Implenia AG (CH:IMPN)
:IMPN
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Implenia AG
(IMPN)
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Rating:59Neutral
Price Target:
CHF64.00
▼(-4.19% Downside)
Action:DowngradedDate:03/06/26
Overall score reflects moderate fundamentals with key constraints from recent revenue decline, 2025 margin pressure, and still-elevated leverage despite improvement. Technicals are neutral with mild near-term softness, and valuation appears broadly fair with a modest dividend yield.
Positive Factors
Diversified Integrated Business Model
Implenia's multi-country footprint and integrated offering (planning, engineering, execution, project management) diversify revenue across markets and project types. This reduces single-market exposure, enables cross-border scaling, and supports long-term repeat business with public and private clients on multi-year contracts.
Negative Factors
Revenue Decline & Margin Pressure
Consecutive top-line declines into 2024–25 and thinner 2025 operating/EBITDA margins indicate waning revenue momentum and potential mix or pricing headwinds. For a contract-based builder, prolonged revenue contraction reduces scale benefits and increases the difficulty of restoring margins without clearer backlog quality improvements or higher-value contract wins.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Integrated Business Model
Implenia's multi-country footprint and integrated offering (planning, engineering, execution, project management) diversify revenue across markets and project types. This reduces single-market exposure, enables cross-border scaling, and supports long-term repeat business with public and private clients on multi-year contracts.
Read all positive factors
Implenia AG (IMPN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.13B
Dividend Yield1.19%
Average Volume (3M)36.95K
Price to Earnings (P/E)6.9
Beta (1Y)0.68
Revenue Growth-2.37%
EPS Growth-8.89%
CountryCH
Employees9,046
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)4.58
Shares Outstanding18,472,000
10 Day Avg. Volume34,539
30 Day Avg. Volume36,949
Financial Highlights & Ratios
PEG Ratio-1.73
Price to Book (P/B)1.88
Price to Sales (P/S)0.40
P/FCF Ratio14.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF85.00Price Target Upside27.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)4.57
Revenue Forecast (FY)CHF3.52B
Implenia AG Business Overview & Revenue Model
Company Description
Implenia AG operates as a construction and real estate services company primarily in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally. It operates through four divisions: Real Estate, Buildings, Civil Engineering, and Spe...
How the Company Makes Money
Implenia primarily makes money by delivering construction and engineering projects under contract for public authorities and private clients. Revenue is generated as projects progress (e.g., based on milestones/progress billing) across major activ...
Implenia AG Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
54
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.47B | 3.56B | 3.60B | 3.54B | 3.76B |
| Gross Profit | 321.94M | 1.56B | 1.47B | 356.70M | 1.51B |
| EBITDA | 203.09M | 243.89M | 209.30M | 202.22M | 198.58M |
| Net Income | 83.64M | 92.36M | 140.96M | 104.75M | 61.16M |
Balance Sheet | |||||
| Total Assets | 3.33B | 3.10B | 2.91B | 2.75B | 2.99B |
| Cash, Cash Equivalents and Short-Term Investments | 658.01M | 402.00M | 478.81M | 609.04M | 796.89M |
| Total Debt | 878.69M | 675.15M | 635.42M | 645.95M | 880.25M |
| Total Liabilities | 2.57B | 2.44B | 2.33B | 2.27B | 2.64B |
| Stockholders Equity | 748.68M | 652.32M | 568.29M | 476.20M | 333.96M |
Cash Flow | |||||
| Free Cash Flow | 94.96M | -37.54M | -90.14M | 89.41M | -116.34M |
| Operating Cash Flow | 137.29M | 43.16M | -30.37M | 128.13M | -69.25M |
| Investing Cash Flow | -137.70M | -96.71M | 17.71M | 170.87M | -123.25M |
| Financing Cash Flow | 132.01M | -23.91M | -99.08M | -294.33M | 107.42M |
Implenia AG Technical Analysis
Positive
66.80
Price Trends
69.64
Negative
69.90
Negative
65.08
Positive
Market Momentum
-0.76
Negative
50.69
Neutral
66.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:IMPN, the sentiment is Positive. The current price of 66.8 is above the 20-day moving average (MA) of 64.54, below the 50-day MA of 69.64, and above the 200-day MA of 65.08, indicating a neutral trend. The MACD of -0.76 indicates Negative momentum. The RSI at 50.69 is Neutral, neither overbought nor oversold. The STOCH value of 66.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:IMPN.
Implenia AG Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | CHF1.32B | 13.75 | ― | 1.46% | -2.46% | -11.13% | |
61 Neutral | CHF178.85M | 2.81 | ― | 3.45% | -10.52% | -54.90% | |
59 Neutral | CHF1.13B | 6.87 | 15.36% | 1.19% | -2.37% | -8.89% | |
51 Neutral | CHF2.34B | 7.12 | ― | 1.00% | 13.01% | 129.13% | |
46 Neutral | CHF430.67M | -1.08 | ― | 7.53% | -20.25% | -559.45% |
* Industrials Sector Average
CH:IMPN
Implenia AG
62.10
16.95
37.54%
CH:RIEN
Rieter Holding AG
3.26
-5.34
-62.10%
CH:INRN
Interroll Holding AG
1,598.00
-200.55
-11.15%
GB:0QQF
Mikron Holding AG
16.15
0.80
5.18%
CH:SRAIL
Stadler Rail AG
23.00
2.08
9.92%
CH:STGN
StarragTornos Group AG
32.80
-1.95
-5.61%
Implenia AG Corporate Events
Implenia Wins €200 Million Contract for New Münster Police Headquarters
Apr 7, 2026
Implenia has secured a general contractor mandate worth more than EUR 200 million to plan and build the new turnkey Münster Police Headquarters in North Rhine-Westphalia, Germany. The project aligns with its strategic focus on large, complex ...
Implenia shareholders back all proposals and confirm board at 2026 general meeting
Mar 31, 2026
Implenia AG shareholders approved all proposals at the 2026 ordinary General Meeting, including an ordinary dividend of CHF 1.40 per share and the 2025 annual and consolidated financial statements. They also endorsed the compensation framework for...
Implenia wins CHF 310 million in sustainable building contracts across Switzerland and Germany
Mar 20, 2026
Implenia has secured a series of building construction contracts in Switzerland and Germany worth more than CHF 310 million for execution between 2026 and 2028, reinforcing its position in sustainable residential and mixed-use development. Key pro...
Implenia boosts 2025 profitability, record order book underpins growth and higher dividend
Mar 4, 2026
Implenia reported stronger 2025 operating results, lifting EBIT to CHF 140.5 million and its margin to 4.0%, while expanding its order backlog to a record CHF 8.5 billion with higher projected project margins. Although group revenue dipped slightl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.