Implenia AG (IMPN) AI Stock Analysis

• Market Cap: CHF1.38B
• Dividend Yield: 1.19%
• Average Volume (3M): 36.95K
• Price to Earnings (P/E): 13.9
• Beta (1Y): 0.67
• Revenue Growth: 1.87%
• EPS Growth: -26.72%
• Country: CH
• Employees: 9,046
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 1.80
• Shares Outstanding: 18,472,000
• 10 Day Avg. Volume: 34,539
• 30 Day Avg. Volume: 36,949
• PEG Ratio: -0.18
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 0.16
• P/FCF Ratio: -14.99
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: CHF74.00
• Price Target Upside: -1.20% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: CHF83.00 ▲(10.81% Upside)

Implenia AG's overall stock score reflects a stable financial position with a strong balance sheet and reasonable valuation. The technical indicators suggest a neutral trend with potential for improvement. The absence of significant earnings call data or corporate events means these factors do not influence the score. The company's financial performance is the most significant factor, highlighting areas for growth and efficiency improvements.

Positive Factors

Debt-free balance sheet

Zero total debt materially reduces financial leverage and interest burden, improving resilience across multi-year construction cycles. It enhances ability to bid on large public projects, support working capital swings, fund selective development and absorb overruns without refinancing risk.

High gross profit margin

A sustained gross margin near 44% indicates effective procurement and cost control on project work. This structural margin buffer supports profitability on complex contracts, allows competitive bidding while protecting project economics, and underpins long-term cash generation when execution is maintained.

Integrated services and tunneling expertise

Integrated end-to-end capabilities and specialist tunneling expertise create a durable competitive advantage for large infrastructure and complex building projects. Owning design-to-delivery skills increases contract scope, capture of margins, and stickiness with public/private clients over multi-year programs.

Negative Factors

Negative free cash flow

Persistent negative free cash flow constrains the company’s ability to self-fund working capital, capex or development projects and increases reliance on external liquidity. Over time this reduces strategic flexibility and raises risk during project delay or cost-overrun episodes common in construction.

Weak operating profitability (EBIT margin)

An EBIT margin at or near zero signals limited operational headroom to absorb input-cost inflation, subcontractor shortages or execution setbacks. Structurally low operating profitability increases sensitivity to tender pricing and undermines sustainable earnings and reinvestment capacity.

Declining EPS growth

Material negative EPS growth points to weakening bottom-line performance, which may reflect persistent margin pressure or project-level issues. Declining EPS limits retained earnings for growth, reduces flexibility on dividends or buybacks, and can hamper long-term investor confidence.

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 Specialties. The company is involved in road building; tunneling; excavations, retaining structures, deep foundations, and noise barriers; civil engineering; infrastructure maintenance; and structural engineering activities. It also provides real estate services comprising real estate development and management, real estate investment, building construction, project management, pollutant cleanup, general and total contracting, building technology, real estate consulting, general planning, and home ownership. In addition, the company offers special construction services, including planning and construction of post-tensioning and geotechnical systems, construction logistics, timber construction, machinery and electrical, and material engineering services. Implenia AG was founded in 2006 and is headquartered in Dietlikon, Switzerland.

How the Company Makes Money

Implenia AG generates revenue primarily through its construction and civil engineering projects, which include large-scale infrastructure developments, residential buildings, and commercial facilities. The company earns money by bidding for and executing contracts, which often involve complex project management and coordination of various subcontractors. Key revenue streams include public and private sector contracts, maintenance and renovation projects, and specialized engineering services. Additionally, Implenia benefits from strategic partnerships with municipalities, governments, and private developers, which help secure long-term contracts and projects. The company also invests in innovative construction technologies and sustainable practices, which can lead to cost savings and improved project margins.

Implenia AG Financial Statement Overview

Summary

Implenia AG demonstrates a solid financial footing with a strong balance sheet characterized by zero debt, indicating low leverage and reduced financial risk. While the income statement shows effective cost management, the decline in revenue and net profit margins highlight challenges in maintaining growth and profitability. Cash flow issues persist, although there is potential for improvement. Overall, the company's financial health is stable with areas for growth and efficiency improvements.

Income Statement

Implenia AG's income statement shows a solid gross profit margin of 43.71% for 2024, indicating effective cost management. However, the revenue growth has been flat with a slight decrease of 1.03% from 2023. The net profit margin for 2024 stands at 2.59%, lower than the previous year, reflecting challenges in maintaining profitability. The EBIT margin dropped to 0%, raising concerns about operational efficiency.

Balance Sheet

The balance sheet is strong with zero total debt in 2024, highlighting a significant reduction in leverage and potential risk. The equity ratio improved to 21.05%, indicating a healthier financial structure. Return on Equity decreased to 14.16%, which is still a solid figure but reflects reduced profitability. Overall, the balance sheet shows stability and improved financial health.

Cash Flow

The cash flow statement indicates challenges with negative free cash flow of -37.54 million in 2024, despite improved operating cash flow. The free cash flow to net income ratio is negative, indicating cash flow generation issues. However, the increase in operating cash flow to 43.16 million suggests potential improvement in cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.67B	3.56B	3.60B	3.54B	3.76B	3.99B
Gross Profit	1.01B	1.56B	1.47B	356.70M	1.51B	1.27B
EBITDA	238.37M	243.89M	209.30M	202.22M	198.58M	-54.04M
Net Income	99.17M	92.36M	140.96M	104.75M	61.16M	-134.70M
Balance Sheet
Total Assets	3.28B	3.10B	2.91B	2.75B	2.99B	2.94B
Cash, Cash Equivalents and Short-Term Investments	447.26M	402.00M	478.81M	609.04M	796.89M	719.99M
Total Debt	938.79M	675.15M	635.42M	645.95M	880.25M	732.84M
Total Liabilities	2.62B	2.44B	2.33B	2.27B	2.64B	2.64B
Stockholders Equity	657.35M	652.32M	568.29M	476.20M	333.96M	278.74M
Cash Flow
Free Cash Flow	11.93M	-37.54M	-90.14M	89.41M	-116.34M	-222.42M
Operating Cash Flow	76.93M	43.16M	-30.37M	128.13M	-69.25M	-161.53M
Investing Cash Flow	-68.67M	-96.71M	17.71M	170.87M	-123.25M	-31.81M
Financing Cash Flow	50.26M	-23.91M	-99.08M	-294.33M	107.42M	4.16M

Implenia AG Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 74.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 74.9 is below the 20-day moving average (MA) of 75.59, above the 50-day MA of 68.76, and above the 200-day MA of 58.96, indicating a neutral trend. The MACD of 2.30 indicates Positive momentum. The RSI at 52.64 is Neutral, neither overbought nor oversold. The STOCH value of 17.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:IMPN.

Implenia AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMPN	72 Outperform	CHF1.38B	13.87	15.36%	1.19%	1.87%	-26.72%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
INRN	59 Neutral	CHF1.80B	30.21	―	1.46%	-3.67%	-12.95%
SRAIL	58 Neutral	CHF1.96B	62.24	―	1.00%	-6.87%	-74.29%
STGN	54 Neutral	CHF165.80M	-44.16	―	3.45%	-1.46%	-115.85%
RIEN	45 Neutral	CHF447.18M	-11.49	―	7.53%	-28.40%	-117.97%

Implenia AG Corporate Events

Implenia Wins EUR 350 Million in Major Bridge and Tunnel Contracts in Germany and Norway

Implenia has secured four major infrastructure contracts in Germany and Norway worth around EUR 350 million, reinforcing its strategic focus on large, technically demanding transport projects. The deals cover construction of three key bridges—New Peene Bridge Wolgast linking the A20 motorway to the island of Usedom, the replacement of the Main Bridge Marktbreit on the heavily used A7, and Norway’s environmentally sensitive Lågen Bridge on the E6—as well as the first construction phase of Frankfurt’s Riederwald inner-city motorway tunnel. Together, these long-term projects enhance critical freight and passenger corridors, improve regional access and tourism links, and showcase Implenia’s strengths in complex bridge and tunnel engineering, BIM-based digital planning, and environmentally considerate construction. Management underscores that Germany’s extensive bridge refurbishment programme is set to drive sustained demand, suggesting Implenia is well placed to capture further work in a core growth market.

The most recent analyst rating on (CH:IMPN) stock is a Buy with a CHF74.00 price target. To see the full list of analyst forecasts on Implenia AG stock, see the CH:IMPN Stock Forecast page.

Implenia wins CHF 830 million share of major Zürich–Winterthur rail expansion

Implenia has secured a major infrastructure contract as part of a 50:50 consortium with Marti from Swiss Federal Railways (SBB), winning five of the six main lots of the MehrSpur Zürich–Winterthur project for a total of just under CHF 1.7 billion, of which Implenia’s share is about CHF 830 million over a ten‑year construction period. The project will add a new double‑track line, centred on the 8.3‑kilometre Brüttenertunnel and station and track upgrades at Dietlikon, Wallisellen, Bassersdorf and Winterthur Töss, eliminating a key capacity bottleneck between Zürich and Winterthur and strengthening Implenia’s position in complex rail and tunnelling projects; in addition to extensive civil and foundation engineering, the work will deploy tunnel boring machines and BIM‑based planning, underscoring both the technological sophistication of Switzerland’s rail expansion and the strategic fit of this long‑term order in Implenia’s infrastructure pipeline.

The most recent analyst rating on (CH:IMPN) stock is a Buy with a CHF72.00 price target. To see the full list of analyst forecasts on Implenia AG stock, see the CH:IMPN Stock Forecast page.