Implenia AG (IMPN.SW) | Investment Case

1. Company Snapshot

1.a. Company Description

Implenia AG operates as a construction and real estate services company primarily in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally.It operates through four divisions: Real Estate, Buildings, Civil Engineering, and Specialties.The company is involved in road building; tunneling; excavations, retaining structures, deep foundations, and noise barriers; civil engineering; infrastructure maintenance; and structural engineering activities.

It also provides real estate services comprising real estate development and management, real estate investment, building construction, project management, pollutant cleanup, general and total contracting, building technology, real estate consulting, general planning, and home ownership.In addition, the company offers special construction services, including planning and construction of post-tensioning and geotechnical systems, construction logistics, timber construction, machinery and electrical, and material engineering services.Implenia AG was founded in 2006 and is headquartered in Dietlikon, Switzerland.

Show Full description

1.b. Last Insights on IMPN

Implenia AG's recent strong financial performance, driven by robust EBIT growth, has positively impacted its stock. The company's strategic restructuring efforts to enhance client collaboration are expected to yield benefits. Additionally, a significant dividend increase demonstrates management's confidence in the company's future prospects. These developments suggest a favorable outlook for Implenia, as it continues to execute on its strategic plans.

1.c. Company Highlights

Last Price	68.2
Change Percentage	0.44%
Open	68.2
Previous Close	67.9
Market Cap ( Millions)	1257
Volume	24582
Year High	70
Year Low	29.05
M A 50	64.82
M A 200	54.47

FCF Yield	0.95%
Dividend Yield	1.32%
ROE	15.14%
Debt / Equity	142.82%
Net Debt / EBIDTA	279.72%
Price To Book	1.9
Price Earnings Ratio	12.6
Price To FCF	105.34
Price To sales	0.34
EV / EBITDA	8.07

2. Transcript Summary

Unfortunately this company is not part of our coverage yet. But as part of your subscription plan you can request it by clicking just below and we'll process.

Request Coverage

3. NewsRoom

An Intrinsic Calculation For Implenia AG (VTX:IMPN) Suggests It's 42% Undervalued

Oct -29

Source:

Implenia secures new construction contracts worth over €200m in Germany

Sep -02

Source:

Implenia First Half 2025 Earnings: EPS: CHF1.80 (vs CHF1.43 in 1H 2024)

Aug -24

Source:

Implenia AG (XSWX:IMPN) (H1 2025) Earnings Call Highlights: Record Order Backlog and Strong ...

Aug -21

Source:

Implenia secures new construction contracts worth SFr400m

Jul -30

Source:

Implenia acquires $251.9m construction orders in Switzerland and Germany

Jul -04

Source:

Implenia enters contract to build underground repository in Sweden

Jun -19

Source:

UBS Among Companies Hit by Data Leak After Cyberattack on Procurement Firm

Jun -18

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.01%)

6. Segments

Buildings

Expected Growth: 1.2%

Implenia AG's Buildings segment growth of 1.2% is driven by increasing demand for sustainable and energy-efficient buildings, government initiatives for infrastructure development, and a strong pipeline of projects in the Swiss and German markets. Additionally, the company's focus on digitalization and innovation in construction processes contributes to its growth.

Civil Engineering

Expected Growth: 0.8%

Implenia AG's Civil Engineering segment growth of 0.8 is driven by increasing infrastructure investments in Switzerland, strong demand for tunnel construction, and a solid order backlog. Additionally, the company's focus on sustainable and digital construction methods, as well as its expertise in complex infrastructure projects, contribute to its growth momentum.

Specialties

Expected Growth: 1.5%

Implenia AG's 1.5% growth in Specialties is driven by increasing demand for tunneling and civil engineering services, expansion into new markets, and strategic acquisitions. Additionally, investments in digitalization and sustainability initiatives enhance operational efficiency and attract environmentally conscious clients, contributing to the segment's growth.

Real Estate

Expected Growth: 0.5%

The 0.5 growth rate in Real Estate from Implenia AG is driven by increasing demand for sustainable and energy-efficient buildings, urbanization, and government incentives for eco-friendly infrastructure development. Additionally, the company's focus on digitalization and innovative construction methods has improved operational efficiency, contributing to the segment's growth.

Corporate and Other

Expected Growth: 0.7%

The 0.7 growth in Corporate and Other segment of Implenia AG is driven by efficient cost management, successful integration of acquired businesses, and strategic investments in digitalization and innovation, leading to improved operational efficiency and enhanced competitiveness.

7. Detailed Products

Infrastructure Construction

Implenia AG provides infrastructure construction services, including road, rail, and tunnel construction, as well as bridge building and renovation.

Building Construction

Implenia AG offers building construction services, including new builds, renovations, and refurbishments of residential and commercial properties.

Civil Engineering

Implenia AG provides civil engineering services, including excavation, foundation work, and structural engineering.

Real Estate Development

Implenia AG develops and manages real estate projects, including residential and commercial properties.

Tunnel Construction

Implenia AG specializes in tunnel construction, including excavation, lining, and final lining.

Railway Construction

Implenia AG provides railway construction services, including track laying, electrification, and signaling.

Bridge Construction

Implenia AG designs and builds bridges, including road, rail, and pedestrian bridges.

8. Implenia AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Implenia AG is moderate, as there are alternative construction companies that can provide similar services.

Bargaining Power Of Customers

The bargaining power of customers is low, as Implenia AG has a strong reputation and provides specialized services that are difficult to replace.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Implenia AG relies on a network of suppliers for materials and equipment, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants is low, as entering the construction industry requires significant capital investment and expertise, making it difficult for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as the construction industry is highly competitive, and companies like Implenia AG must compete for projects and clients.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	45.64%
Debt Cost	3.95%
Equity Weight	54.36%
Equity Cost	6.74%
WACC	5.47%
Leverage	83.95%

11. Quality Control: Implenia AG passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Bravida Holding

A-Score: 5.9/10

Value: 5.8

Growth: 5.8

Quality: 5.5

Yield: 5.6

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

CFE

A-Score: 5.7/10

Value: 9.4

Growth: 1.1

Quality: 4.8

Yield: 5.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

Salcef

A-Score: 5.1/10

Value: 4.6

Growth: 4.4

Quality: 6.9

Yield: 3.1

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

Implenia

A-Score: 5.0/10

Value: 5.6

Growth: 4.1

Quality: 3.5

Yield: 1.9

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

Etteplan

A-Score: 4.7/10

Value: 5.3

Growth: 4.2

Quality: 4.7

Yield: 4.4

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

Trakcja

A-Score: 4.5/10

Value: 8.0

Growth: 3.6

Quality: 4.6

Yield: 0.0

Momentum: 8.0

Volatility: 3.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

37.47%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.47%

Implenia AG - CH0023868554

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on IMPN

1.c. Company Highlights

Cheaper

Weak Momentum

Average Growth

Lower Quality

Stable Momentum

Average Quality

Average Yield

Strong Momentum

Revenues Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.01%)

6. Segments

Buildings

Expected Growth: 1.2%

Civil Engineering

Expected Growth: 0.8%

Specialties

Expected Growth: 1.5%

Real Estate

Expected Growth: 0.5%

Corporate and Other

Expected Growth: 0.7%

7. Detailed Products

Infrastructure Construction

Building Construction

Civil Engineering

Real Estate Development

Tunnel Construction

Railway Construction

Bridge Construction

8. Implenia AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Implenia AG passed 3 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

68.2$

Current Price

68.2$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA