Schaltbau Holding


Market Cap€591m

Last Close €54.5

Schaltbau Holding specialises in products for rail infrastructure and rolling stock and also road vehicles and other industrial applications. Rail represented 68% of FY20 revenues. The geographical spread of revenues in FY20 was Germany 36%, other Europe 47% and rest of the world 17%.

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Investment summary

Schaltbau Holding should benefit from trends towards modernisation and digitalisation in Rail (68% of FY20 revenues), while restoring profitability. The ability to leverage direct current (DC) switching and fuse protection expertise provides opportunities in the growth markets new energy, new industry and e-mobility.
On 7 August 2021, Carlyle announced its intention to launch a voluntary public takeover offer for Schaltbau at €53.50 per share in cash. After the initial acceptance period, the bidder holds 79.9% of the shares, or 74.9% fully diluted.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 513.7 45.1 10.5 104.85 52.0 N/A
2020A 502.3 43.1 14.5 146.53 37.2 N/A
2021E 533.0 48.2 23.4 201.98 27.0 N/A
2022E 570.4 57.6 31.4 186.86 29.2 N/A
Industry outlook

H121 results were strong: revenues +6% and EBIT +42%. In Rail, Schaltbau expects revenue growth of 4–6% in the modestly growing market until 2026 and to significantly improve EBIT margins to 6–8% in 2026 at the latest (2–3% in FY20). Higher growth will come from the DC Power segment with exposure to high growth markets such as new energy (storage for wind and solar energy) and e-mobility. Annual growth in these segments is estimated at >20%.

Last updated on 20/10/2021
Content on Schaltbau Holding
Schaltbau Holding – Bode drives margin recovery
Industrials | Update | 6 August 2021
Schaltbau Holding – executive interview
Industrials | Edison TV | 14 April 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 43.5
Forecast gearing ratio (%) N/A
Price performance
Actual 2.3 52.4 123.4
Relative* (0.3) 49.4 83.3
52-week high/low €55.7/€23.4
*% relative to local index
Key management
Jurgen Brandes CEO
Steffen Munz CFO