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1. Company Snapshot

1.a. Company Description

Phoenix Mecano AG, together with its subsidiaries, manufactures and sells components for industrial customers worldwide.It operates through three divisions: Enclosure Systems, DewertOkin Technology Group, and Industrial Components.The Enclosure Systems division develops and manufactures industrial and electronic enclosures made of aluminum, stainless steel, and plastic; human-machine interface solutions, consisting of panel PCs, industrial PCs, and industrial monitors, as well as input units, such as membrane keypads, short-stroke keys, and touchscreens; and machine control boards and suspension systems.


The DewertOkin Technology Group division manufactures drives, systems, and fittings technology for electrical healthcare furniture; individual mechanical components; and customized and coordinated system solutions for use in smart furniture, medical applications, and control systems for height-adjustable desks, as well as software applications in care settings.The Industrial Components division provides linear units and lifting columns, aluminum profiles and tube connection systems, and ergonomic workstation systems; terminal blocks, connector systems, test probes, series terminals, inductors, and switches for industrial electronics; industrial PC systems, power supplies, and backplanes; measuring systems, transformers, and instrument transformers; and circuit board equipment.This division also develops customized electronic applications; and offers conveyor components, electric cylinders, and inductive components.


The company was formerly known as Phoenix Maschinentechnik AG and changed its name to Phoenix Mecano AG in 1986.Phoenix Mecano AG was founded in 1975 and is headquartered in Stein am Rhein, Switzerland.

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1.b. Last Insights on PMN

Phoenix Mecano AG faces challenges due to unfavorable business conditions. The company's recent performance has been impacted by rising costs and potential volatility in its operating environment. Although the projected fair value for Phoenix Mecano is estimated to be CHF 654, indicating potential upside, short-term concerns linger. Specifically, scrutiny around the company's financial prospects and intrinsic value may weigh on investor sentiment. According to recent reports, strong financial prospects are driving momentum, but no major red flags have been raised.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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With 39% ownership, Phoenix Mecano AG (VTX:PMN) insiders have a lot at stake

Sep -22

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Phoenix Mecano's (VTX:PMN) Soft Earnings Are Actually Better Than They Appear

Aug -27

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Phoenix Mecano AG (VTX:PMN) Just Reported And Analysts Have Been Lifting Their Price Targets

Aug -23

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Phoenix Mecano First Half 2025 Earnings: EPS: €14.90 (vs €18.00 in 1H 2024)

Aug -20

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Are Strong Financial Prospects The Force That Is Driving The Momentum In Phoenix Mecano AG's VTX:PMN) Stock?

Jul -05

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Phoenix Mecano AG's (VTX:PMN) Intrinsic Value Is Potentially 46% Above Its Share Price

Jun -18

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All for One Group (ETR:A1OS) Will Be Hoping To Turn Its Returns On Capital Around

Mar -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.39%)

6. Segments

DewertOkin Technology

Expected Growth: 3.0%

DewertOkin Technology's 3.0% growth is driven by increasing demand for IoT-enabled mechanical components, expansion into emerging markets, and strategic partnerships with key industry players. Additionally, Phoenix Mecano AG's focus on innovation and R&D investments in areas like robotics and automation are expected to contribute to the segment's growth.

Enclosures

Expected Growth: 1.5%

Phoenix Mecano AG's 1.5% growth in enclosures is driven by increasing demand for industrial automation, rising adoption of IoT devices, and growing need for miniaturization in electronics. Additionally, the company's focus on innovative products, strategic partnerships, and expansion into emerging markets contribute to its growth momentum.

Industrial Components

Expected Growth: 2.5%

Phoenix Mecano AG's Industrial Components segment growth of 2.5% is driven by increasing demand for automation and robotics in manufacturing, rising adoption of Industry 4.0 technologies, and growing need for energy-efficient solutions. Additionally, the company's strategic acquisitions and expansion into emerging markets have contributed to its growth momentum.

Revenue Reduction

Expected Growth: -1.0%

Revenue reduction of -1.0% from Phoenix Mecano AG is driven by declining demand for mechanical components in the automotive industry, coupled with increased competition from low-cost Asian manufacturers. Additionally, the company's high dependence on the European market, which is experiencing economic uncertainty, has also contributed to the decline.

7. Detailed Products

Enclosure Systems

Phoenix Mecano AG offers a wide range of enclosure systems for industrial and electronic applications, including aluminum and stainless steel enclosures, console systems, and subracks.

Industrial Components

The company provides a variety of industrial components, such as handles, hinges, and latches, designed for industrial and electronic applications.

Rack and Panel Components

Phoenix Mecano AG offers a range of rack and panel components, including rack cases, subracks, and front panels, designed for industrial and electronic applications.

Mechanical Components

The company provides a variety of mechanical components, such as knobs, levers, and switches, designed for industrial and electronic applications.

Electromechanical Components

Phoenix Mecano AG offers a range of electromechanical components, including switches, connectors, and sensors, designed for industrial and electronic applications.

Customized Solutions

The company provides customized solutions for industrial and electronic applications, including design, development, and manufacturing of bespoke components and systems.

8. Phoenix Mecano AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Phoenix Mecano AG's products are specialized and customized, making it difficult for substitutes to emerge.

Bargaining Power Of Customers

Phoenix Mecano AG's customers are diverse and fragmented, reducing their bargaining power.

Bargaining Power Of Suppliers

Phoenix Mecano AG's suppliers have some bargaining power due to the specialized nature of their products.

Threat Of New Entrants

The high capital requirements and specialized technology needed to enter the industry make it difficult for new entrants.

Intensity Of Rivalry

The industry is highly competitive, with several established players competing 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 31.33%
Debt Cost 4.63%
Equity Weight 68.67%
Equity Cost 7.28%
WACC 6.45%
Leverage 45.62%

11. Quality Control: Phoenix Mecano AG passed 6 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
KSB

A-Score: 6.4/10

Value: 9.0

Growth: 5.4

Quality: 5.6

Yield: 3.8

Momentum: 9.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Mikron

A-Score: 6.3/10

Value: 6.9

Growth: 7.2

Quality: 6.9

Yield: 5.0

Momentum: 7.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
JOST Werke

A-Score: 5.6/10

Value: 6.2

Growth: 6.0

Quality: 3.2

Yield: 5.0

Momentum: 7.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Newag

A-Score: 5.3/10

Value: 3.3

Growth: 4.6

Quality: 6.6

Yield: 3.8

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Phoenix Mecano

A-Score: 5.1/10

Value: 5.9

Growth: 4.1

Quality: 5.0

Yield: 5.6

Momentum: 5.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Rieter

A-Score: 4.2/10

Value: 9.3

Growth: 2.3

Quality: 2.6

Yield: 10.0

Momentum: 0.5

Volatility: 0.3

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

420.0$

Current Price

420$

Potential

-0.00%

Expected Cash-Flows