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Burckhardt Compression Holding AGSWX:BCHN Stock Report

Market Cap CHF 1.8b
Share Price
CHF 520.00
CHF 661.83
21.4% undervalued intrinsic discount
1Y-15.0%
7D0%
Portfolio Value
View

Burckhardt Compression Holding AG

SWX:BCHN Stock Report

Market Cap: CHF 1.8b

BCHN Community Fair Values

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See what 27 others think this stock is worth. Follow their fair value or set your own to get alerts.

Burckhardt Compression Holding AG Competitors

Price History & Performance

Summary of share price highs, lows and changes for Burckhardt Compression Holding
Historical stock prices
Current Share PriceCHF 520.00
52 Week HighCHF 738.00
52 Week LowCHF 468.00
Beta0.79
1 Month Change-2.44%
3 Month Change-10.03%
1 Year Change-15.03%
3 Year Change-4.06%
5 Year Change47.52%
Change since IPO459.14%

Recent News & Updates

Narrative Update Apr 22

BCHN: Future Upside Will Rely On Sustained Premium P/E Framework

Analysts have adjusted their price targets on Burckhardt Compression Holding slightly, reflecting small tweaks to assumptions around the discount rate and future P/E multiple, while keeping their CHF fair value estimate effectively unchanged. Analyst Commentary Bullish Takeaways Bullish analysts see the current fair value framework for Burckhardt Compression Holding as broadly intact, with the small technical changes to discount rate and P/E assumptions viewed as fine tuning rather than a shift in core conviction.
Narrative Update Apr 08

BCHN: Future Resilience Will Rely On Sustained Premium P/E Multiples

Analysts have adjusted the price target for Burckhardt Compression Holding to CHF 661.83 from CHF 685.17, reflecting updated assumptions for fair value, discount rate, revenue growth and profit margin, along with a slightly higher future P/E multiple. Analyst Commentary Recent price target work on Burckhardt Compression Holding points to a more refined view of fair value, with adjustments to the discount rate, revenue growth assumptions, profit margins and the future P/E multiple.
Narrative Update Mar 25

BCHN: Higher Margins And Premium P/E Will Support Future Resilience

Analysts have nudged their price target for Burckhardt Compression Holding slightly lower to about CHF685 from around CHF694, reflecting updated assumptions for more moderate revenue growth, a marginally higher discount rate, a slightly higher profit margin and a modestly lower future P/E. Analyst Commentary Bullish Takeaways Bullish analysts see room for the shares to support a higher multiple over time, citing the slightly higher profit margin assumptions as a sign that the business model can sustain healthy earnings power relative to the current P/E.
Narrative Update Mar 11

BCHN: Premium Future P/E And Lower Risk Profile Will Support Resilience

Narrative Update Analysts have trimmed their price target for Burckhardt Compression Holding by about CHF 7 to CHF 693.50, reflecting updated assumptions for slower revenue growth, a slightly lower profit margin, a modestly reduced discount rate, and a marginally higher future P/E multiple. Analyst Commentary Analysts updating their models for Burckhardt Compression Holding are essentially rebalancing expectations, with slightly softer revenue and margin assumptions offset by a higher future P/E multiple and a modestly lower discount rate.

Recent updates

Narrative Update Apr 22

BCHN: Future Upside Will Rely On Sustained Premium P/E Framework

Analysts have adjusted their price targets on Burckhardt Compression Holding slightly, reflecting small tweaks to assumptions around the discount rate and future P/E multiple, while keeping their CHF fair value estimate effectively unchanged. Analyst Commentary Bullish Takeaways Bullish analysts see the current fair value framework for Burckhardt Compression Holding as broadly intact, with the small technical changes to discount rate and P/E assumptions viewed as fine tuning rather than a shift in core conviction.
Narrative Update Apr 08

BCHN: Future Resilience Will Rely On Sustained Premium P/E Multiples

Analysts have adjusted the price target for Burckhardt Compression Holding to CHF 661.83 from CHF 685.17, reflecting updated assumptions for fair value, discount rate, revenue growth and profit margin, along with a slightly higher future P/E multiple. Analyst Commentary Recent price target work on Burckhardt Compression Holding points to a more refined view of fair value, with adjustments to the discount rate, revenue growth assumptions, profit margins and the future P/E multiple.
Narrative Update Mar 25

BCHN: Higher Margins And Premium P/E Will Support Future Resilience

Analysts have nudged their price target for Burckhardt Compression Holding slightly lower to about CHF685 from around CHF694, reflecting updated assumptions for more moderate revenue growth, a marginally higher discount rate, a slightly higher profit margin and a modestly lower future P/E. Analyst Commentary Bullish Takeaways Bullish analysts see room for the shares to support a higher multiple over time, citing the slightly higher profit margin assumptions as a sign that the business model can sustain healthy earnings power relative to the current P/E.
Narrative Update Mar 11

BCHN: Premium Future P/E And Lower Risk Profile Will Support Resilience

Narrative Update Analysts have trimmed their price target for Burckhardt Compression Holding by about CHF 7 to CHF 693.50, reflecting updated assumptions for slower revenue growth, a slightly lower profit margin, a modestly reduced discount rate, and a marginally higher future P/E multiple. Analyst Commentary Analysts updating their models for Burckhardt Compression Holding are essentially rebalancing expectations, with slightly softer revenue and margin assumptions offset by a higher future P/E multiple and a modestly lower discount rate.
Narrative Update Feb 24

BCHN: Stable Earnings Profile Will Support Future Cash Flow Resilience

Analysts have kept their CHF 700.33 price target for Burckhardt Compression Holding broadly unchanged, with only marginal tweaks to assumptions around the discount rate and future P/E. These adjustments reflect fine tuning of their models rather than a shift in their overall view.
Narrative Update Feb 10

BCHN: Higher Modeled P/E Will Support Future Earnings Upside Potential

Narrative Update on Burckhardt Compression Holding Analysts have lifted their fair value estimate for Burckhardt Compression Holding from CHF 696.40 to about CHF 700.33, citing updated assumptions for revenue growth, discount rate, profit margin and future P/E that modestly adjust their pricing framework. Analyst Commentary Analysts looking at Burckhardt Compression Holding are updating their models with a modestly higher fair value, and their views cluster around how well the company can execute against its current assumptions on growth, profitability and valuation multiples.
Analysis Article Jan 12

Is Burckhardt Compression Holding AG (VTX:BCHN) Expensive For A Reason? A Look At Its Intrinsic Value

Key Insights Using the 2 Stage Free Cash Flow to Equity, Burckhardt Compression Holding fair value estimate is CHF457...
Narrative Update Jan 11

BCHN: Higher Modeled P/E Will Support Future Earnings Upside Potential

Analysts have nudged their price targets for Burckhardt Compression Holding slightly higher, citing refreshed models that assume a discount rate now around 5.30% and a future P/E near 20.6x. They view these assumptions as better reflecting the company’s earnings profile.
Narrative Update Dec 17

BCHN: Lower Discount Rate Will Support Future Earnings Visibility

Analysts slightly raised their price target on Burckhardt Compression Holding, citing updated modeling assumptions that reflect a modestly lower discount rate and slightly compressed long term profit margins while still supporting the shares at around CHF 696.40. Analyst Commentary Analyst reactions to the updated Burckhardt Compression Holding model highlight a more nuanced view of the company’s risk reward profile, with adjustments focused on discount rate assumptions, long term margin sustainability, and the balance between growth and capital intensity.
Analysis Article Dec 13

Why We Like The Returns At Burckhardt Compression Holding (VTX:BCHN)

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
Narrative Update Dec 03

BCHN: Future Earnings Visibility Will Support Long-Term Revenue Stability

Analysts have modestly raised their price target on Burckhardt Compression Holding to CHF 696.40 from CHF 696.40, reflecting updated model assumptions that fine tune discount rate and long term earnings expectations without altering their overall fair value view. Analyst Commentary Analyst sentiment around Burckhardt Compression Holding remains balanced, with recent model refinements fine tuning assumptions rather than shifting the overall investment stance.
Analysis Article Nov 26

These 4 Measures Indicate That Burckhardt Compression Holding (VTX:BCHN) Is Using Debt Reasonably Well

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...
Narrative Update Nov 19

BCHN: Resilient Fundamentals Will Support Long-Term Revenue Stability

Analysts have lowered their fair value price target for Burckhardt Compression Holding from CHF 728 to CHF 696.4, citing modestly reduced revenue growth expectations and a slightly higher discount rate in their updated models. Analyst Commentary Following the adjustment of Burckhardt Compression Holding's fair value price target, analysts have provided further insight into their expectations for the company's future performance.
Analysis Article Nov 08

Revenue Beat: Burckhardt Compression Holding AG Exceeded Revenue Forecasts By 13% And Analysts Are Updating Their Estimates

Shareholders might have noticed that Burckhardt Compression Holding AG ( VTX:BCHN ) filed its half-yearly result this...
Analysis Article Oct 26

Burckhardt Compression Holding AG's (VTX:BCHN) Share Price Could Signal Some Risk

There wouldn't be many who think Burckhardt Compression Holding AG's ( VTX:BCHN ) price-to-earnings (or "P/E") ratio of...
Analysis Article Oct 08

Is Now An Opportune Moment To Examine Burckhardt Compression Holding AG (VTX:BCHN)?

Burckhardt Compression Holding AG ( VTX:BCHN ), might not be a large cap stock, but it received a lot of attention from...
Analysis Article Jul 30

Investors Shouldn't Overlook Burckhardt Compression Holding's (VTX:BCHN) Impressive Returns On Capital

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? In a perfect world...
User avatar
New Narrative Jul 21

Decarbonization, Hydrogen And LNG Trends Will Underpin Future Progress

Sustained demand for clean energy, LNG, and marine infrastructure drives robust order growth, strong revenue streams, and high-margin service opportunities for Burckhardt Compression.
Analysis Article Jul 17

If EPS Growth Is Important To You, Burckhardt Compression Holding (VTX:BCHN) Presents An Opportunity

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Analysis Article Jun 29

Burckhardt Compression Holding AG's (VTX:BCHN) CEO Will Probably Have Their Compensation Approved By Shareholders

Key Insights Burckhardt Compression Holding's Annual General Meeting to take place on 5th of July Salary of CHF461.0k...
Analysis Article Jun 25

Is Burckhardt Compression Holding (VTX:BCHN) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article Jun 12

Burckhardt Compression Holding's (VTX:BCHN) Solid Earnings Have Been Accounted For Conservatively

The market seemed underwhelmed by last week's earnings announcement from Burckhardt Compression Holding AG ( VTX:BCHN...
Analysis Article Apr 28

Is Now An Opportune Moment To Examine Burckhardt Compression Holding AG (VTX:BCHN)?

While Burckhardt Compression Holding AG ( VTX:BCHN ) might not have the largest market cap around , it received a lot...
Analysis Article Apr 01

Unpleasant Surprises Could Be In Store For Burckhardt Compression Holding AG's (VTX:BCHN) Shares

With a median price-to-earnings (or "P/E") ratio of close to 20x in Switzerland, you could be forgiven for feeling...
Analysis Article Mar 01

Calculating The Fair Value Of Burckhardt Compression Holding AG (VTX:BCHN)

Key Insights The projected fair value for Burckhardt Compression Holding is CHF755 based on 2 Stage Free Cash Flow to...
Analysis Article Feb 17

With EPS Growth And More, Burckhardt Compression Holding (VTX:BCHN) Makes An Interesting Case

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Analysis Article Jan 19

When Should You Buy Burckhardt Compression Holding AG (VTX:BCHN)?

Burckhardt Compression Holding AG ( VTX:BCHN ), might not be a large cap stock, but it saw a double-digit share price...
Analysis Article Dec 19

Burckhardt Compression Holding AG's (VTX:BCHN) Business Is Yet to Catch Up With Its Share Price

With a price-to-earnings (or "P/E") ratio of 23.4x Burckhardt Compression Holding AG ( VTX:BCHN ) may be sending...
Analysis Article Dec 05

Here's Why Burckhardt Compression Holding (VTX:BCHN) Can Manage Its Debt Responsibly

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article Nov 23

Calculating The Intrinsic Value Of Burckhardt Compression Holding AG (VTX:BCHN)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Burckhardt Compression Holding fair value estimate is CHF694...
Analysis Article Nov 08

Earnings Report: Burckhardt Compression Holding AG Missed Revenue Estimates By 5.1%

Investors in Burckhardt Compression Holding AG ( VTX:BCHN ) had a good week, as its shares rose 3.1% to close at CHF655...
Analysis Article Oct 26

Under The Bonnet, Burckhardt Compression Holding's (VTX:BCHN) Returns Look Impressive

There are a few key trends to look for if we want to identify the next multi-bagger. Ideally, a business will show two...
Analysis Article Sep 10

Do Burckhardt Compression Holding's (VTX:BCHN) Earnings Warrant Your Attention?

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Analysis Article Aug 29

Is Now The Time To Look At Buying Burckhardt Compression Holding AG (VTX:BCHN)?

While Burckhardt Compression Holding AG ( VTX:BCHN ) might not have the largest market cap around , it saw significant...
Analysis Article Jul 30

Burckhardt Compression Holding (VTX:BCHN) Has A Rock Solid Balance Sheet

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article Jul 17

Returns on Capital Paint A Bright Future For Burckhardt Compression Holding (VTX:BCHN)

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business...
Analysis Article Jul 01

It Looks Like Shareholders Would Probably Approve Burckhardt Compression Holding AG's (VTX:BCHN) CEO Compensation Package

Key Insights Burckhardt Compression Holding to hold its Annual General Meeting on 7th of July CEO Fabrice Billard's...
Analysis Article Jun 21

Burckhardt Compression Holding (VTX:BCHN) Will Pay A Larger Dividend Than Last Year At CHF15.50

Burckhardt Compression Holding AG ( VTX:BCHN ) has announced that it will be increasing its dividend from last year's...
Analysis Article Jun 12

Investors Shouldn't Be Too Comfortable With Burckhardt Compression Holding's (VTX:BCHN) Earnings

Despite posting some strong earnings, the market for Burckhardt Compression Holding AG's ( VTX:BCHN ) stock hasn't...
Analysis Article Jun 07

Burckhardt Compression Holding (VTX:BCHN) Has Announced That It Will Be Increasing Its Dividend To CHF15.50

The board of Burckhardt Compression Holding AG ( VTX:BCHN ) has announced that the dividend on 11th of July will be...
Analysis Article Apr 23

Should You Be Adding Burckhardt Compression Holding (VTX:BCHN) To Your Watchlist Today?

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Analysis Article Mar 22

Should You Think About Buying Burckhardt Compression Holding AG (VTX:BCHN) Now?

While Burckhardt Compression Holding AG ( VTX:BCHN ) might not have the largest market cap around , it led the SWX...
Analysis Article Mar 01

Returns On Capital Are A Standout For Burckhardt Compression Holding (VTX:BCHN)

To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd...
Analysis Article Jan 20

With Burckhardt Compression Holding AG (VTX:BCHN) It Looks Like You'll Get What You Pay For

With a price-to-earnings (or "P/E") ratio of 20.7x Burckhardt Compression Holding AG ( VTX:BCHN ) may be sending...
Analysis Article Dec 13

Is Burckhardt Compression Holding (VTX:BCHN) Using Too Much Debt?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article Nov 22

Should You Investigate Burckhardt Compression Holding AG (VTX:BCHN) At CHF491?

Burckhardt Compression Holding AG ( VTX:BCHN ), is not the largest company out there, but it saw a double-digit share...
Analysis Article Oct 24

Here's Why We Think Burckhardt Compression Holding (VTX:BCHN) Might Deserve Your Attention Today

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Analysis Article Sep 14

Why We Like The Returns At Burckhardt Compression Holding (VTX:BCHN)

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Analysis Article Aug 31

Estimating The Intrinsic Value Of Burckhardt Compression Holding AG (VTX:BCHN)

Key Insights The projected fair value for Burckhardt Compression Holding is CHF642 based on 2 Stage Free Cash Flow to...
Analysis Article Aug 12

Is It Too Late To Consider Buying Burckhardt Compression Holding AG (VTX:BCHN)?

Burckhardt Compression Holding AG ( VTX:BCHN ), might not be a large cap stock, but it received a lot of attention from...
Analysis Article Jul 13

Here's Why We Think Burckhardt Compression Holding (VTX:BCHN) Might Deserve Your Attention Today

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Analysis Article Jun 28

These 4 Measures Indicate That Burckhardt Compression Holding (VTX:BCHN) Is Using Debt Safely

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Analysis Article Jun 15

Why We Like The Returns At Burckhardt Compression Holding (VTX:BCHN)

There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...
Analysis Article May 06

Should You Investigate Burckhardt Compression Holding AG (VTX:BCHN) At CHF580?

Burckhardt Compression Holding AG ( VTX:BCHN ), might not be a large cap stock, but it saw a double-digit share price...
Analysis Article Mar 30

Do Burckhardt Compression Holding's (VTX:BCHN) Earnings Warrant Your Attention?

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Analysis Article Mar 17

We Like Burckhardt Compression Holding's (VTX:BCHN) Returns And Here's How They're Trending

What are the early trends we should look for to identify a stock that could multiply in value over the long term? One...
Analysis Article Feb 01

At CHF565, Is It Time To Put Burckhardt Compression Holding AG (VTX:BCHN) On Your Watch List?

Burckhardt Compression Holding AG ( VTX:BCHN ), might not be a large cap stock, but it received a lot of attention from...
Analysis Article Jan 14

Burckhardt Compression Holding (VTX:BCHN) Seems To Use Debt Rather Sparingly

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article Nov 19

Investors Should Be Encouraged By Burckhardt Compression Holding's (VTX:BCHN) Returns On Capital

What are the early trends we should look for to identify a stock that could multiply in value over the long term? In a...
Analysis Article Oct 08

Is Burckhardt Compression Holding AG (VTX:BCHN) Potentially Undervalued?

While Burckhardt Compression Holding AG ( VTX:BCHN ) might not be the most widely known stock at the moment, it saw a...
Analysis Article Sep 23

If EPS Growth Is Important To You, Burckhardt Compression Holding (VTX:BCHN) Presents An Opportunity

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Analysis Article Jul 22

Burckhardt Compression Holding's (VTX:BCHN) Returns On Capital Are Heading Higher

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...

Shareholder Returns

BCHNCH MachineryCH Market
7D0%0.4%1.4%
1Y-15.0%-9.4%7.1%

Return vs Industry: BCHN underperformed the Swiss Machinery industry which returned -10.8% over the past year.

Return vs Market: BCHN underperformed the Swiss Market which returned 6.3% over the past year.

Price Volatility

Is BCHN's price volatile compared to industry and market?
BCHN volatility
BCHN Average Weekly Movement4.9%
Machinery Industry Average Movement5.3%
Market Average Movement4.5%
10% most volatile stocks in CH Market8.3%
10% least volatile stocks in CH Market2.5%

Stable Share Price: BCHN has not had significant price volatility in the past 3 months compared to the Swiss market.

Volatility Over Time: BCHN's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
18443,331Fabrice Billardwww.burckhardtcompression.com

Burckhardt Compression Holding AG manufactures and sells reciprocating compressor technologies worldwide. The company offers Laby, a labyrinth piston compressor that compresses bone-dry, dirty, abrasive, and other gases; Laby-GI compressors for offshore vessels and installations; process gas compressors per API 618 for high-pressure compression of hydrogen, hydrocarbons, and corrosive gases; hyper compressors, a high-pressure reciprocating compressor for low-density polyethylene and ethylene-vinyl acetate plants; diaphragm compressors for hydrogen fueling and trailer filling stations; fully balanced high-speed compressors for natural gas processing and transport applications; standard high-pressure compressors are used to compress air, hydrogen, nitrogen, helium, argon, natural gas, and other non-corrosive gases and gas mixtures at land facilities and on ships; and marine high-pressure compressors, as well as compressor systems and packages. It also provides various compressor components, such as valves, seals, packings, rings, capital and pump parts, and auxiliary equipment; and service solutions, including BC ACTIVATE holistic compressor assessment, preventive maintenance, overhauls and dry docks, comprehensive valve, repair, revamps and upgrades, turnaround, emission management, and installation and commissioning.

Burckhardt Compression Holding AG Fundamentals Summary

How do Burckhardt Compression Holding's earnings and revenue compare to its market cap?
BCHN fundamental statistics
Market capCHF 1.76b
Earnings (TTM)CHF 105.13m
Revenue (TTM)CHF 1.11b
16.7x
P/E Ratio
1.6x
P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
BCHN income statement (TTM)
RevenueCHF 1.11b
Cost of RevenueCHF 800.49m
Gross ProfitCHF 309.22m
Other ExpensesCHF 204.09m
EarningsCHF 105.13m

Last Reported Earnings

Sep 30, 2025

Next Earnings Date

Jun 04, 2026

Earnings per share (EPS)31.11
Gross Margin27.87%
Net Profit Margin9.47%
Debt/Equity Ratio50.5%

How did BCHN perform over the long term?

See historical performance and comparison

Dividends

3.5%
Current Dividend Yield
58%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/20 11:37
End of Day Share Price 2026/05/20 00:00
Earnings2025/09/30
Annual Earnings2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Burckhardt Compression Holding AG is covered by 13 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Volker BosseBaader Helvea Equity Research
Patrick LaagerBerenberg
Will WymanGoldman Sachs