Bossard Holding AG: Stabilising Growth and Balanced Risk/Reward Support a Hold Recommendation

Jefferies analyst Fabian Piasta maintained a Hold rating on Bossard Holding AG today and set a price target of CHF165.00.

Fabian Piasta has given his Hold rating due to a combination of factors that point to a stabilising but not yet compelling growth profile for Bossard Holding AG. The company’s preliminary fourth-quarter 2025 figures show a solid year-end, with sales rising in the high single digits year-on-year and slightly surpassing market expectations, mainly thanks to a rebound in the US against relatively easy comparables and strength in specific verticals such as energy, rail, and medical. However, European activity remains mixed, with headline revenue supported by currency and price effects while underlying organic growth is flat, as many industrial end-markets continue to be constrained by tariff-related uncertainty. Asia presents a similarly nuanced picture, where near-shoring demand in Malaysia tied to the semiconductor supply chain is offset by weaker trends in China and India, also affected by tariff issues.
Overall full-year 2025 revenues slightly exceeded both the company’s target range and consensus, and management reaffirmed its earnings guidance, which matches market expectations rather than beating them. This combination of modest organic growth, ongoing regional and sectoral headwinds, and an earnings outlook that aligns with rather than outperforms consensus supports a neutral stance. In Piasta’s view, the upcoming guidance for 2026 and potential improvement in European leading indicators, such as purchasing managers’ indices moving sustainably into expansion territory, will be critical to reassessing the upside potential. Until those catalysts provide clearer evidence of a stronger cyclical upturn, the risk/reward appears balanced, justifying a Hold recommendation.