SWX:IMPN

Stock Analysis Report

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Executive Summary

Implenia AG operates as a construction and construction services company primarily in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally.


Snowflake Analysis

Adequate balance sheet with moderate growth potential.


Similar Companies

Share Price & News

How has Implenia's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: IMPN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

10.1%

IMPN

6.9%

CH Construction

1.2%

CH Market


1 Year Return

33.9%

IMPN

-7.6%

CH Construction

2.9%

CH Market

Return vs Industry: IMPN exceeded the Swiss Construction industry which returned -7.5% over the past year.

Return vs Market: IMPN exceeded the Swiss Market which returned 3.5% over the past year.


Shareholder returns

IMPNIndustryMarket
7 Day10.1%6.9%1.2%
30 Day-0.2%6.1%2.5%
90 Day-18.2%-10.3%-1.5%
1 Year36.9%33.9%-5.7%-7.6%6.3%2.9%
3 Year-44.4%-47.9%-9.4%-17.2%15.9%4.1%
5 Year-22.5%-31.7%19.2%-0.5%28.4%6.9%

Price Volatility Vs. Market

How volatile is Implenia's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Implenia undervalued compared to its fair value and its price relative to the market?

46.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: IMPN (CHF39.2) is trading below our estimate of fair value (CHF73.5)

Significantly Below Fair Value: IMPN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: IMPN is poor value based on its PE Ratio (24.4x) compared to the Construction industry average (11x).

PE vs Market: IMPN is poor value based on its PE Ratio (24.4x) compared to the Swiss market (19.2x).


Price to Earnings Growth Ratio

PEG Ratio: IMPN is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: IMPN is overvalued based on its PB Ratio (1.3x) compared to the XE Construction industry average (1x).


Next Steps

Future Growth

How is Implenia forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

23.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IMPN's forecast earnings growth (23% per year) is above the savings rate (-0.2%).

Earnings vs Market: IMPN's earnings (23% per year) are forecast to grow faster than the Swiss market (8.5% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: IMPN's revenue (0.6% per year) is forecast to grow slower than the Swiss market (2.4% per year).

High Growth Revenue: IMPN's revenue (0.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: IMPN's Return on Equity is forecast to be low in 3 years time (10.2%).


Next Steps

Past Performance

How has Implenia performed over the past 5 years?

-30.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: IMPN has high quality earnings.

Growing Profit Margin: IMPN became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: IMPN's earnings have declined by -30.8% per year over the past 5 years.

Accelerating Growth: IMPN has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: IMPN has become profitable in the last year, making it difficult to compare its past year earnings growth to the Construction industry (6.9%).


Return on Equity

High ROE: IMPN's Return on Equity (5.7%) is considered low.


Next Steps

Financial Health

How is Implenia's financial position?


Financial Position Analysis

Short Term Liabilities: IMPN's short term assets (CHF2.2B) exceed its short term liabilities (CHF1.8B).

Long Term Liabilities: IMPN's short term assets (CHF2.2B) exceed its long term liabilities (CHF695.8M).


Debt to Equity History and Analysis

Debt Level: IMPN's debt to equity ratio (82.7%) is considered high.

Reducing Debt: IMPN's debt to equity ratio has increased from 51.9% to 82.7% over the past 5 years.

Debt Coverage: IMPN's debt is well covered by operating cash flow (29.4%).

Interest Coverage: IMPN's interest payments on its debt are well covered by EBIT (4.3x coverage).


Balance Sheet


Next Steps

Dividend

What is Implenia's current dividend yield, its reliability and sustainability?

1.91%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: IMPN's dividend (1.91%) isn’t notable compared to the bottom 25% of dividend payers in the Swiss market (1.99%).

High Dividend: IMPN's dividend (1.91%) is low compared to the top 25% of dividend payers in the Swiss market (3.96%).


Stability and Growth of Payments

Stable Dividend: IMPN's dividend payments have been volatile in the past 10 years.

Growing Dividend: IMPN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.6%), IMPN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: IMPN's dividends in 3 years are forecast to be well covered by earnings (42% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.2yrs

Average management tenure


CEO

André Wyss (52yo)

1.58yrs

Tenure

CHF2,908,000

Compensation

Mr. André Wyss has been Chief Executive Officer at Implenia AG since October 01, 2018. He was the President of Operations at Novartis AG from February 1, 2016 until 2018. Mr. Wyss was responsible for all o ...


CEO Compensation Analysis

Compensation vs Market: André's total compensation ($USD3.02M) is above average for companies of similar size in the Swiss market ($USD1.09M).

Compensation vs Earnings: Insufficient data to compare André's compensation with company performance.


Leadership Team

NamePositionTenureCompensationOwnership
André Wyss
Chief Executive Officer1.58yrsCHF2.91m0.53% CHF3.8m
Marco Dirren
Chief Financial Officer1yrno data0.011% CHF78.4k
Stephan Burkart
Group Chief Information Officer2.17yrsno datano data
Christian Dubs
Head of Investor Relationsno datano datano data
German Grüniger
General Counsel6.33yrsno data0.035% CHF253.0k
Silvan Merki
Chief Communication Officerno datano datano data
Christelle Beneteau
Chief Human Resources Officer1yrno data0.019% CHF137.2k
Andrea Wyss
Head of Division Development4.67yrsno data0.056% CHF402.0k
Jens Vollmar
Head Division Buildings & Country President Switzerland3.17yrsno data0.030% CHF219.2k
Fredrik Björckebaum
Country President SEno datano datano data

2.2yrs

Average Tenure

46yo

Average Age

Experienced Management: IMPN's management team is considered experienced (2.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Hans Meister
Independent Non-Executive Chairman of the Board4.17yrsCHF453.00k0.40% CHF2.9m
Henner Mahlstedt
Independent Non-Executive Director5.17yrsCHF179.00k0.038% CHF276.8k
Kyrre Johansen
Independent Non-Executive Vice Chairman3.17yrsCHF163.00k0.016% CHF113.8k
Martin Fischer
Independent Non-Executive Director2.17yrsCHF141.00k0.0071% CHF51.3k
Laurent Vulliet
Independent Non-Executive Director4.17yrsCHF141.00k0.022% CHF160.6k
Ines Pöschel
Independent Non-Executive Director4.17yrsCHF163.00k0.035% CHF251.0k
Barbara Lambert
Independent Non-Executive Director1.17yrsCHF105.00kno data

4.2yrs

Average Tenure

59yo

Average Age

Experienced Board: IMPN's board of directors are considered experienced (4.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Implenia AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Implenia AG
  • Ticker: IMPN
  • Exchange: SWX
  • Founded: 2006
  • Industry: Construction and Engineering
  • Sector: Capital Goods
  • Market Cap: CHF723.559m
  • Shares outstanding: 18.46m
  • Website: https://www.implenia.com

Number of Employees


Location

  • Implenia AG
  • Industriestrasse 24
  • Dietlikon
  • Zurich
  • 8305
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IMPNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFMar 2006
I8TDB (Deutsche Boerse AG)YesRegistered SharesDEEURMar 2006
0QNTLSE (London Stock Exchange)YesRegistered SharesGBCHFMar 2006

Biography

Implenia AG operates as a construction and construction services company primarily in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally. It operates through four segments: Development, Buildings, Civil Engineering, and Specialties. The company develops private and institutional properties primarily for housing, health, and the ageing population. It is also involved in the modernization of residential and commercial properties, general and total contracting, building construction, road building, and civil works; surfacing and gravel works, and wooden construction; and tunnel construction and foundation engineering services. In addition, the company provides underground construction, structural engineering/new building projects, civil engineering, home and building technology, materials engineering, formwork construction, posttensioning, mechanical and electrical technology, and restoration services for bridges, tunnels, underground garages, and facades. Further, it offers various services for infrastructure projects; and maintenance and repair services, as well as services for road and rail. Implenia AG was founded in 2006 and is headquartered in Dietlikon, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/30 22:06
End of Day Share Price2020/05/29 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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 here.