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Implenia AG
(IMPN)
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Rating:59Neutral
Price Target:
CHF67.00
▲(3.08% Upside)
Action:Downgraded
Date: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 integrated offering across planning, general contracting, civil infrastructure and real estate development creates diversified revenue streams and cross‑sell synergies. This reduces exposure to a single market segment and allows capture of value across project lifecycles, supporting durable revenue resilience.
Negative Factors
Top-line weakness
A multi-year decline in revenue reduces scale benefits and can erode backlog renewal and pricing leverage. Persistent top‑line contraction pressures fixed cost absorption and limits margin expansion opportunities, raising execution risk if project tendering or market demand remain weak.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, integrated business model
Implenia’s integrated offering across planning, general contracting, civil infrastructure and real estate development creates diversified revenue streams and cross‑sell synergies. This reduces exposure to a single market segment and allows capture of value across project lifecycles, supporting durable revenue resilience.
Read all positive factors
Implenia AG (IMPN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.18B
Dividend Yield2.19%
Average Volume (3M)36.95K
Price to Earnings (P/E)14.0
Beta (1Y)0.59
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
CHF95.00Price Target Upside46.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)4.57
Revenue Forecast (FY)CHF3.47B
Implenia AG Business Overview & Revenue Model
Company Description
Implenia AG is a prominent provider of construction and real estate services, primarily serving clients across Switzerland, Germany, Austria, Norway, Sweden, and France, with additional international presence. The company's operations are segmente...
How the Company Makes Money
Implenia primarily makes money by delivering construction and engineering projects under contract for public-sector and private-sector clients. Revenue is largely project-based and recognized as work progresses on building and civil engineering co...
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 | 270.43M | 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
Negative
65.00
Price Trends
67.50
Negative
66.15
Negative
67.53
Negative
Market Momentum
-0.94
Positive
39.63
Neutral
32.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:IMPN, the sentiment is Negative. The current price of 65 is below the 20-day moving average (MA) of 66.93, below the 50-day MA of 67.50, and below the 200-day MA of 67.53, indicating a bearish trend. The MACD of -0.94 indicates Positive momentum. The RSI at 39.63 is Neutral, neither overbought nor oversold. The STOCH value of 32.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | CHF1.12B | 21.40 | ― | 2.46% | 1.72% | -9.57% | |
61 Neutral | CHF188.09M | 13.06 | ― | 2.93% | -2.82% | ― | |
60 Neutral | CHF2.45B | 27.82 | ― | 2.11% | 13.01% | 129.13% | |
59 Neutral | CHF1.18B | 13.97 | 11.90% | 2.15% | -2.37% | -8.89% | |
46 Neutral | CHF401.60M | -2.64 | ― | ― | 19.54% | -288.93% |
* Industrials Sector Average
CH:IMPN
Implenia AG
64.00
10.09
18.72%
CH:RIEN
Rieter Holding AG
3.04
-4.10
-57.42%
CH:INRN
Interroll Holding AG
1,352.00
-836.65
-38.23%
GB:0QQF
Mikron Holding AG
17.12
-0.53
-3.01%
CH:SRAIL
Stadler Rail AG
24.48
4.08
19.99%
CH:STGN
StarragTornos Group AG
34.60
0.72
2.14%
Implenia AG Corporate Events
Implenia wins CHF 180 million in modernization contracts as refurbishment demand surges
Jul 6, 2026
Implenia has secured modernization contracts worth over CHF 180 million across Switzerland and Germany, underscoring the growing demand for energy-efficient refurbishment and complex conversions of existing properties in key urban markets. Project...
Implenia Wins CHF 250 Million Korsvägen Station Contract in Gothenburg
Jun 29, 2026
Implenia has secured an execution contract worth over CHF 250 million from the Swedish Transport Administration to build the underground Korsvägen railway station in Gothenburg, part of the major West Link rail connection. The project include...
Implenia Buys Germany’s Zigmo Engineering to Bolster High-Margin Planning Services
Jun 11, 2026
Implenia has signed an agreement to acquire Germany-based Zigmo Engineering, a structural and object planning firm with more than 70 employees across five locations, with closing expected in July 2026. The deal strengthens Implenia’s enginee...
Implenia sets out growth and profitability roadmap in new investor Primer
Jun 2, 2026
Implenia AG has released a detailed Primer for investors and analysts outlining its strategy, market positioning and financial profile as it seeks to reinforce profitable growth. The company emphasises that favourable long‑term megatrends su...
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.