Cicor saw a transformative year in 2025, as it added five new companies to its portfolio and made good progress toward reaching its revenue ambition of CHF >1bn by 2028. As such, management stated that it will continue to review its targets. and it is considering revising its medium-term objectives this year. Even so, following the 2026 guidance (see below), we cut EBITDA by 6% for 2026E, aligning our estimates with the integration of the companies. Looking ahead, Cicor expects to return to organic growth during 2026, but this will likely be back-end loaded. Going forward, we expect a meaningful contribution from the A&D segment, which should help margins approach the higher end of the 10-13% target range for 2027-28. In line with our estimate revisions, we derive a lower fair value range of CHF 155-195 (160-200), based on our DCF scenarios, triangulated with peer multiples.
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