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Schindler Holding AG SCHN

Morningstar Rating
CHF 234.50 +1.50 (0.64%)
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Company Report

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

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.

Price vs Fair Value

SCHN is trading at a 878% premium.
Price
CHF 233.00
Fair Value
CHF 867.00
Uncertainty
Low
1-Star Price
CHF 794.00
5-Star Price
CHF 921.00
Economic Moat
Ddc
Capital Allocation
Rytkytj

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 233.00
Day Range
CHF 232.00234.50
52-Week Range
CHF 171.30236.00
Bid/Ask
CHF 228.00 / CHF 234.50
Market Cap
CHF 25.22 Bil
Volume/Avg
16,124 / 21,449

Key Statistics

Price/Earnings (Normalized)
31.62
Price/Sales
2.18
Dividend Yield (Trailing)
1.72%
Dividend Yield (Forward)
1.72%
Total Yield
1.73%

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

Competitors

Valuation

Metric
SCHN
KNEBV
OTIS
Price/Earnings (Normalized)
31.6222.8827.12
Price/Book Value
5.7012.30
Price/Sales
2.182.322.83
Price/Cash Flow
19.0921.8524.02
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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Specialty Industrial Machinery Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
SIEGY
Siemens AG ADRFspnqrgdrXdzz$148.1 Bil
ETN
Eaton Corp PLCSqbzrrvfzHyzwy$132.1 Bil
ITW
Illinois Tool Works IncBnfbzqlpybLxzxbx$74.8 Bil
PH
Parker Hannifin CorpGxqkxdbHgyjlj$70.4 Bil
EMR
Emerson Electric CoKrflbrbfbDzyg$65.0 Bil
OTIS
Otis Worldwide Corp Ordinary SharesBhwhhplmHzvmt$39.1 Bil
CMI
Cummins IncCwsjvkwbQrlfwd$39.0 Bil
IR
Ingersoll Rand IncXlxybykwlNrvrbs$36.9 Bil
XYL
Xylem IncFsykxljcRyvcbf$35.3 Bil
ROK
Rockwell Automation IncXxngtlhNycf$30.8 Bil

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