英文【Bernstein】西卡公司：与首席执行官托马斯·哈斯勒炉边谈话的要点

4 June 2025European Construction & Building MaterialsSika AGRatingOutperformPrice TargetSIKA.SW285.00 CHFPujarini Ghosh, CFA+44 207 676 6807pujarini.ghosh@bernsteinsg.comVictor Acitores+34 915 893 901victor.acitores@bernsteinsg.comSpecialist SalesSara Bellenda+44 207 762 1867sara.bellenda@bernsteinsg.comReported EPSF24AF25EF26ESIKA.SW (CHF)7.768.159.32FinancialsF24AF25EF26ECAGRRevenues (M)11,76312,26613,008--EBIT (M)1,7141,8402,051--Valuation MetricsF24AF25EF26EReported P/E (x)28.026.723.4EV/EBIT (x)23.321.719.5Source: Bloomberg, Bernstein estimates and analysis.Sika: Key takeaways from our fireside chat with CEO, ThomasHaslerYesterday, we hosted Mr. Thomas Hasler, CEO of Sika, for a fireside chat discussing key topicssuch as short term and long term growth potential, regional expectations, pricing, acquisitions,geopolitics and impact of tariffs, among others. In this note, we provide our key takeawaysfrom the fireside chat and include the transcript.Expectations for FY25 and regional trends: Q2 is expected to be mixed with Europeseeing green shoots as sentiment improves due to the German stimulus. The US after astrong start to the year, has softened due to tariff news since the end of Q1 and into Q2,with fears of higher for longer rates and inflation. However, emerging markets are exhibitingstrong growth. China is experiencing continued weakness especially impacted by tariffuncertainty. The CEO highlighted that he is very confident of meeting the 3-6% LC growth forFY25 but this will be more back-end loaded with H2 bearing the bulk of the recovery.Longer term expectations: In the medium term, the CEO expects Sika to outperform bothpeers and the market. He clarified that Sika would be able to get back to 5-6% organicgrowth if underlying markets go from -2% to +1%, much less than the +2.5% historically,due to Sika's expansion, their accretive integration of MBCC (which is now nearly complete)which allows them to outperform more significantly than in the past.Pricing: In 2024, Sika did not raise prices to give customers a break after 20% price hikeover 2022-23, but in 2025 the CEO expects to be at the upper end of the 0.5-1% guidance.Bolt-ons: Sika has a full pipeline and there is potential for further announcements this year.Multiples are attractive between 8-10x, especially helped by the weaker markets.Investment ImplicationsWe recently initiated on building materials with Sika as our top pick and a PT of CHF 285/share. We favor Sika’s leadership position across all construction chemicals end markets.This combined with their innovation will allow Sika to return to ~6% organic growth by2026E and also expand margins by 260-300bps over 2024-28E. Bolt-on acquisitions areramping-up which investors appreciate. Recent stock weakness due to geopolitical risksprovides an attractive entry point into this quality company.Close Date 3 Jun 2025SIKA.SW Close Price (CHF) 217.70Price Target (CHF) 285.00Upside/(Downside) 31%52-Week Range 282.15/178.10EDM1,429.05FY