(IMPN) Implenia - SW
Sector: Industrials | Industry: Engineering & Construction | Exchange: SW (Switzerland) | Market Cap: 1.355m CHF | Total Return: 46.1% in 12m
Avg Turnover: 3.76M
Warnings
Extended 1w
Tailwinds
No distinct edge detected
Implenia AG is a Swiss-based multinational construction and real estate services group. The company operates primarily across Western Europe and Scandinavia, organized into three core segments: Buildings, Civil Engineering, and Service Solutions. Its portfolio encompasses the entire building lifecycle, including real estate development, structural engineering, tunneling, and specialized foundation work.
The company utilizes a vertically integrated business model, combining traditional construction with technical consulting, timber construction, and building physics. In the European construction sector, such integration is increasingly used to manage complex infrastructure projects and meet stringent regional sustainability and energy efficiency standards.
Implenia also provides niche technical services such as post-tensioning systems, geotechnical engineering, and the production of specialized building materials. This diversification into service solutions allows the firm to capture value from both large-scale civil infrastructure projects and long-term asset modernization and maintenance.
- Real estate development portfolio valuation and divestment gains drive profitability
- Order book margin quality improves through selective bidding strategy
- Swiss and German infrastructure spending supports Civil Engineering segment revenue
- Rising interest rates impact residential construction demand and financing costs
| Net Income: 83.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 3.69 > 1.0 |
| NWC/Revenue: 11.73% < 20% (prev 0.05%; Δ 11.68% < -1%) |
| CFO/TA 0.04 > 3% & CFO 137.3m > Net Income 83.6m |
| Net Debt (352.4m) to EBITDA (203.1m): 1.74 < 3 |
| Current Ratio: 1.23 > 1.5 & < 3 |
| Outstanding Shares: last quarter (18.5m) vs 12m ago -0.75% < -2% |
| Gross Margin: 27.49% > 18% (prev 26.44%; Δ 1.05% > 0.5%) |
| Asset Turnover: 108.2% > 50% (prev 114.9%; Δ -6.71% > 0%) |
| Interest Coverage Ratio: 2.05 > 6 (EBIT TTM 71.2m / Interest Expense TTM 34.7m) |
| A: 0.12 (Total Current Assets 2.15b - Total Current Liabilities 1.74b) / Total Assets 3.33b |
| B: 0.22 (Retained Earnings 717.5m / Total Assets 3.33b) |
| C: 0.02 (EBIT TTM 71.2m / Avg Total Assets 3.21b) |
| D: 0.29 (Book Value of Equity 748.7m / Total Liabilities 2.57b) |
| Altman-Z'' = 1.96 = BBB |
| DSRI: 1.06 (Receivables 1.18b/1.14b, Revenue 3.47b/3.56b) |
| GMI: 0.96 (GM 26.44% / 27.49%) |
| AQI: 0.97 (AQ_t 0.24 / AQ_t-1 0.25) |
| SGI: 0.98 (Revenue 3.47b / 3.56b) |
| TATA: -0.02 (NI 83.6m - CFO 137.3m) / TA 3.33b) |
| Beneish M = -3.05 (Cap -4..+1) = AA |
As of June 20, 2026, the stock is trading at CHF 75.90 with a total of 183,536 shares traded.
Over the past week, the price has changed by +11.29%,
over one month by +28.43%,
over three months by +17.36% and
over the past year by +46.09%.
Implenia has no consensus analysts rating.
P/E Trailing = 16.2031
P/E Forward = 9.2593
P/S = 0.3901
P/B = 1.7979
P/EG = 2.7756
Revenue TTM = 3.47b CHF
EBIT TTM = 71.2m CHF
EBITDA TTM = 203.1m CHF
Long Term Debt = 709.3m CHF (from longTermDebt, last quarter)
Short Term Debt = 172.8m CHF (from shortTermDebt, last quarter)
Debt = 885.4m CHF (from shortLongTermDebtTotal, last quarter) + Leases 6.76m
Net Debt = 352.4m CHF (calculated: Debt 885.4m - CCE 533.0m)
Enterprise Value = 1.71b CHF (1.36b + Debt 885.4m - CCE 533.0m)
Interest Coverage Ratio = 2.05 (Ebit TTM 71.2m / Interest Expense TTM 34.7m)
EV/FCF = 17.98x (Enterprise Value 1.71b / FCF TTM 95.0m)
FCF Yield = 5.56% (FCF TTM 95.0m / Enterprise Value 1.71b)
FCF Margin = 2.73% (FCF TTM 95.0m / Revenue TTM 3.47b)
Net Margin = 2.41% (Net Income TTM 83.6m / Revenue TTM 3.47b)
Gross Margin = 27.49% ((Revenue TTM 3.47b - Cost of Revenue TTM 2.52b) / Revenue TTM)
Gross Margin QoQ = 9.83% (prev 42.89%)
Tobins Q-Ratio = 0.51 (Enterprise Value 1.71b / Total Assets 3.33b)
Interest Expense / Debt = 3.92% (Interest Expense 34.7m / Debt 885.4m)
Taxrate = 22.45% (24.5m / 109.2m)
NOPAT = 55.2m (EBIT 71.2m * (1 - 22.45%))
Current Ratio = 1.23 (Total Current Assets 2.15b / Total Current Liabilities 1.74b)
Debt / Equity = 1.18 (Debt 885.4m / totalStockholderEquity, last quarter 748.7m)
Debt / EBITDA = 1.74 (Net Debt 352.4m / EBITDA 203.1m)
Debt / FCF = 3.71 (Net Debt 352.4m / FCF TTM 95.0m)
Total Stockholder Equity = 663.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.60% (Net Income 83.6m / Total Assets 3.33b)
RoE = 12.61% (Net Income TTM 83.6m / Total Stockholder Equity 663.0m)
RoCE = 5.19% (EBIT 71.2m / Capital Employed (Equity 663.0m + L.T.Debt 709.3m))
RoIC = 3.49% (NOPAT 55.2m / Invested Capital 1.58b)
WACC = 6.28% (E(1.36b)/V(2.24b) * Re(8.40%) + D(885.4m)/V(2.24b) * Rd(3.92%) * (1-Tc(0.22)))
Discount Rate = 8.40% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -46.67 | Cagr: -5.58%
[DCF] Terminal Value 75.44% ; FCFF base≈95.0m ; Y1≈95.4m ; Y5≈101.0m
[DCF] Fair Price = 66.00 (EV 1.57b - Net Debt 352.4m = Equity 1.22b / Shares 18.5m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: 46.48 | EPS CAGR: 13.26% | SUE: N/A | # QB: 0
Revenue Correlation: -6.40 | Revenue CAGR: -0.13% | SUE: -0.15 | # QB: 0
EPS current Year (2026-12-31): EPS=4.58 | Chg30d=+0.00% | Revisions=+20% | GrowthEPS=+1.2% | GrowthRev=+0.1%
EPS next Year (2027-12-31): EPS=5.69 | Chg30d=+1.81% | Revisions=+20% | GrowthEPS=+24.1% | GrowthRev=+6.7%
[Analyst] Revisions Ratio: +20%