The note reviews FY25 results for SGS, Schindler, and St. Galler KB, noting strong margin performance and dividend updates. It also provides a cautious transition-year outlook for ams OSRAM.
Key Takeaways
- 1.SGS FY25 results met organic growth targets and exceeded profitability expectations, driven by strategic priorities like Digital Trust and Sustainability.
- 2.Schindler showed material margin expansion in Q4 despite FX headwinds, supported by modernization and service demand.
- 3.St. Galler KB reported solid FY25 results with a dividend increase, though its valuation is currently above historical averages.
Table of Contents
- Summary
- What's New?
- Financial Model Update
- Event Calendar
- Disclaimer & Disclosures – Equity Research
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Authors
Michael FoethAndreas VendittiAlexander KollerMark Diethelm
Securities
SGSN.SSCHPSGKN SEAMS SE
Themes
Operational ResilienceStrategic Divestment and Restructuring
Regions
EuropeSwitzerland