wasn’t affected in any respect through Covid even if the trade truly tanked in 2020. Not my circle of passion, “Pass”.

171. Daetwyler AG

Just taking a look on the chart, Daetwyler, a 4,6 bn marketplace cap inventory looks as if your standard “Swiss Corona winner” inventory, having doubled vs. pre-Covid ranges:

Daetwyler

According to the investor presentation, the corporate is lively as a provider to pharmaceutical and healthcare firms in addition to the automobile business.

The corporate initiatives 6-10% enlargement within the subsequent years and EBIT margins of as much as 20% which appears to be like great. The corporate totally reorganized in 2020 and 2021, promoting off much less winning divisions. THE EBIT run-rate for 2021 is somwhere round 180-190 mn CHF, ROCE at a wholesome 25%. After the new build up, the inventory isn’t reasonable however I nonetheless to find it very fascinating, subsequently I’ll “watch”.

172. Julius Baer AG

Julius Baer is a 14,8 bn CHF marketplace cap financial institution that is likely one of the largest and maximum widely known Swiss “private banks”. The inventory chart does not glance too unhealthy in comparison to different banks:

Julius Baer

Based on the 6M numbers, Julius Baer trades at round 13-14 occasions 2021 profits and a pair of,2 occasions Book worth. Profitability is obviously higher than with “normal” banks however to be fair, I don’t just like the Private Banking fashion that a lot, subsequently I’ll “pass”.

173. HBM Healthcare Investments AG

HBM Healthcare is a 2,5 bn CHF marketplace cap funding corporate that, because the title implies invests into Healthcare firms. Looking at their portfolio, it kind of feels to be a mixture of non-public and indexed corporate, wtih recently round 60% of the portfolio being indexed inventory. The observe report appears to be like spectacular, with the inventory having doen 10x during the last 10 years:

HBM

The stocks turns out to industry rouhly or somewhat above reported NAV. The largest stake with a 25% weight is a Chinese Biotech corporate. As that is obviously outdoor my circle of competence and can at all times be, I’ll “pass”.

174. Hypothekarbank Lenzburg AG

Hypo Lenzburg is a 302 mn marketplace cap regional loan financial institution. The inventory is flatlining since greater than 15 years. “Pass”.

175. St. Galler Cantonalbank AG

Another regional Cantonalbank with a marketplace cap of two,6 bn CHF and a flatlining inventory value. “Pass”.

176. Compagnie Financiere Tradition

CFT is a 836 mn CHF monetary provider corporate that acts as a “Broker of Brokers”, ie facilitating as a marketplace maker between huge monetary establishments. CFT is in truth majority owned by French Viel &Cie, a company I looked at 9 years (!!) ago,

The inventory value has recovered over the last few years which is fairly unexpected taking into consideration that the Broker-to-broker trade modle used to be regarded as to be lifeless some years in the past:

CFT

Based on 2020 earnings, CFT trades at a quite reasonable 12x PE, earnings were expanding well over the last few years. The first 6M alternatively didn’t glance so just right. If I might have a large number of time, I wish to underatnd how they got here again, however in a different way this can be a “pass”.

177. Bobst AG

Bobst is a 1,23 bn CHF marketplace cap equipment corporate that manufactures machines for the packaging business. Looking on the inventory chart we will see that Bobst has now not made that a lot growth during the last two decades or so:

Bobst

In the previous few years, already 2019, pre Covid confirmed a detoriation. EBIT margins up to now were round 5-7%, ROCE between 12-23%. Assuming reasonable profits of round 70 mn CHF, Bobst would industry recently at round 18x “normalized” Earnings. This isn’t extraordinarily dear, however there additionally appears to be restricted room for longer term structural enlargement. Bobst is obviously now not a foul corporate, mabye similar to Krones from germany, but in addition now not truly fascinating to me, “pass”,

178. Bystronic AG

Bystronic is a 2,6 bn CHF marketplace cap corporate that is the remainder of a conglomerate called Conzzeta, Looking on the percentage value, the “de-conglomeration” used to be successful with buyers:

Bystronic

At the instant, the rest section which once more is particular equipment, turns out to generate ~900 mn CHF in annual charges with an EBIT margin of 7-8%. They plan with annual enlargement of round +5% and an EBIT margin of 12% in 2025. Assuming that is right kind, this may constitute an EV/EBIT (adjusted for round 500 mn internet liquidity) of ~15 for the yr 2025. In my opinion this is too dear for a equipment corporate, “pass”.

179. Leonteq AG

Leonteq is a 1,2 bn CHF marketplace cap monetary services and products corporate tha turns out to supply most commonly structured merchandise, each to retail shoppers in addition to B2B.

The corporate has fairly risky profits, 2020 for example used to be a foul yr, the primary 6M 2021 glance much better. I suppose the reason being that they’re in theory brief volatility. The percentage prcie does not glance too exceptional abart from that top in 2015.

Leonteq

The corporate turns out to were based as a subsidiary of EFG after which IPOed in 2012. In 2015/2016 they bumped into deep hassle, each operationally but in addition with the regaultar as they seemed to have screwed over some clients in a pretty bad way,

Overall this does not appear to be a faithful monetary establishment 8(ven in relative phrases), therfore I’ll “pass”.

180. CI Com SA

CI Com is a 2 mn CHF marketplace cap nano cap with an overly unsightly chart. Nothing to peer right here, “pass”.



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