Schaltbau Holding


€280.2m market cap

€31.65 last close

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

Investment summary

Schaltbau Holding should benefit from trends towards digitalisation and interconnectivity in its core Rail segment (68% of FY20 revenues), while restoring profitability levels. The ability to leverage direct current (DC) switching expertise should provide opportunities in growth markets, such as new energy, e-mobility, the DC industry and smart grids. Schaltbau’s valuation offers re-rating potential now that the company is on the verge of restoring profitability after an extensive restructuring programme.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 513.7 45.1 10.5 105.0 30.1 5.1
2020A 502.3 43.1 14.5 147.0 21.5 10.1
2021E 530.5 47.5 22.8 146.0 21.7 22.2
2022E 567.5 56.5 30.4 190.0 16.7 7.2
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Share price graph
Balance sheet
Forecast net debt (€m) 48.9
Forecast gearing ratio (%) 10
Price performance
Actual (6.9) (4.4) 21.7
Relative* (11.4) (12.5) (15.6)
52-week high/low €34.3/€23.4
*% relative to local index
Key management
Jurgen Brandes CEO
Steffen Munz FD