西卡公司：与首席执行官托马斯·哈斯勒炉边谈话的要点

F25E26.721.73 Jun 2025217.70285.00282.15/178.101,429.0534,93639,9956M(6.9)14.8(21.8)06/2512001300140015001600 Sika AGRatingOutperformPrice TargetSIKA.SWReported EPSSIKA.SW (CHF)Source: Bloomberg, Bernstein estimates and analysis.HaslerYesterday, we hosted Mr. Thomas Hasler, CEO of Sika, for a fireside chat discussing key topicssuch as short term and long term growth potential, regional expectations, pricing, acquisitions,geopolitics and impact of tariffs, among others. In this note, we provide our key takeawaysfrom the fireside chat and include the transcript.Expectations for FY25 and regional trends:Q2 is expected to be mixed with Europeseeing green shoots as sentiment improves due to the German stimulus. The US after astrong start to the year, has softened due to tariff news since the end of Q1 and into Q2,with fears of higher for longer rates and inflation. However, emerging markets are exhibitingstrong growth. China is experiencing continued weakness especially impacted by tariffuncertainty. The CEO highlighted that he is very confident of meeting the 3-6% LC growth forFY25 but this will be more back-end loaded with H2 bearing the bulk of the recovery.Longer term expectations:In the medium term, the CEO expects Sika to outperform bothpeers and the market. He clarified that Sika would be able to get back to 5-6% organicgrowth if underlying markets go from -2% to +1%, much less than the +2.5% historically,due to Sika's expansion, their accretive integration of MBCC (which is now nearly complete)which allows them to outperform more significantly than in the past.Pricing:In 2024, Sika did not raise prices to give customers a break after 20% price hikeover 2022-23, but in 2025 the CEO expects to be at the upper end of the 0.5-1% guidance.Bolt-ons: Sika has a full pipeline and there is potential for further announcements this year.Multiples are attractive between 8-10x, especially helped by the weaker markets.Investment ImplicationsWe recently initiated on building materials with Sika as our top pick and a PT of CHF 285/share. We favor Sika’s leadership position across all construction chemicals end markets.This combined with their innovation will allow Sika to return to ~6% organic growth by2026E and also expand margins by 260-300bps over 2024-28E. Bolt-on acquisitions areramping-up which investors appreciate. Recent stock weakness due to geopolitical risksprovides an attractive entry point into this quality company.See the Disclosure Appendix of this report for required disclosures, analyst certifications and otherimportant information. Alternatively, visit our Global Research Disclosure Website.First Published: 04 Jun 2025 05:00 UTC Completion Date: 04 Jun 2025 00:54 UTC CAGR----Close DateEDMFYEDiv YieldEV (CHF) (M)PerformanceAbsolute (%)EDM (%)Relative (%)CHF300CHF280CHF260CHF240CHF220CHF200CHF18006/24 285.00 CHFF26E9.32FinancialsRevenues (M)EBIT (M) F24AF25E7.768.15F24AF25EF26E11,76312,26613,0081,7141,8402,051 F26E23.419.531%Dec1.7%12M(19.0)10.5(29.5) DETAILSYesterday, we hosted Mr. Thomas Hasler, CEO of Sika, for a fireside chat discussing key topics such as short term and long termgrowth potential, regional expectations, pricing, acquisitions, geopolitics and impact of tariffs, among others. It was very wellattended with 66 client sign-ups. In this note, we provide our key takeaways from the fireside chat and include the transcript.LINKS TO THE REPLAY AND FURTHER FIRESIDE CHATS IN OUR SERIESFireside Chat with Sika CEO, Thomas Hasler replay:Click here for replayRegistration link for fireside chat with Amrize CEO, Jan Jenisch (Wednesday 4thJune, 10:30am BST):Click here to registerRegistration link for fireside chat with Holcim CEO, Miljan Gutovic (Tuesday 10thJune, 2:00pm BST):Click here to registerTRANSCRIPT OF OUR FIRESIDE CHAT WITH MR. THOMAS HASLER, CEO OF SIKAPujarini GhoshGood afternoon and good morning to all of you joining us for this fireside chat today with Mr. Thomas Hasler, CEO of Sika.Thomas, thanks a lot for taking this time. Thomas has been the CEO of Sika since May 2021, and has been in various roles withinSika for the last 35 years, including management positions in the automotive segment, Chief Technology Officer and Head ofGlobal Business and Industry. Thomas is a chemical engineer, and holds degrees in business engineering and an Executive MBAfrom the University of St. Gallen.For those of you who do not know me, I am Pujarini Ghosh. I recently initiated coverage of building materials with Sika as mytop pick. I have spent the last 10 years on the sell side with Bernstein. I am a CFA charterholder. I did my MBA from the IndianInstitute of Management, and I am a civil engineer. Just to remind you, you can send in any questions you would like me to askThomas via the pigeonhole link, and also vote on existing questions. So with that, let's begin this fireside chat.Thomas, just to set the scene, and I will get to the more detailed questions in a moment, but in the 1st 30 seconds to a