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1. Company Snapshot

1.a. Company Description

Landis+Gyr Group AG, together with its subsidiaries, provides integrated energy management solutions to utility sector in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.The company offers prepayment electricity, commercial/industrial and grid, and non-smart and smart gas meters; heat and water meters and solutions; load control devices; and system deployment, managed network, and energy data management solutions.It also provides various advanced metering infrastructure offerings, including software, meter data management, installation, implementation, consulting, maintenance support, and related services; and develops and provides electronic devices for analyzing electricity usage in households.


In addition, the company offers EV charging hardware and smart charging software comprising demand response and flexibility management, as well as cybersecurity solutions.The company was formerly known as Landis+Gyr Holding AG.Landis+Gyr Group AG was founded in 1896 and is headquartered in Cham, Switzerland.

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1.b. Last Insights on LAND

Landis+Gyr Group AG's recent performance has been driven by significant advancements in its grid edge intelligence solutions. The company secured a comprehensive contract with PLUS ES to modernize Australia's electricity grid, marking a substantial step towards a cleaner energy future. Additionally, Landis+Gyr obtained Wi-SUN certification for its advanced metering network equipment, enhancing its offerings in Japan and the Revelo platform. These developments underscore the company's commitment to innovative energy management solutions and strategic partnerships, positioning it for growth in the evolving energy landscape.

1.c. Company Highlights

2. Landis+Gyr's H1 2025 Earnings: A Mixed Bag

Landis+Gyr reported a net revenue of $535.9 million for the first half of 2025, reflecting a year-over-year decline. However, the company's adjusted EBITDA margin held strong at 17.5%, despite a temporary 100 basis point impact from tariffs. The earnings per share (EPS) came out at $0.3266, significantly lower than the estimated $1.11. The revenue decline was expected as the company divested its EMEA business, and the focus is now on the Americas, where it is seeing significant growth momentum.

Publication Date: Oct -31

📋 Highlights
  • Order Intake & Book-to-Bill Ratio:: Recorded $595M in order intake, achieving a 1.1 book-to-bill ratio driven by grid edge tech wins in the Americas.
  • Record Order Backlog:: Backlog reached $4B, representing over 3 years of revenue for the continuing business.
  • EMEA Divestment & Share Buyback:: Divested EMEA at 13.4x 2024 adjusted EBITDA, returning $175M to shareholders via buybacks starting immediately.
  • EBITDA Margin Resilience:: Maintained 17.5% adjusted EBITDA margin despite 100 bps temporary tariff impact, with guidance raised to 13–14.5% for H2.
  • Net Debt Position:: Closed H1 with $209.3M net debt and a 1.4x net debt-to-EBITDA leverage ratio, ensuring financial flexibility for growth.

Operational Highlights

The company's order intake was $595 million, resulting in a book-to-bill of 1.1, driven by key grid edge tech wins in the Americas. The order backlog reached a record $4 billion, providing a clear outlook for long-term growth. The company's focus on grid edge intelligence solutions is yielding results, with a strong pipeline and order intake now primarily driven by Revelo and grid edge technology.

Guidance and Outlook

Landis+Gyr expects a strong top-line performance in the second half, driven by the momentum built in the first half. The company has increased its forecast for adjusted EBITDA margin from 13% to 14.5% of revenue. The guidance implies a significant improvement in profitability, driven by the execution of the existing backlog and the company's focus on high-quality business.

Valuation and Return to Shareholders

The company's current valuation metrics are mixed, with a P/E Ratio of -24.62, P/B Ratio of 2.82, and EV/EBITDA of 13.5. The negative P/E Ratio is due to the company's low earnings. The company is returning value to shareholders through a $175 million share buyback program, indicating its confidence in its future prospects. The dividend yield is 1.96%, providing a relatively stable return to shareholders.

Future Prospects and Risks

The company's future prospects are tied to its ability to execute on its existing backlog and deliver grid edge intelligence solutions to utilities across the globe. The risks include execution risks, regulatory changes, and competition from smaller players. However, the company's strong order intake and record backlog provide a solid foundation for growth. As Peter Mainz, CEO, mentioned, "We need to ship and execute from our $4 billion backlog and existing customer base," highlighting the importance of execution in achieving the company's growth targets.

3. NewsRoom

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Landis+Gyr and PLUS ES Announce Grid Edge Intelligence Partnership to Advance Australia's Clean Energy Transition

Sep -24

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Landis+Gyr Adds Wi-SUN Certification for FAN 1.1 Specification to its Advanced Metering Network Equipment

Sep -08

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Landis+Gyr Group (VTX:LAND) shareholders have endured a 13% loss from investing in the stock a year ago

Aug -24

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Withlacoochee River Electric Cooperative Selects Landis+Gyr's Gridstream® Connect Network for Advanced Metering and Grid Edge Sensing

Jul -22

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Landis+Gyr Group's (VTX:LAND) Dividend Is Being Reduced To $1.15

Jun -26

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Landis+Gyr Shareholders Approve All Proposals

Jun -26

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Landis+Gyr's Revelo® E360 and E660 Cellular Grid Edge Sensors Become First Electrical Meters Certified by CTIA Certification for Smart Connected Infrastructure

Jun -24

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Landis+Gyr Completes AMI Upgrade with TEPCO Power Grid Paving the Way for Installation of a Wi-SUN Network

Apr -02

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.00%)

6. Segments

Integrated Energy Management Solutions

Expected Growth: 11%

Landis+Gyr's Integrated Energy Management Solutions drive growth through increasing adoption of smart grid technologies, rising demand for energy efficiency, and government incentives for renewable energy integration. Additionally, the company's strong presence in Europe and expanding footprint in Asia Pacific, coupled with strategic partnerships and innovative product offerings, contribute to its 11% growth.

7. Detailed Products

Advanced Metering Infrastructure (AMI)

A comprehensive system that enables utilities to remotely read meters, manage energy distribution, and provide real-time data to customers.

Grid Management Systems

A suite of software applications that enable utilities to manage and optimize their grid operations, including outage management and distribution automation.

Smart Meters

Advanced meters that measure energy consumption and provide real-time data to utilities and customers.

Gridstream

A comprehensive IoT platform that enables utilities to manage and analyze data from smart devices, including smart meters and sensors.

Meter Data Management (MDM)

A software application that enables utilities to collect, process, and analyze meter data from smart meters.

Distribution Automation

A system that enables utilities to remotely monitor and control distribution grid devices, including switches and reclosers.

8. Landis+Gyr Group AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Landis+Gyr Group AG is moderate due to the presence of alternative energy management solutions.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for energy management solutions and the presence of new market entrants.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors and the need to constantly innovate to stay competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.19%
Debt Cost 3.95%
Equity Weight 82.81%
Equity Cost 8.96%
WACC 8.10%
Leverage 20.76%

11. Quality Control: Landis+Gyr Group 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
Signify

A-Score: 5.8/10

Value: 8.5

Growth: 3.4

Quality: 5.5

Yield: 9.4

Momentum: 4.0

Volatility: 4.3

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Nexans

A-Score: 4.8/10

Value: 6.8

Growth: 6.8

Quality: 5.0

Yield: 3.1

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Prysmian

A-Score: 4.8/10

Value: 2.8

Growth: 7.3

Quality: 4.0

Yield: 2.5

Momentum: 8.0

Volatility: 4.0

1-Year Total Return ->

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NKT

A-Score: 4.4/10

Value: 5.5

Growth: 7.4

Quality: 5.3

Yield: 0.0

Momentum: 4.0

Volatility: 4.0

1-Year Total Return ->

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nVent Electric

A-Score: 4.3/10

Value: 1.4

Growth: 5.4

Quality: 6.6

Yield: 2.5

Momentum: 7.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Landis+Gyr

A-Score: 3.9/10

Value: 6.5

Growth: 0.4

Quality: 3.7

Yield: 5.6

Momentum: 2.5

Volatility: 4.7

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

52.9$

Current Price

52.9$

Potential

-0.00%

Expected Cash-Flows