Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CHF72.90, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Construction industry in the United Kingdom. Total returns to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CHF69.05 per share. Duyuru • Jun 13
Implenia AG (SWX:IMPN) signed a purchase agreement to acquire Zigmo Engineering GmbH. Implenia AG (SWX:IMPN) signed a purchase agreement to acquire Zigmo Engineering GmbH on May 29, 2026.
The expected completion of the transaction is July 13, 2026. Board Change • May 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Marie-Noelle Venturi-Zen-Ruffinen was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 08
Implenia AG to Report Fiscal Year 2026 Final Results on Mar 03, 2027 Implenia AG announced that they will report fiscal year 2026 final results on Mar 03, 2027 Duyuru • Mar 10
Implenia AG, Annual General Meeting, Mar 31, 2026 Implenia AG, Annual General Meeting, Mar 31, 2026, at 10:30 W. Europe Standard Time. Duyuru • Mar 05
Implenia AG to Report First Half, 2026 Results on Aug 19, 2026 Implenia AG announced that they will report first half, 2026 results on Aug 19, 2026 Duyuru • Apr 01
Implenia AG to Report Fiscal Year 2025 Results on Mar 04, 2026 Implenia AG announced that they will report fiscal year 2025 results on Mar 04, 2026 Duyuru • Mar 27
Implenia Ag Appoints Marie-Noëlle Zen-Ruffinen as Board Member and Member of the Nomination and Compensation Committee Implenia AG at its AGM held on 25 March 2025, approved election of Marie-Noëlle Zen-Ruffinen as a new Board Member and as member of the Nomination and Compensation Committee. Marie-Noëlle Zen-Ruffinen is a lawyer and titular professor at the University of Geneva’s School of Economics and Management. Since 2016, she has held various board positions, including with the Baloise Group and Banco Santander International SA. She has a master’s degree and a PhD in law, as well as a master’s degree in philosophy from the University of Fribourg. Duyuru • Jan 16
Implenia AG Announces Not Standing for Re-Election of Martin Fischer as Member of the Board of Directors Implenia AG announced Martin Fischer, member of the board of directors, will not be standing for re-election at the Annual General Meeting on 25 March 2025. He has been a Member of the Board of Directors and of its Nomination and Compensation Committee since 2018. Duyuru • Dec 18
Implenia AG to Report First Half, 2025 Results on Aug 20, 2025 Implenia AG announced that they will report first half, 2025 results on Aug 20, 2025 Duyuru • Apr 05
BURU Holding AG acquired 13.7% stake in Implenia AG (SWX:IMPN) from Max Roessler. BURU Holding AG acquired 13.7% stake in Implenia AG (SWX:IMPN) from Max Roessler on April 5, 2024. BURU Holding AG completed the acquisition of 13.7% stake in Implenia AG (SWX:IMPN) from Max Roessler on April 5, 2024. Duyuru • Apr 03
Implenia AG, Annual General Meeting, Mar 25, 2025 Implenia AG, Annual General Meeting, Mar 25, 2025. Duyuru • Mar 27
Implenia AG to Report Fiscal Year 2024 Results on Feb 26, 2025 Implenia AG announced that they will report fiscal year 2024 results on Feb 26, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of CHF0.60 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 April 2024. Payout ratio is a comfortable 7.8% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (6.3%). Lower than average of industry peers (3.5%). New Risk • Mar 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: CHF3.60b (flat on FY 2022). Net income: CHF141.8m (up 35% from FY 2022). Profit margin: 3.9% (up from 2.9% in FY 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Construction industry in the United Kingdom. Duyuru • Feb 28
Implenia AG to Report First Half, 2024 Results on Aug 21, 2024 Implenia AG announced that they will report first half, 2024 results on Aug 21, 2024 Reported Earnings • Aug 18
First half 2023 earnings released: EPS: CHF1.75 (vs CHF3.42 in 1H 2022) First half 2023 results: EPS: CHF1.75 (down from CHF3.42 in 1H 2022). Revenue: CHF1.73b (down 2.1% from 1H 2022). Net income: CHF32.2m (down 49% from 1H 2022). Profit margin: 1.9% (down from 3.6% in 1H 2022). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Construction industry in the United Kingdom. New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (44% accrual ratio). Buying Opportunity • Aug 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be CHF51.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is forecast to decline by 2.4% per annum over the same time period. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CHF46.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Construction industry in the United Kingdom. Total returns to shareholders of 122% over the past year. Simply Wall St's valuation model estimates the intrinsic value at CHF52.91 per share. Buying Opportunity • May 11
Now 23% undervalued Over the last 90 days, the stock is up 2.9%. The fair value is estimated to be CHF52.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is forecast to decline by 3.4% per annum over the same time period. Duyuru • May 06
Implenia AG (SWX:IMPN) acquired Wincasa AG from Swiss Prime Site AG (SWX:SPSN). Implenia AG (SWX:IMPN) signed an agreement to acquire Wincasa AG from Swiss Prime Site AG (SWX:SPSN) on March 29, 2023. Implenia will acquire Wincasa for an enterprise value of CHF 235 million. The purchase price of CHF 171.6 million is being paid out of Implenia’s own liquidity from profitable business activities. Wincasa AG generated CHF 159 million revenue for the year ended 2022. The transaction is subjected to regulatory approval. The transaction is expected to close during the second quarter of 2023. Wincasa will be managed as an independent business unit within Division Buildings, and its brand will be retained. Wincasa’s operations will continue to be run within Implenia by the existing management team. Marcel Dietrich and Daniel Häusermann Homburger AG acted as legal advisor to Implenia AG. Stephan Erni of Lenz & Staehelin acted as legal advisor to Swiss Prime Site AG. Morgan Stanley & Co. LLC acted as financial advisor to Swiss Prime Site AG. As of May 5, 2023, regulatory approval was received without any conditions and Oliver Hofmann, CEO Wincasa, has left the Executive Board of Swiss Prime Site.
Implenia AG (SWX:IMPN) acquired Wincasa AG from Swiss Prime Site AG (SWX:SPSN) on May 5, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of CHF0.40 per share at 1.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 03 April 2023. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (3.8%). Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: CHF5.68 (vs CHF3.31 in FY 2021) Full year 2022 results: EPS: CHF5.68 (up from CHF3.31 in FY 2021). Revenue: CHF3.56b (down 5.3% from FY 2021). Net income: CHF104.8m (up 71% from FY 2021). Profit margin: 2.9% (up from 1.6% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Construction industry in the United Kingdom. Duyuru • Jan 14
Peri Vertrieb Deutschland Verwaltungs Gmbh acquired Implenia Schalungsbau Gmbh from Implenia AG (SWX:IMPN). Peri Vertrieb Deutschland Verwaltungs Gmbh acquired Implenia Schalungsbau Gmbh from Implenia AG (SWX:IMPN) on January 1, 2023.
Peri Vertrieb Deutschland Verwaltungs Gmbh completed the acquisition of Implenia Schalungsbau Gmbh from Implenia AG (SWX:IMPN) on January 1, 2023. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non executive Director Judy Bischoff was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non executive Director Judy Bischoff was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.