Announcement • May 08
Cancellation of the Remaining Publicly Held Schaffner Shares and Delisting from Six Swiss Exchange Effective 16 May By judgment of 25 April 2024, the High Court of the canton of Solothurn has declared all publicly held registered shares of Schaffner Holding AG with a nominal value of CHF 32.50 each to be cancelled. The judgment of the High Court of Solothurn became final and binding on 2 May 2024. The holders of the cancelled Schaffner shares will receive a cash compensation of CHF 505 per share, corresponding to the offer price paid by Tyco Electronics (Switzerland) Holding II GmbH in the public tender offer for all publicly held registered shares of Schaffner Holding AG. In principle, SIX Exchange Regulation has already approved the delisting of Schaffner with its decision of 11 January 2024. With its decision of 6 May 2024, SIX Exchange Regulation AG has now set the last trading day of the Schaffner shares for 15 May 2024. The Schaffner shares will be delisted as of 16 May 2024. Announcement • Dec 19
TE Connectivity Plans to Launch Squeeze-Out Procedure and to Request the Cancellation of the Remaining Publicly Held Shares in Order to Delist Schaffner Holding Swiss-headquartered technology firm TE Connectivity Ltd. announced that it has completed the acquisition of local electrical components maker Schaffner Holding AG after settling a public tender offer. TE Connectivity currently holds 627,658 Schaffner shares, corresponding to a stake of 98.7%. The technology company plans to launch a squeeze-out procedure and to request the cancellation of the remaining publicly held shares in order to delist Schaffner. Announcement • Nov 17
Schaffner Holding AG(SWX:SAHN) dropped from Swiss Performance Index (Price Return) Schaffner Holding AG removed Announcement • Nov 16
TE Connectivity Intends to Initiate A Squeeze-Out Procedure and Delist the Schaffner Shares from SIX Swiss Exchange TE Connectivity Ltd. on November 14, 2023 published the provisional interim result of the public tender offer for all publicly held shares of Schaffner Holding after the end of the offer period. All regulatory clearances for the settlement of the public tender offer have been obtained. Following the settlement of the offer and in accordance with the terms and conditions set out in the offer prospectus, dated September 28, 2023, TE Connectivity intends to initiate a squeeze-out procedure and delist the Schaffner Shares from SIX Swiss Exchange. New Risk • Aug 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 21% 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 Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 1.2% per year over the past 5 years. Announcement • Aug 17
TE Connectivity Ltd. (NYSE : TEL) agreed to acquire Schaffner Holding AG (SWX:SAHN) for approximately CHF 320 million. TE Connectivity Ltd. (NYSE : TEL) made a tender offer to acquire Schaffner Holding AG (SWX:SAHN) for approximately CHF 320 million on August 17, 2023. Under the terms, consideration will be paid in cash as CHF 505 per share. The Board of Directors of Schaffner unanimously recommends the shareholders to accept the Offer. The tender offer is subject to customary terms and conditions as well as regulatory approvals and is currently expected to be settled in December 2023. Enqcor is acting as exclusive financial advisor and Bär & Karrer as legal advisor to TE in the context of this transaction. ZKB is acting as offer manager for the public tender offer. Alantra is acting as financial advisor to Schaffner and Baker McKenzie as legal advisor. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 72% After last week's 72% share price gain to CHF493, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 19x in the Electronic industry in Switzerland. Total returns to shareholders of 174% over the past three years. Reported Earnings • May 07
First half 2023 earnings released: EPS: CHF15.48 (vs CHF8.16 in 1H 2022) First half 2023 results: EPS: CHF15.48 (up from CHF8.16 in 1H 2022). Revenue: CHF84.8m (up 7.4% from 1H 2022). Net income: CHF9.80m (up 90% from 1H 2022). Profit margin: 12% (up from 6.5% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Electronic industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 05
Upcoming dividend of CHF9.00 per share Eligible shareholders must have bought the stock before 12 January 2023. Payment date: 16 January 2023. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Swiss dividend payers (4.1%). Higher than average of industry peers (2.4%). Reported Earnings • Dec 08
Full year 2022 earnings released: EPS: CHF19.99 (vs CHF3.63 loss in FY 2021) Full year 2022 results: EPS: CHF19.99 (up from CHF3.63 loss in FY 2021). Revenue: CHF158.2m (down 8.3% from FY 2021). Net income: CHF12.6m (up CHF14.9m from FY 2021). Profit margin: 8.0% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Electronic industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Aug 29
Schaffner Holding AG Announces Urs Kaufmann Decides Not to Stand for Re-Election as Chairman of the Board of Directors Schaffner Holding AG announced that Urs Kaufmann had decided for personal reasons not to stand for re-election as Chairman of the Board of Directors after six years. During his term of office, he worked with the Board of Directors and management to drive forward the successful turnaround of Schaffner and the strategic realignment towards future-oriented applications. The Board of Directors and management thank him for his active and valuable contribution. Announcement • Aug 15
Schaffner Holding AG Provides Earnings Guidance for the Year 2022 Schaffner Holding AG provided earnings guidance for the year 2022. For the year, the company expects to achieve the communicated target of an increase in net sales of over 5% (continuing operations) for the full fiscal year 2021/22. Reported Earnings • May 06
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down CHF4.57m from profit in 1H 2021). Profit margin: (down from 5.2% in 1H 2021). Over the next year, revenue is forecast to grow 6.8%, compared to a 11% growth forecast for the industry in Switzerland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jan 06
Upcoming dividend of CHF9.00 per share Eligible shareholders must have bought the stock before 13 January 2022. Payment date: 17 January 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Swiss dividend payers (3.6%). Higher than average of industry peers (1.8%). Reported Earnings • Dec 08
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CHF3.63 (down from CHF4.28 in FY 2020). Revenue: CHF172.5m (flat on FY 2020). Net loss: CHF2.30m (down 185% from profit in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 241%. Earnings per share (EPS) missed analyst estimates by 241%. Over the next year, revenue is forecast to grow 5.9%, compared to a 9.2% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jul 03
AQ Group AB (publ) (OM:AQ) completed the acquisition of Power Magnetics Division of Schaffner Holding AG. AQ Group AB (publ) (OM:AQ) agreed to acquire Power Magnetics Division of Schaffner Holding AG for CHF 22.4 million on April 15, 2021. The consideration will be paid on cash and debt free basis. Power Magnetics Division of Schaffner Holding AG generates annual revenues of CHF 45 million. All employees of power Magnetics sites in Paderborn (Germany), Kecskemet (Hungary), Wytheville and Roanoke (USA) and the Power Magnetics part in Shanghai will join AQ Group. The transaction has been approved by board of Schaffner Group. The transaction is expected to be closed at the end of the second quarter 2021.
AQ Group AB (publ) (OM:AQ) completed the acquisition of Power Magnetics Division of Schaffner Holding AG on July 1, 2021. The new companies are named AQ Inductive Components Germany GmbH (Germany), AQ Transformer Solutions Inc. (USA) and AQ Power Magnetics Shanghai Co. Ltd. (China). Schaffner EMV Hungary Kft. will be renamed AQ Inductives Hungary Kft after registration and approval from the authorities. The new subsidiaries will be part of business area Inductive Components. PricewaterhouseCoopers LLP acted as accountant and Alexander Fischer, Petra Hanselmann, Boris Wenger and Elena Mani of Baker & McKenzie acted as legal advisor to Schaffner Holding AG. Reported Earnings • May 11
First half 2021 earnings released: EPS CHF7.21 (vs CHF0.88 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CHF88.1m (up 2.4% from 1H 2020). Net income: CHF4.57m (up CHF4.01m from 1H 2020). Profit margin: 5.2% (up from 0.6% in 1H 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • May 08
Schaffner Holding AG Provides Financial Guidance for the Fiscal 2020/21 Schaffner Holding AG provided financial guidance for the fiscal 2020/21. the company expects to generate net sales of at least CHF 170 million in fiscal 2020/21. This corresponds to growth in core business of almost 15%. With regard to the Power Magnetics division, this forecast takes into account net sales for the first nine months as the divestment is expected to be closed towards the end of the current quarter. The Schaffner Group expects to achieve a double-digit EBIT margin in the second half of the year. Is New 90 Day High Low • Feb 24
New 90-day high: CHF220 The company is up 9.0% from its price of CHF201 on 26 November 2020. The Swiss market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 13% over the same period. Upcoming Dividend • Jan 07
Upcoming Dividend of CHF2.00 Per Share Will be paid on the 18th of January to those who are registered shareholders by the 14th of January. The trailing yield of 1.0% is below the top quartile of Swiss dividend payers (3.7%), and is lower than industry peers (1.8%). Is New 90 Day High Low • Dec 19
New 90-day high: CHF214 The company is up 20% from its price of CHF179 on 18 September 2020. The Swiss market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 7.0% over the same period. Announcement • Dec 10
Schaffner Holding AG to Report Fiscal Year 2021 Results on Dec 07, 2021 Schaffner Holding AG announced that they will report fiscal year 2021 results on Dec 07, 2021 Reported Earnings • Dec 10
Third quarter 2020 earnings released: EPS CHF1.70 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CHF42.9m (down 11% from 3Q 2019). Net income: CHF1.08m (down 42% from 3Q 2019). Profit margin: 2.5% (down from 3.9% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 13% per year. Is New 90 Day High Low • Nov 25
New 90-day high: CHF199 The company is up 8.0% from its price of CHF185 on 27 August 2020. The Swiss market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 4.0% over the same period. Announcement • Nov 04
Schaffner Holding AG to Report First Half, 2021 Results on May 06, 2021 Schaffner Holding AG announced that they will report first half, 2021 results on May 06, 2021 Is New 90 Day High Low • Sep 18
New 90-day low: CHF176 The company is down 13% from its price of CHF201 on 19 June 2020. The Swiss market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 7.0% over the same period.