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1. Company Snapshot

1.a. Company Description

dormakaba Holding AG provides access and security solutions worldwide.The company operates through Access Solutions AMER, Access Solutions APAC, Access Solutions DACH, Access Solutions EMEA, and Key?&?Wall Solutions segments.It offers door hardware products, such as door closer systems, door locks, and escape route systems; and entrance systems, including sliding, revolving, swing doors, as well as sensor barriers and personal interlocks.


The company also provides electronic access and data that include access readers, terminals, electronic fittings, and locking cylinders; mechanical cylinder lock and master key systems; lodging systems comprising electronic door locks, and perimeter and facility readers, as well as mobile access solutions; safe locks; interior glass systems; movable walls; and key blanks and key cutting machines under the Silca, Ilco, and Advanced Diagnostics brand names.In addition, it offers contactless identification systems and trusted services based on the Legic SmartCard and Connect technologies.The company offers its products to hotels, shops, sporting venues, airports, hospitals, homes, and offices.


dormakaba Holding AG was founded in 1862 and is headquartered in Rumlang, Switzerland.

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1.b. Last Insights on DOKA

dormakaba Holding AG's recent performance was impacted by its Full Year 2025 earnings release, which revealed an EPS miss. The company's revenue grew 1.2% to CHF 2.87 billion, but this growth was limited. Additionally, the company's dividend announcement, with an upcoming payout of CHF 09.20, may not be sufficient to offset investor concerns. With no major product launches or acquisitions announced recently, the company's performance is likely focused on its existing business conditions.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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There's A Lot To Like About dormakaba Holding's (VTX:DOKA) Upcoming CHF09.20 Dividend

Oct -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Europe & Africa

Expected Growth: 2.8%

Dormakaba's 2.8% growth in Europe & Africa is driven by increasing demand for access control and security solutions, particularly in the hospitality and healthcare sectors. Additionally, the region's growing focus on digitalization and smart buildings has led to higher sales of electronic locks and access systems.

Americas

Expected Growth: 3.2%

The 3.2% growth in Americas from dormakaba Holding AG is driven by increasing demand for secure and efficient access solutions, particularly in the hospitality and healthcare industries. Additionally, the region's growing focus on digitalization and smart buildings has led to higher adoption of dormakaba's innovative products and services.

Asia Pacific

Expected Growth: 3.5%

The 3.5% growth in Asia Pacific for dormakaba Holding AG is driven by increasing urbanization, infrastructure development, and a growing middle class, leading to higher demand for secure and efficient access solutions in countries like China, Japan, and Australia. Additionally, the region's focus on smart cities and digitalization initiatives also contributes to the growth.

Key & Wall Solution

Expected Growth: 2.5%

Key & Wall Solution from dormakaba Holding AG's 2.5% growth is driven by increasing demand for secure and efficient access control systems, growing adoption of digital locks, and rising need for smart building solutions. Additionally, the segment benefits from dormakaba's strong brand reputation, strategic partnerships, and continuous innovation in locking systems and access control technologies.

7. Detailed Products

Door Hardware

Dormakaba's door hardware products include door closers, door holders, and door coordinators that provide smooth and secure door operation.

Electronic Access & Data

Dormakaba's electronic access and data products include electronic locks, access control systems, and time recording systems.

Keys & Key Systems

Dormakaba's key and key system products include mechanical and electronic keys, key duplicators, and key management systems.

Locks

Dormakaba's lock products include mechanical and electronic locks, including digital locks, combination locks, and biometric locks.

Movable Walls

Dormakaba's movable wall products include acoustic movable walls, glass movable walls, and operable walls.

Safe Locks

Dormakaba's safe lock products include combination locks, digital locks, and biometric locks for safes and vaults.

Services

Dormakaba's services include installation, maintenance, and repair of door hardware, electronic access, and movable walls.

8. dormakaba Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for dormakaba Holding AG is moderate, as there are alternative products and services available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for dormakaba Holding AG is low, as the company has a diverse customer base and no single customer has significant bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for dormakaba Holding AG is moderate, as the company relies on a few key suppliers for raw materials, but has some flexibility to switch suppliers if needed.

Threat Of New Entrants

The threat of new entrants for dormakaba Holding AG is low, as the company has significant barriers to entry, including high capital requirements and established relationships with customers.

Intensity Of Rivalry

The intensity of rivalry for dormakaba Holding AG is high, as the company operates in a competitive market with several established players, and there is a high level of competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 74.15%
Debt Cost 9.87%
Equity Weight 25.85%
Equity Cost 9.87%
WACC 9.87%
Leverage 286.80%

11. Quality Control: dormakaba Holding AG passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Bekaert

A-Score: 6.1/10

Value: 8.7

Growth: 4.2

Quality: 4.7

Yield: 6.9

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Securitas

A-Score: 5.9/10

Value: 6.2

Growth: 4.4

Quality: 3.9

Yield: 6.2

Momentum: 6.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Konecranes

A-Score: 5.5/10

Value: 4.5

Growth: 7.1

Quality: 7.2

Yield: 5.6

Momentum: 5.5

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Allegion

A-Score: 5.5/10

Value: 2.1

Growth: 6.3

Quality: 6.9

Yield: 2.5

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Star Bulk Carriers

A-Score: 5.5/10

Value: 6.2

Growth: 5.2

Quality: 4.9

Yield: 8.8

Momentum: 3.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Dormakaba

A-Score: 5.2/10

Value: 3.5

Growth: 5.0

Quality: 5.1

Yield: 3.8

Momentum: 6.0

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

66.3$

Current Price

66.3$

Potential

-0.00%

Expected Cash-Flows