Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CHF27.10, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 29x in the Electrical industry in Switzerland. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF32.54 per share. Buy Or Sell Opportunity • Jun 04
Now 21% undervalued Over the last 90 days, the stock has risen 7.7% to CHF24.18. The fair value is estimated to be CHF30.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 67%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. Buy Or Sell Opportunity • May 19
Now 21% undervalued Over the last 90 days, the stock has risen 4.4% to CHF24.38. The fair value is estimated to be CHF30.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 67%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 7.3% per annum over the same time period. Upcoming Dividend • May 04
Upcoming dividend of CHF0.50 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Swiss dividend payers (3.6%). Higher than average of industry peers (1.2%). New Risk • Apr 20
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: CHF415m (US$531m) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Revenue is less than US$1m (CHF415m revenue, or US$531m). Minor Risk High level of debt (180% net debt to equity). Buy Or Sell Opportunity • Apr 20
Now 21% undervalued Over the last 90 days, the stock has risen 74% to CHF26.64. The fair value is estimated to be CHF33.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 67%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 7.3% per annum over the same time period. Declared Dividend • Apr 13
Dividend of CHF0.50 announced Dividend of CHF0.50 is the same as last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 2.1%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 41% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 10
R&S Group Holding AG, Annual General Meeting, May 07, 2026 R&S Group Holding AG, Annual General Meeting, May 07, 2026, at 14:00 W. Europe Standard Time. Reported Earnings • Apr 09
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: CHF1.56 (up from CHF1.31 in FY 2024). Revenue: CHF417.7m (up 48% from FY 2024). Net income: CHF58.1m (up 41% from FY 2024). Profit margin: 14% (in line with FY 2024). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electrical industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CHF19.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Electrical industry in Europe. Total returns to shareholders of 114% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF30.23 per share. Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CHF1.67 to CHF1.41 per share. Revenue forecast steady at CHF418.9m. Net income forecast to grow 2.0% next year vs 30% growth forecast for Electrical industry in Switzerland. Consensus price target down from CHF36.38 to CHF28.90. Share price was steady at CHF18.36 over the past week. Announcement • Nov 06
R&S Group Holding AG to Report First Half, 2026 Results on Sep 16, 2026 R&S Group Holding AG announced that they will report first half, 2026 results on Sep 16, 2026 Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to CHF18.82, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Electrical industry in Europe. Total returns to shareholders of 104% over the past three years. Reported Earnings • Sep 15
First half 2025 earnings released: EPS: CHF0.77 (vs CHF0.42 in 1H 2024) First half 2025 results: EPS: CHF0.77 (up from CHF0.42 in 1H 2024). Revenue: CHF206.3m (up 88% from 1H 2024). Net income: CHF28.8m (up 138% from 1H 2024). Profit margin: 14% (up from 11% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Electrical industry in Switzerland. Announcement • Sep 12
R&S Group Holding AG to Report Fiscal Year 2025 Results on Apr 08, 2026 R&S Group Holding AG announced that they will report fiscal year 2025 results on Apr 08, 2026 Buy Or Sell Opportunity • Aug 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 61% to CHF38.85. The fair value is estimated to be CHF32.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Aug 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 85% to CHF37.40. The fair value is estimated to be CHF31.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CHF37.25, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Electrical industry in Europe. Total returns to shareholders of 303% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF31.20 per share. Price Target Changed • Jun 11
Price target increased by 19% to CHF29.75 Up from CHF24.90, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CHF28.40. Stock is up 118% over the past year. The company is forecast to post earnings per share of CHF1.71 for next year compared to CHF1.31 last year. Upcoming Dividend • May 09
Upcoming dividend of CHF0.50 per share Eligible shareholders must have bought the stock before 16 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Swiss dividend payers (4.0%). Higher than average of industry peers (1.9%). Announcement • Apr 18
R&S Group Holding AG, Annual General Meeting, May 14, 2025 R&S Group Holding AG, Annual General Meeting, May 14, 2025, at 14:00 W. Europe Standard Time. Announcement • Apr 16
R&S Group Holding AG Provides Earnings Guidance for the Year 2025 R&S Group Holding AG provided earnings guidance for the year 2025. For the year, guidance for net sales growth has been refined to a range of 10%-13% from previously around 12%, with an unchanged EBIT margin of around 20%. Announcement • Apr 13
R&S Group Holding AG Announces CEO Changes R&S Group Holding AG announced that Markus Laesser, CEO of R&S Group since 2021, has decided to hand over his responsibilities in order to focus on personal projects and mandates. As part of its succession plan, the Board of Directors is appointing Eduardo Terzi as new CEO, effective 1 June 2025. Eduardo Terzi has headed the Transformer Division at Siemens Energy for over 10 years. In his last role at Siemens Energy, Eduardo managed EUR 4.0 billion in revenues, 37 plants and 10,000 employees. He holds a Bachelor in Electrical Engineering and an MBA from the University of Maryland. Markus Laesser as CEO initiated and drove the transformation of R&S Group into an internationally successful provider of infrastructure products in the energy sector. Under his leadership, the company has been reorganized, successfully listed on SIX Swiss Exchange and set onto a sustainable growth path. The Board of Directors envisions that, with the appointment of Eduardo Terzi as new CEO, R&S Group will continue on the embarked trajectory for the next chapter. Markus Laesser as CEO initiated and drove the transformation of R&S Group into an internationally successful provider of infrastructure products in the energy sector. Under his leadership, the company has been reorganized, successfully listed on SIX Swiss Exchange and set onto a sustainable growth path. The Board of Directors envisions that, with the appointment of Eduardo Terzi as new CEO, R&S Group will continue on the embarked trajectory for the next chapter. New Risk • Mar 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CHF19.35, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 20x in the Electrical industry in Switzerland. Total returns to shareholders of 102% over the past three years. Announcement • Mar 06
R&S Group Holding AG to Report First Half, 2025 Results on Sep 11, 2025 R&S Group Holding AG announced that they will report first half, 2025 results on Sep 11, 2025 New Risk • Nov 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swiss stocks, typically moving 6.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.6% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). New Risk • Sep 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.1% Last year net profit margin: 8.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). Reported Earnings • Sep 12
First half 2024 earnings released First half 2024 results: EPS: CHF0.42. Net income: CHF12.1m (up CHF12.1m from 1H 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Electrical industry in Switzerland. Announcement • Sep 11
R&S Group Holding AG to Report Fiscal Year 2024 Results on Apr 15, 2025 R&S Group Holding AG announced that they will report fiscal year 2024 results on Apr 15, 2025 Announcement • Aug 22
R&S Group Holding AG (SWX:RSGN) agreed to acquire Kyte Powertech Limited from MML Growth Capital Partners Ireland II fund managed by MML Growth Capital Partners Ireland Limited and existing management for an enterprise value of €250 million. R&S Group Holding AG (SWX:RSGN) agreed to acquire Kyte Powertech Limited from MML Growth Capital Partners Ireland II fund managed by MML Growth Capital Partners Ireland Limited and existing management for an enterprise value of €250 million on August 20, 2024. The majority of the consideration will be paid in cash secured by a bridge facility and a participation roll-over by management, a sign of strong commitment to future performance. For the period ending March 31, 2024, Kyte Powertech Limited reported net sales of €165 million and EBIT of €33 million. UBS acted as financial advisor to R&S Group Holding AG. Dr. Alexander Blaeser and Susanne Liebel-Kotz of Baker & McKenzie (Zurich), Dominique Maes, Davinia Martens and Sebastian Tytgat of Baker McKenzie, Rebecca Kuijpers-Zimmerman and James Heller of Baker & Mckenzie LLP, London acted as legal advisor to R&S Group Holding AG (SWX:RSGN). Price Target Changed • Aug 22
Price target increased by 34% to CHF16.50 Up from CHF12.30, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of CHF16.35. Stock is up 68% over the past year. The company is forecast to post earnings per share of CHF1.16 for next year compared to CHF0.40 last year. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CHF16.35, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 24x in the Electrical industry in Switzerland. Total returns to shareholders of 71% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CHF12.06 per share. Buy Or Sell Opportunity • Aug 20
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to CHF14.95. The fair value is estimated to be CHF11.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Jun 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to CHF12.75. The fair value is estimated to be CHF10.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Mar 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to CHF9.85. The fair value is estimated to be CHF12.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Announcement • Mar 08
R&S Group Holding AG to Report Fiscal Year 2023 Final Results on Apr 17, 2024 R&S Group Holding AG announced that they will report fiscal year 2023 final results on Apr 17, 2024 Announcement • Jan 10
R&S Group Holding AG, Annual General Meeting, May 28, 2024 R&S Group Holding AG, Annual General Meeting, May 28, 2024. Announcement • Dec 14
R&S International Holding AG completed the acquisition of VT5 Acquisition Company AG (SWX:VT5) from VERAISON Capital Ltd and others in a reverse merger transaction. R&S International Holding AG signed a binding business combination agreement to acquire VT5 Acquisition Company AG (SWX:VT5) from VERAISON Capital Ltd and others for CHF 274 million in a reverse merger transaction on October 31, 2023. VT5 will propose the business combination with R&S Group at a purchase price of CHF 274 million and the issue price is expected to be set from CHF 10.00 to CHF 10.50 per share. VT5's founders and sponsor, VT5 itself, the sellers of R&S Group and the intended new members of the board of directors and the executive committee of VT5 . The transaction is subject to approval by the investor shareholders of VT5, the approval by the VT5 shareholders, the successful completion of an offering, and capital increase to finance any parts of the purchase not financed by the amounts in escrow or otherwise, and obtaining of all required approvals by the stock exchange. VT5 aims to complete the transaction by mid-December 2023. As of November 8, 2023, VT5 board of directors unanimously recommends to its shareholders to support and approve the proposed transaction at a special meeting of the holders of its Class A Shares and to support and approve all corresponding motions at an extraordinary shareholders meeting, both to be held on December 11, 2023. Completion of the offering of redeemed shares and new shares as well as the first day of the trading of the renamed company R&S Group Holding AG on SIX Swiss Exchange is expected to occur on or around December 13, 2023. On November 12, 2023, VERAISON Capital Ltd announced that it will vote in favor of the proposed acquisition of R&S Group at the upcoming special meeting of holders and intends to tender 1.88 million shares in VT5's redemption offer for internal portfolio reasons. As of December 11, 2023, shareholders of VT5 Acquisition supported the business combination with R&S International and approved the transaction with 99% of all votes cast. Completion of the offering of new shares and redeemed shares as well as the first day of the trading of the renamed company R&S Group Holding AG according to the Swiss Reporting Standard of SIX Swiss Exchange, trading under the new symbol RSGN and the ISIN number CH1107979838 (unchanged), is expected to occur on or around December 13, 2023.Philippe Weber, Thomas Brönnimann, Deirdre Ní Annracháin and Lukas Beeler of Niederer, Kraft & Frey acted as legal advisor to R&S International Holding AG. KPMG provided fairness opinion to VT5 Acquisition.R&S International Holding AG completed the acquisition of VT5 Acquisition Company AG (SWX:VT5) from VERAISON Capital Ltd and others in a reverse merger transaction on December 13, 2023. Announcement • Nov 02
R&S International Holding AG signed a binding business combination agreement to acquire VT5 Acquisition Company AG (SWX:VT5) for CHF 274 million in a reverse merger transaction. R&S International Holding AG signed a binding business combination agreement to acquire VT5 Acquisition Company AG (SWX:VT5) for CHF 274 million in a reverse merger transaction on October 31, 2023. VT5 will propose the business combination with R&S Group at a purchase price of CHF 274 million and the issue price is expected to be set from CHF 10.00 to CHF 10.50 per share. The transaction is subject to approval by the investor shareholders of VT5, the approval by the VT5 shareholders, the successful completion of an offering, and capital increase to finance any parts of the purchase not financed by the amounts in escrow or otherwise, and obtaining of all required approvals by the stock exchange. VT5 aims to complete the transaction by mid-December 2023.