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1. Company Snapshot

1.a. Company Description

BELIMO Holding AG, together with its subsidiaries, develops, manufactures, and sells damper actuators, control valves, sensors, and meters for heating, ventilation, and air conditioning (HVAC) systems in Europe, the Americas, and the Asia Pacific.The company offers HVAC damper actuators for use in various on/off, modulating, or communicating damper and life safety applications, including air handlers, economizer and variable air volume terminal units, fan coil units, unit ventilators, and life safety dampers.It also provides various pressure dependent valves, such as the characterized control, quick compact, and butterfly valves; mechanical pressure independent valves for complex flow challenges, and pressure-independent quick compact and characterized control valves; electronic pressure independent valves; and Internet of Things cloud-connected pressure independent valves.


In addition, the company provides accurate sensors for measuring temperature, humidity, pressure, CO2, and volatile compounds in pipe and duct applications; system solutions to optimize energy efficiency; and retrofit solutions to replace valve assemblies and actuators, or damper actuators.BELIMO Holding AG was founded in 1975 and is headquartered in Hinwil, Switzerland.

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1.b. Last Insights on BEAN

BELIMO Holding AG's recent performance was driven by robust financial results, with revenue surging 19% to CHF561.5m in the first half of 2025. Earnings per share (EPS) also saw a significant increase, rising to CHF8.23 from CHF6.28 in the same period last year. Additionally, the company's estimated fair value stands at CHF613, based on a 2-Stage Free Cash Flow to Equity model. This uptick in financials likely bolstered investor confidence, with some analysts estimating the stock may be undervalued.

1.c. Company Highlights

2. BELIMO Delivers Strong H1 2025 Results with Robust Growth Across All Regions

BELIMO reported impressive first-half 2025 results, with net sales surging 19% year-over-year to CHF 562 million, driven by strong demand across its key markets. The company’s EBIT rose to CHF 128 million, resulting in a margin of 22.8%, while net income climbed to CHF 101.3 million. On an EPS basis, the company delivered CHF 6.28, exceeding analyst estimates of CHF 5.67, showcasing operational efficiency and profitability. The performance was further bolstered by a 60% year-over-year growth in the data center business, underscoring the increasing adoption of liquid cooling and cold plate technologies.

Publication Date: Jul -22

📋 Highlights
  • Net Sales Growth: Reported 19% increase to CHF 562 million, driven by 30% growth in the Americas and 21% in Asia Pacific.
  • Profitability Metrics: EBIT of CHF 128 million with a 22.8% margin, and net income of CHF 101.3 million.
  • Data Center Business Growth: 60% year-over-year growth, fueled by demand for liquid cooling and cold plate technology.
  • Capacity Expansion: Invested CHF 41 million in expansion programs and confirmed an upgraded 2025 outlook with 15-20% sales growth.
  • Localization Strategy: Plans to increase U.S. production to enhance supply chain security and reduce tariff impacts.

Regional Performance and Business Drivers

The Americas and Asia Pacific were standout performers, with sales growth of 30% and 21%, respectively. The data center segment contributed significantly to this growth, with approximately one-third of the group’s revenue tied to this high-demand sector. BELIMO’s Control Valve business also saw a 23% increase, reflecting strong end-market demand. Markus Schürch, during the earnings call, highlighted that the recent 7% price increase in the U.S. market, effective July 1st, has been beneficial for top-line growth but not margin-accretive due to associated costs. This pricing strategy, combined with localized production initiatives, positions the company well to mitigate supply chain risks and tariff impacts.

Operational and Strategic Initiatives

BELIMO continues to invest in capacity expansion, with CHF 41 million allocated in the first half, ensuring it can meet the growing demand for its products. The company reaffirmed its upgraded 2025 outlook, expecting sales growth of 15-20% and an EBIT margin above 20%. Localizing production, particularly in the U.S., remains a strategic focus, with 30-40% of assembly work and 100% of customizing work already done domestically. This initiative not only enhances supply chain security but also aligns with the company’s long-term margin targets of 18-20% EBIT.

Valuation and Market Outlook

At current levels, BELIMO trades at a P/E ratio of 75.49 and an EV/EBITDA of 52.8, reflecting the market’s confidence in its growth trajectory. While these multiples appear elevated, the company’s strong profitability, with an ROIC of 22.71% and ROE of 26.86%, supports its premium valuation. Analysts expect revenue growth to moderate to 13.2% in 2026, but the company’s ability to maintain high margins and cash flow generation should continue to attract investors. With a dividend yield of 1.05% and a free cash flow yield of 1.23%, BELIMO offers a balanced return profile for both growth and income-oriented investors.

3. NewsRoom

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Swiss stocks rise as Trump hints at possible deal to lower U.S. tariffs

Nov -11

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Is BELIMO Holding AG (VTX:BEAN) Potentially Undervalued?

Sep -23

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Are BELIMO Holding AG (VTX:BEAN) Investors Paying Above The Intrinsic Value?

Sep -09

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Is BELIMO Holding AG's (VTX:BEAN) Recent Stock Performance Tethered To Its Strong Fundamentals?

Aug -21

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BELIMO Holding's (VTX:BEAN) investors will be pleased with their stellar 186% return over the last five years

Aug -06

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BELIMO Holding First Half 2025 Earnings: EPS: CHF8.23 (vs CHF6.28 in 1H 2024)

Jul -23

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BELIMO Holding (VTX:BEAN) shareholders have earned a 13% CAGR over the last five years

Apr -06

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BELIMO Holding AG (VTX:BEAN) Is About To Go Ex-Dividend, And It Pays A 1.9% Yield

Mar -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.90%)

6. Segments

Control Valves

Expected Growth: 7%

BELIMO Holding AG's Control Valves segment growth of 7% is driven by increasing demand for energy-efficient HVAC systems, rising adoption of building automation, and growing need for precise temperature control in industries such as healthcare and pharmaceuticals. Additionally, the company's focus on innovation, quality, and customer service contributes to its market share expansion.

Damper Actuators

Expected Growth: 9%

BELIMO Holding AG's Damper Actuators growth is driven by increasing demand for energy-efficient HVAC systems, stringent building regulations, and rising adoption of IoT-enabled building automation. Additionally, growing construction activities, especially in the commercial and industrial sectors, contribute to the segment's 9% growth.

Sensors and Meters

Expected Growth: 6%

BELIMO Holding AG's Sensors and Meters segment growth is driven by increasing demand for energy-efficient buildings, rising adoption of IoT and automation in HVAC systems, and growing need for precise temperature and humidity control in industries such as healthcare and data centers.

7. Detailed Products

Actuators

BELIMO Holding AG's actuators are designed to control and regulate the flow of air and water in heating, ventilation, and air conditioning (HVAC) systems.

Valves

BELIMO Holding AG's valves are designed to control the flow of water, steam, and gas in HVAC systems.

Sensors

BELIMO Holding AG's sensors measure temperature, humidity, pressure, and flow rate in HVAC systems.

Control Valves

BELIMO Holding AG's control valves regulate the flow of fluids in HVAC systems, ensuring precise temperature and pressure control.

Dampers

BELIMO Holding AG's dampers control the flow of air in HVAC systems, ensuring efficient airflow and pressure control.

Zone Control Systems

BELIMO Holding AG's zone control systems integrate sensors, actuators, and valves to control and optimize HVAC systems.

8. BELIMO Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

BELIMO Holding AG operates in a niche market with high barriers to entry, reducing the threat of substitutes. However, the increasing adoption of IoT and automation in buildings may lead to the development of new substitutes.

Bargaining Power Of Customers

BELIMO Holding AG's customers are primarily OEMs and contractors, who have limited bargaining power due to the company's strong market position and high-quality products.

Bargaining Power Of Suppliers

BELIMO Holding AG relies on a few key suppliers for components and materials. While the company has some bargaining power, suppliers may still exert some pressure on prices and delivery terms.

Threat Of New Entrants

The HVAC market has high barriers to entry, including significant R&D investments and regulatory hurdles. New entrants would need to invest heavily to compete with BELIMO Holding AG's established brand and technology.

Intensity Of Rivalry

The HVAC market is highly competitive, with several established players competing for market share. BELIMO Holding AG faces intense rivalry from companies like Johnson Controls, Carrier, and Trane.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.72%
Debt Cost 8.65%
Equity Weight 97.28%
Equity Cost 8.65%
WACC 8.65%
Leverage 2.79%

11. Quality Control: BELIMO Holding AG passed 8 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

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Logista

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Value: 7.0

Growth: 5.9

Quality: 5.8

Yield: 10.0

Momentum: 6.0

Volatility: 10.0

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A-Score: 6.6/10

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Yield: 8.1

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Wallenius Wilhelmsen

A-Score: 5.8/10

Value: 9.2

Growth: 8.2

Quality: 7.9

Yield: 6.2

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Volatility: 2.3

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BELIMO

A-Score: 5.6/10

Value: 0.0

Growth: 5.4

Quality: 8.2

Yield: 5.6

Momentum: 8.5

Volatility: 6.0

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Quality: 7.2

Yield: 5.0

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Travis Perkins

A-Score: 3.9/10

Value: 8.2

Growth: 1.3

Quality: 2.6

Yield: 5.0

Momentum: 1.5

Volatility: 5.0

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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

777.0$

Current Price

777$

Potential

-0.00%

Expected Cash-Flows