IMPLENIA: Strategy and performance convince!

For many years, the IMPLENIA construction group was rather a problem child. But what the company's management has achieved in the recent past convinces us. The transformation is in its final phase, the course has been set. Various successes confirm this: Operating performance reached CHF 114.8 million in 2021, an increase of 24% (compared to the previous year); all divisions and relevant markets contributed positively to the result; equity has visibly improved and is to be strengthened by a further CHF 80 million in the current year; a high cash flow in the second half of the year provides the necessary scope. Since the restructuring, IMPLENIA has focused on integrated construction and real estate services, primarily in Switzerland, Germany and, depending on the project, in selected European countries. A high level of expertise exists, among other things, in tunnel and bridge construction or, more generally, in the area of infrastructure projects; a strong, high-quality order intake confirms this, e.g. the major order in Norway for the construction of the longest railroad bridge (volume of CHF 190 million), various building construction orders in Germany with a total order volume of around CHF 227 million. "However, beautiful orders alone are not enough." But IMPLENIA has a clear focus on profitable, complex projects with a strict application of value assurance, i.e., a strikingly optimized risk and margin profile. Experience and competence ensure the enormously important customer trust.
On the risk side, it should be noted that the construction industry is in a constant battle against unsatisfactory value creation (per hour worked) on construction sites; training, digitalization and modular construction are the "antidotes". The share is not highly valued with a P/E ratio of around 6.3x. However, no dividend is paid out (yet). We start here with a dust-off limit of CHF 20.50. If the purchase succeeds in case of another setback, we set a first price target at CHF 27!

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