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Schindler Holding AG SCHN

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Stock XSWX Rating as of
CHF 232.50 −2.00 (0.85%)
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As of Delayed Price Closed
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Company Report

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Schindler Earnings: Aftermarket Orders Remain Robust and Offset Still-Weak New Equipment Demand

Grant Slade

Our CHF 220 per share fair value estimate is intact and our 2024 estimates for wide-moat Schindler remain largely unchanged, with the group’s first-quarter trading performance tracking broadly in line with our full-year expectations. First-quarter order intake of CHF 2.8 billion represented a 2.5% constant-currency increase year on year, broadly in line with our full-year expectations for 2.7% constant-currency order growth in 2024.

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Price vs Fair Value

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SCHN is trading at a 83% premium.
Price
CHF 232.50
Fair Value
CHF 756.00
Uncertainty
Low
1-Star Price
CHF 415.00
5-Star Price
CHF 991.00
Economic Moat
Dhhp
Capital Allocation
Bvtynqslf

Bulls Say, Bears Say

Bulls

Schindler operates under an installed base business model that generates strong and steady free cash flows. It boasts the second-largest installed base globally.

Bears

Global new elevator installations have likely peaked structurally as the rate of urbanization slows in Asia-Pacific.

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Trading Information

Previous Close Price
CHF 234.50
Day Range
CHF 231.50–234.00
52-Week Range
CHF 171.30–236.00
Bid/Ask
CHF 225.00 / CHF 235.00
Market Cap
CHF 25.01 Bil
Volume/Avg
17,737 / 21,381

Key Statistics

Price/Earnings (Normalized)
31.55
Price/Sales
2.18
Dividend Yield (Trailing)
1.70%
Dividend Yield (Forward)
1.70%
Total Yield
1.74%

Company Profile

Switzerland-based Schindler is a top-four global supplier of elevators and escalators. The business generates revenue in three ways: selling new elevators and escalators, modernizing old equipment, and servicing existing installations. Most of the company's profit comes from the last activity, where contracts are rolled over annually with built-in price increases. Ninety percent of its business is in elevators, which are more numerous globally than escalators. Its business model is similar to that of closest competitors Otis, Kone, and TK Elevator.
Sector
Industrials
Industry
Specialty Industrial Machinery
Stock Style Box
Large Core
Total Number of Employees
70,405
Website
https://www.schindler.com

Competitors

Valuation

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Metric
SCHN
KNEBV
OTIS
Price/Earnings (Normalized)
 31.5523.5626.74
Price/Book Value
 5.6812.67—
Price/Sales
 2.182.392.79
Price/Cash Flow
 19.0522.5023.69
Price/Earnings
SCHN
KNEBV
OTIS

Financial Strength

Metric
SCHN
KNEBV
OTIS
Quick Ratio
 0.400.690.85
Current Ratio
 1.300.980.99
Interest Coverage
 34.8856.0414.54
Quick Ratio
SCHN
KNEBV
OTIS

Profitability

Metric
SCHN
KNEBV
OTIS
Return on Assets (Normalized)
 8.05%10.76%14.60%
Return on Equity (Normalized)
 21.69%37.70%—
Return on Invested Capital (Normalized)
 18.27%30.10%59.74%
Return on Assets
SCHN
KNEBV
OTIS
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Economic Moat
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