Cicor's Q2 results marked a return to organic growth, with sales up 5.3% y/y organically and order intake supporting a 1.2x book-to-bill ratio. With five consecutive quarters of book-to-bill above 1x, we believe the results significantly de-risk the equity story and support a return to organic growth in H2 2026 and beyond. We largely maintain our estimates, as we had already assumed a recovery in organic sales, and our forecasts remain ~4% above FactSet consensus for 2026–27. We revise our fair value range to CHF 143–177 (155–195), reflecting estimate revisions and lower peer multiples.
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