Schaltbau Holding

GR: SLT

Market Cap€549m

Last Close €53.6

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%.

More Schaltbau Holding content >

Investment summary

On 7 August 2021, Carlyle Group announced its intention to launch a voluntary public cash takeover offer for Schaltbau Holding at €53.50 per share. Carlyle has secured irrevocable undertakings from 69% of the shareholders. Schaltbau should benefit from trends towards digitalisation and interconnectivity in Rail (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, new industry and e-mobility.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 513.7 45.1 10.5 104.85 51.1 N/A
2020A 502.3 43.1 14.5 146.53 36.6 N/A
2021E 533.0 48.2 23.4 201.98 26.5 N/A
2022E 570.4 57.6 31.4 186.86 28.7 N/A
Industry outlook

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

Last updated on 21/09/2021
Content on Schaltbau Holding
Schaltbau Holding – Bode drives margin recovery
Industrials | Update | 6 August 2021
Picture9
Schaltbau Holding – executive interview
Industrials | Edison TV | 14 April 2021
View more
Register to receive research on Schaltbau Holding as it is published
Share price graph
Balance sheet
Forecast net debt (€m) 43.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (3.2) 43.5 108.6
Relative* (0.4) 45.9 70.4
52-week high/low €55.7/€23.4
*% relative to local index
Key management
Jurgen Brandes CEO
Steffen Munz FD
Dr Kai Holtmann IRO