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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Bossard Holding AG    BOSN   CH0238627142

BOSSARD HOLDING AG

(BOSN)
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Delayed Quote. Delayed Swiss Exchange - 08/20 07:48:36 am
129.2 CHF   -0.69%
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Bossard : Solid sales growth despite weakening economic momentum

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04/08/2019 | 12:08am EDT

The Bossard Group continues on its growth track: Sales in the first quarter of 2019 rose by 5.4 percent to CHF 232.2 million. These results put Bossard on a solid footing for the start of the year even in the face of markedly more challenging business conditions. The broad diversification of the industrial segments we supply once again supported the Group's growth stability. Activities in Europe and Asia contributed substantially to the Group's positive sales development, while business in America stagnated. The first quarter's overall solid performance is even more remarkable because it was achieved in a weakening economic environment and the comparative baseline from the previous year was already very high.

Good start in Europe
Bossard's development efforts over recent years were especially evident in the European markets, where the Group was able to post gains and boost market share in spite of lackluster economic conditions. In this challenging market environment, Bossard increased sales by 5.1 percent to CHF 138.9 million compared to the first quarter of 2018. In local currency, the sales growth was a healthy 7.3 percent. The economic development in Europe overall varies widely. Some regional companies continued to post above-average growth rates, whereas others felt the effects of the weaker economic environment.

Drop in sales to major customers in America
After enjoying a dynamic business development in America 2017 and 2018, Bossard was unable to realize any further sales growth. At CHF 58.1 million, sales in the first quarter were at the previous year's level; in local currency, sales decreased by 4.9 percent. The reason for the decline is twofold: Last year, Bossard had benefited from several customer projects that unfortunately did not result in follow-on projects. In addition, we were confronted with a subdued sales development with several major customers which could not be compensated by the encouraging growth in new business.

Dynamic business in Asia
In Asia, the preliminary work and especially the capacity expansion of previous years continue to pay off. Sales volume in this market region rose by no less than 16.6 percent to CHF 35.2 million (+17.7 percent in local currency). The regional companies in China and India were the main drivers behind this gratifying growth. Over recent years, Bossard made significant investments particularly in China, expanding its business accordingly.

Further growth in fiscal year 2019
For the overall year, the Bossard Group is targeting sales of CHF 900 million to CHF 920 million. The sales growth during the first quarter means we are on track. The weakening economic momentum evident from the falling purchasing managers' indices in recent weeks, however, makes achieving this goal increasingly challenging. Should the issues that contributed substantially to general uncertainty and hence the weakening of the economy be resolved satisfactorily, then we are confident that the effect on the global economy will be a positive one. Regardless of the external factors, the Bossard Group will continue to actively invest in market development, which will be reflected in higher sales and earnings over the medium to long term, just as it has in the past.

Net sales 1st quarter

change in %

in CHF million

2019

2018

in CHF

in local
currency

Europe

138.9

132.1

5.1%

7.3%

America

58.1

58.1

0.0%

-4.9%

Asia

35.2

30.2

16.6%

17.7%

Group

232.2

220.4

5.4%

5.3%

Read the Press Release as PDF

Disclaimer

Bossard Holding AG published this content on 08 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 April 2019 04:07:03 UTC

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Financials (CHF)
Sales 2019 893 M
EBIT 2019 96,1 M
Net income 2019 71,7 M
Debt 2019 133 M
Yield 2019 3,29%
P/E ratio 2019 13,8x
P/E ratio 2020 13,0x
EV / Sales2019 1,26x
EV / Sales2020 1,20x
Capitalization 992 M
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Technical analysis trends BOSSARD HOLDING AG
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 6
Average target price 137,40  CHF
Last Close Price 130,10  CHF
Spread / Highest target 11,5%
Spread / Average Target 5,61%
Spread / Lowest Target -0,08%
EPS Revisions
Managers
NameTitle
David Dean Group Chief Executive Officer
Thomas Schmuckli-Grob Chairman
Stephan Johannes J. Zehnder Group Chief Financial Officer
Anton Lauber Deputy Chairman
Stefan Michel Independent Director
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