Cockpit
Statements
Bonus Index Final Results 2009 - Switzerland
Final results of the Obermatt Bonus Index 2009 will be published on April 19, 2010. Shareholder advisories such as Manifest (U.K.) and DSW (Germany) and the company receive their Bonus Index result within 10 days of published annual results.
Novartis
Because of public interest, the assessment of the Obermatt Bonus Index Novartis report can be downloaded here. To verify the result, you can download the sensitivity analysis. Additional Obermatt Bonus Index analysis on Novartis. News coverage: Reuters - Manifest - Sonntagszeitung Nov 09
First Estimates 2009 (based on half-year results)
NZZ coverage (German only)
Finanz & Wirtschaft coverage (German only)
Sonntagszeitung coverage (German only)
I. Executive Summary
79 Swiss management boards have managed to beat their global competitors in the current Obermatt bonus index of the SMI and SPI Companies. As expected, the cantonal banks are the winners of the credit crisis. The best performance was achieved by the Graubündner cantonal bank with a recommended bonus multiple of 1.9. The cantonal banks of Zug, Basel (land and city), Wallis and Bern also achieved a bonus multiple of 1.0 or higher. The positions two and three are held by Actelion and the division Windows & Doors of AFG Arbonia Foster, respectively. A relatively good performance was also accomplished by Syngenta with a bonus multiple recommendation of 1.4. This shows that a company, in an industry strongly affected by the credit crisis, can still attain a good performance if the performance is measured on an indexed basis. The industrial companies StarragHeckert, Leclanche, Zehnder, Gurit and Metraux also performed above average.
II. Bonus Index – First Estimate 2009
The following tables include corrections that have been made after publication of the Bonus Index.
1 Sorted by Bonus Multiplier
| Bonus Multiple |
Company Name | Ranked by Metric | Metric Value | Operating Index | Operating Alpha | Operating Rank |
Peer Universe | Number of Peers |
| 1.9 | Banque Cantonale Vaudoise | Delta Income/Equity | 1.60% | -0.50% | 2.10% | 93 | National/State Retail Banks Europe | 36 |
| 1.9 | Graubündner Kantonalbank | Delta Income/Equity | 1.60% | -0.50% | 2.10% | 93 | National/State Retail Banks Europe | 36 |
| 1.9 | Actelion | Delta EBITDA/Sales | 13.80% | -1.40% | 15.10% | 93 | Pharmaceutical & Chemical Industry | 178 |
| 1.9 | AFG - Windows & Doors | Delta EBITDA/Sales | 0.00% | -6.30% | 6.40% | 93 | Windows & Doors | 33 |
| 1.8 | Swisslog | Delta EBITDA/Sales | 1.90% | -2.30% | 4.30% | 91 | Logistic Solutions | 80 |
| 1.8 | Zuger Kantonalbank | Delta Income/Equity | 1.00% | -0.50% | 1.50% | 90 | National/State Retail Banks Europe | 36 |
| 1.8 | Mobimo | Delta EBITDA/Sales | 15.30% | -4.60% | 19.90% | 89 | Real Estate | 115 |
| 1.8 | Roche - Pharmaceuticals | Delta EBITDA/Sales | 11.00% | 0.80% | 10.20% | 88 | Pharma large only | 113 |
| 1.7 | Syngenta - Crop Protection | Delta EBITDA/Sales | 5.60% | -0.80% | 6.40% | 87 | Agricultural Crop Protection | 94 |
| 1.7 | Syngenta | Division Average | 5.60% | -0.80% | 6.40% | 86 | Division Average | n/a |
| 1.7 | Basellandschaftliche Kantonalbank | Delta Income/Equity | 0.90% | -0.50% | 1.50% | 86 | National/State Retail Banks Europe | 36 |
| 1.7 | Syngenta - Seeds | Delta EBITDA/Sales | 2.50% | -2.40% | 4.90% | 86 | Agricultural Seeds | 74 |
| 1.7 | Loeb | Delta EBITDA/Sales | 8.20% | -4.60% | 12.80% | 86 | Real Estate | 115 |
| 1.7 | National Versicherung | Delta Income/Equity | 4.00% | -1.00% | 5.00% | 85 | Multi-line Insurer Europe | 53 |
| 1.7 | Warteck Invest | Delta EBIT/Sales | 14.20% | -5.30% | 19.50% | 84 | Real Estate | 115 |
| 1.7 | Liechtensteinische Landesbank | Delta Income/Equity | 0.40% | -0.50% | 0.90% | 83 | National/State Retail Banks Europe | 36 |
| 1.6 | Walliser Kantonalbank | Delta Income/Equity | 0.30% | -0.50% | 0.90% | 79 | National/State Retail Banks Europe | 36 |
| 1.5 | BKW | Delta EBITDA/Sales | 6.70% | -0.10% | 6.80% | 77 | Power Production Europe | 68 |
| 1.5 | PSP Swiss Property | Delta EBITDA/Sales | 5.40% | -4.60% | 10.00% | 77 | Real Estate | 115 |
| 1.5 | Valiant | Delta Income/Equity | -0.20% | -2.70% | 2.50% | 76 | Wealth Management Europe | 39 |
| 1.5 | Basler Kantonalbank | Delta Income/Equity | 0.20% | -0.50% | 0.80% | 76 | National/State Retail Banks Europe | 36 |
| 1.5 | Bucher - Municipal | Delta EBIT/Sales | -2.60% | -10.20% | 7.60% | 74 | Municipal Vehicles Manufacturer | 50 |
| 1.5 | Roche Limited | Division Average | 2.20% | 0.10% | 2.10% | 74 | Division Average | n/a |
| 1.5 | Sulzer | Delta EBITDA/Sales | -0.70% | -3.50% | 2.90% | 74 | Industrial Machinery and Equipment | 92 |
| 1.5 | Raetia Energie | Delta EBITDA/Sales | 4.40% | -0.10% | 4.50% | 73 | Power Production Europe | 68 |
| 1.4 | Schindler | Delta EBIT/Sales | 1.00% | -0.90% | 1.90% | 71 | Elevator & Escalator | 21 |
| 1.4 | Berner Kantonalbank | Delta Income/Equity | 0.10% | -0.50% | 0.70% | 69 | National/State Retail Banks Europe | 36 |
| 1.4 | Sulzer - Pumps | Delta EBITDA/Sales | 1.80% | -1.50% | 3.20% | 69 | Pumps | 120 |
| 1.4 | Dätwyler - Cables | Delta EBITDA/Sales | -6.10% | -8.10% | 2.00% | 69 | Cabels | 42 |
| 1.3 | StarragHeckert | Delta EBITDA/Sales | -2.80% | -5.50% | 2.60% | 67 | Machining Centers | 52 |
| 1.3 | Swiss Life | Delta Income/Equity | 0.30% | -1.00% | 1.30% | 67 | Multi-line Insurer Europe | 53 |
| 1.3 | Leclanche | Delta EBITDA/Sales | 2.20% | -0.70% | 2.90% | 67 | Batteries | 54 |
| 1.3 | Bell | Delta EBITDA/Sales | 2.10% | 0.80% | 1.30% | 66 | Meat Processing | 85 |
| 1.3 | Zehnder | Delta EBIT/Sales | -1.40% | -2.20% | 0.80% | 66 | Heating/Sanitary Equipment | 65 |
| 1.3 | Bank CA St. Gallen | Delta Income/Equity | 0.00% | -0.50% | 0.60% | 66 | National/State Retail Banks Europe | 36 |
| 1.3 | Kaba - Door Systems | Delta EBITDA/Sales | -0.30% | -2.00% | 1.70% | 65 | Door Systems | 77 |
| 1.3 | Calida | Delta EBITDA/Sales | -1.50% | -2.20% | 0.80% | 65 | Underwear | 59 |
| 1.3 | VP Bank | Delta Income/Equity | -1.50% | -2.70% | 1.20% | 64 | Wealth Management Europe | 39 |
| 1.3 | Synthes Inc. | Delta EBITDA/Sales | 0.60% | -1.50% | 2.00% | 64 | Operative Treatment Devices | 26 |
| 1.3 | Looser - Coating | Delta EBITDA/Sales | -2.00% | -4.50% | 2.50% | 63 | Coating | 53 |
| 1.3 | Gurit | Delta EBITDA/Sales | -0.90% | -2.30% | 1.40% | 63 | Composite Materials | 46 |
| 1.2 | ABB - Power Products | Delta EBIT/Sales | -2.30% | -3.10% | 0.80% | 61 | Power Products | 64 |
| 1.2 | Looser | Division Average | -1.40% | -1.70% | 0.30% | 61 | Division Average | n/a |
| 1.2 | Kühne & Nagel - Rail & Road Logistics | Delta EBITDA/Sales | -0.40% | -2.00% | 1.60% | 60 | Road & Rail | 145 |
| 1.2 | Bank Sarasin | Delta Income/Equity | -1.70% | -2.70% | 1.00% | 60 | Wealth Management Europe | 39 |
| 1.2 | Roche - Diagnostics | Delta EBITDA/Sales | 2.20% | 0.10% | 2.10% | 60 | Diagnostics | 76 |
| 1.2 | Looser - Doors | Delta EBITDA/Sales | -1.40% | -1.70% | 0.30% | 59 | Doors/Frames | 44 |
| 1.2 | Belimo | Delta EBITDA/Sales | -1.10% | -2.80% | 1.70% | 59 | Actuators for HVAC-Systems | 86 |
| 1.2 | Banque Cantonale De Genève | Delta Income/Equity | -0.20% | -0.50% | 0.30% | 59 | National/State Retail Banks Europe | 36 |
| 1.1 | Hügli | Delta EBITDA/Sales | 1.10% | 0.00% | 1.20% | 57 | Food Producers | 73 |
| 1.1 | Holcim - Other Construction Material and Services | Delta EBITDA/Sales | -3.40% | -4.70% | 1.30% | 57 | Concrete & Asphalt Producers | 120 |
| 1.1 | Tecan | Delta EBITDA/Sales | -1.70% | -2.60% | 1.00% | 57 | Lab Equipment Producers | 36 |
| 1.1 | Luzerner Kantonalbank | Delta Income/Equity | -0.20% | -0.50% | 0.30% | 55 | National/State Retail Banks Europe | 36 |
| 1.1 | AFG - Heating & Sanitary | Delta EBITDA/Sales | -1.70% | -2.50% | 0.80% | 55 | Heating / Sanitary Equipment | 59 |
| 1.1 | Nestlé - Prepared Dishes | Delta EBIT/Sales | 0.40% | 0.30% | 0.20% | 55 | Prepared Food | 139 |
| 1.1 | Meyer Burger | Delta EBITDA/Sales | -2.70% | -3.20% | 0.50% | 55 | Semiconductor Machinery | 58 |
| 1.1 | Barry Callebaut - Industrial Customers | Delta EBITDA/Sales | 0.70% | 0.40% | 0.30% | 54 | Chocolat & Confectionery | 156 |
| 1.1 | VZ | Delta Income/Equity | -1.00% | -2.20% | 1.20% | 54 | Investment Banking | 78 |
| 1.1 | Dätwyler - Pharma | Delta EBITDA/Sales | -0.30% | -0.80% | 0.50% | 54 | Pharma | 312 |
| 1.1 | Metraux | Delta EBITDA/Sales | -0.50% | -0.50% | 0.10% | 54 | Spare Parts | 72 |
| 1.1 | Goldbach Media | Delta EBITDA/Sales | 0.90% | 0.70% | 0.20% | 53 | Electronic Marketing | 34 |
| 1.1 | Kühne & Nagel - Sea Freight | Delta EBITDA/Sales | -0.20% | -0.90% | 0.70% | 53 | Water Transportation | 171 |
| 1.1 | Kühne & Nagel | Division Average | -1.10% | -1.00% | -0.10% | 53 | Division Average | n/a |
| 1 | Ypsomed | Delta EBITDA/Sales | -2.00% | -2.30% | 0.40% | 52 | Injection Pens Manufacturer | 47 |
| 1 | Baloise | Delta Income/Equity | -0.90% | -1.00% | 0.00% | 52 | Multi-line Insurer Europe | 53 |
| 1 | St. Galler Kantonalbank | Delta Income/Equity | -0.30% | -0.50% | 0.30% | 52 | National/State Retail Banks Europe | 36 |
| 1 | Allreal | Delta EBITDA/Sales | -4.10% | -4.60% | 0.50% | 51 | Real Estate | 115 |
| 1 | Clariant - Functional Chemicals | Delta EBITDA/Sales | -2.80% | -2.90% | 0.20% | 51 | Basic Chemicals | 153 |
| 1 | Kühne & Nagel - Contract Logistics | Delta EBITDA/Sales | -1.50% | -1.80% | 0.30% | 51 | Logistics/Warehouse/Supply Chain | 280 |
| 1 | Dottikon | Delta EBITDA/Sales | -7.00% | -7.00% | 0.00% | 50 | Chemical Reactions / Recycling | 74 |
| 1 | Dätwyler - Rubber | Delta EBITDA/Sales | -9.20% | -9.20% | 0.00% | 50 | Rubber | 17 |
| 1 | Energiedienst | Delta EBITDA/Sales | 2.00% | 2.00% | 0.00% | 50 | Energy & Clean & Europe | 66 |
| 1 | Swisscom | Delta EBITDA/Sales | -0.90% | -0.90% | 0.00% | 50 | Telecommunications | 98 |
| 1 | Bucher - Kuhn | Delta EBIT/Sales | -4.10% | -4.10% | 0.00% | 50 | Farm Machinery | 53 |
| 1 | Also | Delta EBITDA/Sales | -0.40% | -0.30% | -0.10% | 49 | IT Retail | 94 |
| 1 | Helvetia | Delta Income/Equity | -1.00% | -1.00% | 0.00% | 48 | Multi-line Insurer Europe | 53 |
| 1 | Julius Bär | Delta Income/Equity | -2.90% | -2.70% | -0.20% | 48 | Wealth Management Europe | 39 |
| 1 | AFG | Division Average | 0.00% | -6.30% | 6.40% | 48 | Division Average | n/a |
| 0.9 | Barry Callebaut | Division Average | -0.20% | 0.40% | -0.60% | 47 | Division Average | n/a |
| 0.9 | Forbo | Delta EBIT/Sales | -3.80% | -3.50% | -0.30% | 47 | Flooring & Bonding Material | 247 |
| 0.9 | Nestlé - Confectionery | Delta EBIT/Sales | -0.10% | 0.10% | -0.20% | 47 | Chocolat & Confectionery | 156 |
| 0.9 | Kaba | Division Average | -3.20% | -2.00% | -1.20% | 47 | Division Average | n/a |
| 0.9 | Kühne & Nagel - Air Freigth | Delta EBITDA/Sales | -1.10% | -1.00% | -0.10% | 47 | Air Freight and Cargo | 84 |
| 0.9 | Ascom | Delta EBITDA/Sales | -3.60% | -3.10% | -0.50% | 46 | Telecommunication Systems | 81 |
| 0.9 | Nestlé | Division Average | -0.90% | -0.10% | -0.80% | 45 | Division Average | n/a |
| 0.9 | Sopracenerina | Delta EBITDA/Sales | -0.20% | -0.10% | -0.10% | 45 | Power Production Europe | 68 |
| 0.9 | Nestlé - Beverages | Delta EBIT/Sales | -0.10% | 0.30% | -0.40% | 44 | Beverages (Coffee/Water) | 371 |
| 0.9 | Givaudan - Flavours | Delta EBITDA/Sales | -1.20% | -0.40% | -0.80% | 44 | Flavoring Extracts and Flavoring Syrups | 134 |
| 0.9 | Vetropack | Delta EBIT/Sales | -2.80% | -1.80% | -1.00% | 43 | Glass Packaging | 52 |
| 0.9 | Charles Vögele | Delta EBITDA/Sales | -1.30% | -1.00% | -0.40% | 43 | Clothing Apparel and Shoes | 127 |
| 0.9 | Züblin Immobilien | Delta EBITDA/Sales | -9.70% | -4.60% | -5.10% | 43 | Real Estate | 115 |
| 0.8 | Holcim - Cement | Delta EBITDA/Sales | -6.80% | -5.50% | -1.30% | 42 | Cement & Clinker | 72 |
| 0.8 | Holcim | Division Average | -7.90% | -4.30% | -3.60% | 42 | Division Average | n/a |
| 0.8 | Sika | Delta EBITDA/Sales | -4.90% | -1.10% | -3.70% | 41 | Specialty Chemicals | 107 |
| 0.8 | Affichage | Delta EBITDA/Sales | -10.20% | -8.00% | -2.20% | 41 | Outdoor Advertising | 38 |
| 0.8 | Orell Füssli - Book Retail | Delta EBITDA/Sales | -5.20% | -2.00% | -3.10% | 41 | Book Retail | 34 |
| 0.8 | Novartis - Pharmaceuticals | Delta EBITDA/Sales | -0.10% | 0.80% | -0.90% | 41 | Pharma large only | 113 |
| 0.8 | Barry Callebaut - Retail Private Customers | Delta EBITDA/Sales | -0.20% | 0.40% | -0.60% | 41 | Chocolat & Confectionery | 156 |
| 0.8 | Mobilzone | Delta EBITDA/Sales | -1.90% | -1.30% | -0.60% | 40 | Mobile Phone Retail | 37 |
| 0.8 | Vontobel | Delta Income/Equity | -3.70% | -2.20% | -1.50% | 40 | Investment Banking | 78 |
| 0.8 | Walter Meier | Delta EBIT/Sales | -3.30% | -2.30% | -1.00% | 39 | Heating/Cooling Equipment | 78 |
| 0.8 | Elma | Delta EBIT/Sales | -4.40% | -2.70% | -1.70% | 39 | Electronic Packaging Components | 63 |
| 0.8 | Accu | Delta EBITDA/Sales | -1.50% | -0.70% | -0.70% | 39 | Batteries | 54 |
| 0.8 | Georg Fischer - AgieCharmilles | Delta EBITDA/Sales | -22.90% | -12.90% | -10.00% | 38 | AgieCharmilles | 36 |
| 0.8 | Kaba - Key Systems | Delta EBITDA/Sales | -8.00% | -7.10% | -0.90% | 38 | Key Systems | 29 |
| 0.8 | Givaudan | Division Average | -3.90% | -1.30% | -2.60% | 38 | Division Average | n/a |
| 0.8 | ABB - Power Systems | Delta EBIT/Sales | -3.10% | -1.70% | -1.30% | 38 | Power Systems | 66 |
| 0.8 | Kuoni | Delta EBITDA/Sales | -3.30% | -1.10% | -2.20% | 38 | Travel/Tour Operators | 61 |
| 0.8 | Banque Cantonale Du Jura | Delta Income/Equity | -2.10% | -0.50% | -1.60% | 38 | National/State Retail Banks Europe | 36 |
| 0.8 | Nobel Biocare | Delta EBITDA/Sales | -4.50% | 0.60% | -5.10% | 38 | Dental Implants | 17 |
| 0.7 | Credit Suisse | Delta Income/Equity | -1.70% | -0.70% | -1.00% | 37 | Very Larg Diversified Gobal Banks | 39 |
| 0.7 | Kardex | Delta EBITDA/Sales | -8.60% | -6.40% | -2.30% | 37 | Storage Solution | 62 |
| 0.7 | CPH | Delta EBITDA/Sales | -4.20% | -1.50% | -2.70% | 37 | Paper/Chemicals | 133 |
| 0.7 | Georg Fischer - Piping Systems | Delta EBITDA/Sales | -7.20% | -4.90% | -2.30% | 36 | Piping Systems | 28 |
| 0.7 | Kaba - Access Systems | Delta EBITDA/Sales | -3.20% | -2.00% | -1.20% | 36 | Access Control Systems | 74 |
| 0.7 | Von Roll - Insulation | Delta EBITDA/Sales | -10.50% | -7.00% | -3.40% | 36 | Electrical Division | 78 |
| 0.7 | SGS | Delta EBITDA/Sales | -5.50% | -2.00% | -3.50% | 36 | Testing/Inspection/Verification | 194 |
| 0.7 | Nestlé - Milk Products | Delta EBIT/Sales | -0.90% | -0.10% | -0.80% | 36 | Dairy Products | 230 |
| 0.7 | Bellevue Group | Delta Income/Equity | -4.90% | -2.20% | -2.70% | 35 | Investment Banking | 78 |
| 0.7 | AFG - Kitchens & Refrigeration | Delta EBITDA/Sales | -3.70% | -1.60% | -2.10% | 35 | Kitchens & Refrigeration | 81 |
| 0.7 | IVF Hartmann | Delta EBITDA/Sales | 0.00% | 1.80% | -1.80% | 35 | Injury-care Products | 110 |
| 0.7 | Emmi | Delta EBITDA/Sales | -0.10% | 0.30% | -0.50% | 35 | Milk Products | 62 |
| 0.7 | Bucher | Division Average | -22.20% | -0.90% | -21.30% | 34 | Division Average | n/a |
| 0.7 | Cham Paper Group | Delta EBIT/Sales | -7.10% | -0.70% | -6.30% | 34 | Paper Industry | 121 |
| 0.7 | Panalpina | Delta EBITDA/Sales | -2.90% | -1.30% | -1.60% | 34 | Transportation/Logistic Services | 160 |
| 0.7 | Cicor | Delta EBITDA/Sales | -14.00% | -6.30% | -7.70% | 33 | Electrical Interconnects | 33 |
| 0.7 | Givaudan - Fragrances | Delta EBITDA/Sales | -3.90% | -1.30% | -2.60% | 33 | Soap Detergents And Cleaning Preparations | 416 |
| 0.6 | Tamedia | Delta EBITDA/Sales | -17.40% | -9.50% | -7.90% | 32 | Printing/Publishing/Broadcasting | 34 |
| 0.6 | ABB | Division Average | -8.30% | -3.20% | -5.10% | 31 | Division Average | n/a |
| 0.6 | Lindt & Sprüngli | Delta EBITDA/Sales | -1.80% | 0.40% | -2.20% | 31 | Chocolat & Confectionery | 156 |
| 0.6 | Acino | Delta EBITDA/Sales | -5.60% | 1.70% | -7.30% | 30 | Generics / Pharmaceuticals | 78 |
| 0.6 | Lonza - Life Science Ingredients | Delta EBITDA/Sales | -3.20% | 1.00% | -4.10% | 30 | Life Science | 88 |
| 0.6 | EMS-Chemie | Delta EBITDA/Sales | -12.00% | -7.20% | -4.80% | 30 | Polymers and Chemicals | 76 |
| 0.6 | Clariant | Division Average | -2.80% | -2.90% | 0.20% | 30 | Division Average | n/a |
| 0.6 | Schulthess | Delta EBITDA/Sales | -3.10% | 0.10% | -3.20% | 30 | Laundry equipment | 81 |
| 0.6 | Schmolz+Bickenbach | Delta EBITDA/Sales | -32.90% | -13.70% | -19.30% | 29 | Steel Production/Processing Large | 73 |
| 0.6 | Geberit | Delta EBITDA/Sales | -5.60% | -3.40% | -2.20% | 29 | Sanitary Systems | 67 |
| 0.6 | Galenica - Logistics | Delta EBITDA/Sales | -1.00% | 0.10% | -1.20% | 29 | Pharmaceutical Retail | 66 |
| 0.6 | Lonza | Division Average | -5.20% | -0.70% | -4.60% | 29 | Division Average | n/a |
| 0.6 | Clariant - Textile Leather Paper | Delta EBITDA/Sales | -9.50% | -3.40% | -6.00% | 29 | Textile Chemicals | 97 |
| 0.6 | Georg Fischer | Division Average | -19.00% | -3.40% | -15.60% | 28 | Division Average | n/a |
| 0.6 | Edipresse | Delta EBITDA/Sales | -15.70% | -9.00% | -6.70% | 28 | Publishing | 67 |
| 0.5 | Romande Energie | Delta EBITDA/Sales | -3.20% | -0.10% | -3.10% | 27 | Power Production Europe | 68 |
| 0.5 | Comet | Delta EBIT/Sales | -24.30% | -2.70% | -21.50% | 27 | Capacitors/X-Ray | 27 |
| 0.5 | Lonza - Custom Manufacturing | Delta EBITDA/Sales | -5.20% | -0.70% | -4.60% | 27 | Exklusive Synthesis | 96 |
| 0.5 | Adval Tech | Delta EBITDA/Sales | -10.50% | -5.60% | -4.90% | 26 | Stamping/Forming Machinery | 76 |
| 0.5 | Novartis -Sandoz | Delta EBITDA/Sales | -1.80% | 1.90% | -3.70% | 26 | Generics & OTC | 69 |
| 0.5 | Holcim - Aggregates | Delta EBITDA/Sales | -7.90% | -4.30% | -3.60% | 26 | Aggregates Producer | 149 |
| 0.5 | Bucher - Emhart Glass | Delta EBIT/Sales | -7.10% | -2.30% | -4.80% | 26 | Special Machinery (Glass) | 53 |
| 0.5 | Zurich Financial Services | Delta Income/Equity | -6.10% | -1.00% | -5.20% | 26 | Multi-line Insurer Europe | 53 |
| 0.5 | Galenica | Division Average | -1.00% | 0.10% | -1.20% | 26 | Division Average | n/a |
| 0.5 | Swatch - Watches & Jewelry | Delta EBIT/Sales | -7.10% | -1.30% | -5.70% | 26 | Watches | 83 |
| 0.5 | Swatch | Division Average | -7.10% | -1.30% | -5.70% | 26 | Division Average | n/a |
| 0.5 | Straumann | Delta EBITDA/Sales | -8.50% | 0.60% | -9.00% | 25 | Dental Implants | 17 |
| 0.5 | Huber & Suhner | Delta EBITDA/Sales | -6.90% | -3.70% | -3.20% | 25 | Cables / Fibre Optics | 42 |
| 0.5 | Burkhalter | Delta EBITDA/Sales | -4.30% | 1.10% | -5.30% | 25 | Electronic Installation | 27 |
| 0.5 | Carlo Gavazzi | Delta EBITDA/Sales | -11.00% | -4.20% | -6.80% | 24 | Electric Control Components | 106 |
| 0.5 | LEM | Delta EBITDA/Sales | -16.60% | -9.80% | -6.80% | 24 | Electronic Components | 42 |
| 0.5 | Swissmetal | Delta EBITDA/Sales | -10.90% | -6.80% | -4.10% | 24 | Copper Products | 66 |
| 0.5 | Von Roll | Division Average | -10.50% | -7.00% | -3.40% | 24 | Division Average | n/a |
| 0.5 | Orell Füssli | Division Average | -19.50% | -2.50% | -17.00% | 23 | Division Average | n/a |
| 0.5 | ABB - Automation Products | Delta EBIT/Sales | -8.30% | -3.20% | -5.10% | 23 | Automation Products | 105 |
| 0.5 | Novartis | Division Average | -21.80% | -0.20% | -21.60% | 23 | Division Average | n/a |
| 0.5 | Publigroupe | Delta EBITDA/Sales | -9.40% | -0.90% | -8.50% | 23 | Market of Advertisement | 80 |
| 0.5 | Feintool | Delta EBITDA/Sales | -25.80% | -4.80% | -21.00% | 23 | Machine Tools | 41 |
| 0.5 | Galenica - Pharma | Delta EBITDA/Sales | -2.30% | 0.10% | -2.40% | 23 | Pharmaceuticals Manufacturer | 83 |
| 0.4 | Bachem | Delta EBITDA/Sales | -7.60% | 1.30% | -8.90% | 22 | API/Intermediates/Compounds | 172 |
| 0.4 | Flughafen Zurich | Delta EBITDA/Sales | -9.80% | -2.00% | -7.80% | 22 | Airport/Airline | 159 |
| 0.4 | EFG International | Delta Income/Equity | -7.00% | -2.70% | -4.30% | 20 | Wealth Management Europe | 39 |
| 0.4 | Coltene | Delta EBITDA/Sales | -6.30% | 0.60% | -6.90% | 20 | Dental Consumables | 40 |
| 0.4 | Mikron | Delta EBITDA/Sales | -29.40% | -4.50% | -24.90% | 19 | Machine Tools/Assembly Solutions | 85 |
| 0.4 | Uster | Delta EBITDA/Sales | -34.10% | -9.60% | -24.50% | 18 | Special Textile Machinery | 44 |
| 0.4 | OC Oerlikon - Textile | Delta EBITDA/Sales | -24.40% | -8.70% | -15.70% | 18 | Textile Industry | 40 |
| 0.3 | Intershop | Delta EBITDA/Sales | -46.60% | -4.60% | -42.10% | 17 | Real Estate | 115 |
| 0.3 | Partners Group | Delta Income/Equity | -9.80% | -2.20% | -7.60% | 17 | Investment Banking | 78 |
| 0.3 | Orell Füssli - Security Printing | Delta EBITDA/Sales | -17.10% | -4.40% | -12.70% | 17 | Security Printing | 11 |
| 0.3 | Dätwyler - Technical Components | Delta EBITDA/Sales | -11.00% | -1.80% | -9.20% | 17 | Technical Components | 840 |
| 0.3 | Adecco | Delta EBITDA/Sales | -9.10% | -3.30% | -5.80% | 16 | Employment Services | 102 |
| 0.3 | Valora | Delta EBITDA/Sales | -0.60% | 0.10% | -0.70% | 16 | Grocery | 98 |
| 0.3 | Vaudoise | Delta Income/Equity | -9.10% | -1.00% | -8.10% | 15 | Multi-line Insurer Europe | 53 |
| 0.3 | Interroll | Delta EBITDA/Sales | -18.80% | -2.10% | -16.70% | 15 | Conveyors and Industrials | 111 |
| 0.3 | OC Oerlikon | Division Average | -24.40% | -8.70% | -15.70% | 14 | Division Average | n/a |
| 0.3 | Bucher - Hydraulics | Delta EBIT/Sales | -16.40% | -4.10% | -12.20% | 13 | Hydraulic System Manufacturer | 97 |
| 0.3 | Novartis - Consumer Health | Delta EBITDA/Sales | -2.20% | 1.10% | -3.30% | 13 | Consumer Health | 41 |
| 0.3 | Novartis - Vaccines & Diagnostics | Delta EBITDA/Sales | -21.80% | -0.20% | -21.60% | 13 | Vaccines/Diagnostics | 147 |
| 0.3 | Orell Füssli - Publishing | Delta EBITDA/Sales | -19.50% | -2.50% | -17.00% | 13 | Publishing (Books) | 98 |
| 0.2 | Swiss Re | Delta Income/Equity | -5.60% | 0.60% | -6.30% | 12 | Reinsurer | 40 |
| 0.2 | Siegfried | Delta EBITDA/Sales | -27.40% | 1.30% | -28.60% | 12 | API/Intermediates/Compounds | 172 |
| 0.2 | Von Roll - Composites | Delta EBITDA/Sales | -24.30% | -9.40% | -14.90% | 11 | Industrial Division | 85 |
| 0.2 | Tornos | Delta EBIT/Sales | -40.00% | -5.30% | -34.70% | 11 | Special Machinery | 36 |
| 0.2 | Clariant - Pigments & Additives | Delta EBITDA/Sales | -18.70% | -6.70% | -12.00% | 11 | Pigments/Colorants/Additives | 116 |
| 0.2 | OC Oerlikon - Drive Systems | Delta EBITDA/Sales | -15.60% | -1.40% | -14.30% | 10 | Drive System | 102 |
| 0.2 | Georg Fischer - Automotive | Delta EBITDA/Sales | -19.00% | -3.40% | -15.60% | 10 | Automotive Products | 62 |
| 0.2 | Swatch | Delta EBITDA/Sales | -10.50% | -1.00% | -9.50% | 8 | Jewelry & Watches | 36 |
| 0.2 | Logitech | Delta EBITDA/Sales | -23.20% | -3.10% | -20.10% | 8 | Personal Peripherals | 63 |
| 0.1 | AFG - Steel Technology | Delta EBITDA/Sales | -27.10% | -7.50% | -19.60% | 7 | Steel Technology | 38 |
| 0.1 | Petroplus | Delta EBITDA/Sales | -7.80% | 0.10% | -7.80% | 7 | Oil Refining and Marketing | 123 |
| 0.1 | Bucher - Process | Delta EBIT/Sales | -22.20% | -0.90% | -21.30% | 6 | Food Processing Machinery | 74 |
| 0.1 | Quadrant | Delta EBITDA/Sales | -23.30% | -6.10% | -17.30% | 6 | Plastic Material and Products | 82 |
| 0.1 | Phoenix Mecano | Delta EBITDA/Sales | -22.50% | -0.70% | -21.80% | 6 | El. Packaging and Rotary Comp. | 41 |
| 0.1 | Micronas | Delta EBITDA/Sales | -108.70% | -11.60% | -97.10% | 5 | Semiconductors/Integrated Circuits | 75 |
| 0.1 | Brobst | Delta EBITDA/Sales | -24.30% | -4.00% | -20.30% | 4 | Printing / Packaging Machinery | 145 |
| 0 | Infranor | Delta EBITDA/Sales | -55.00% | -3.70% | -51.20% | 2 | Automation Solutions | 159 |
| 0 | Rieter - Automotive Systems | Delta EBITDA/Sales | -75.60% | -3.90% | -71.70% | 1 | Automotive Systems | 302 |
| 0 | Rieter | Division Average | -166.40% | -1.50% | -164.90% | 1 | Division Average | n/a |
| 0 | Komax | Delta EBITDA/Sales | -33.20% | -5.10% | -28.10% | 0 | Wire Processing and Assembly | 91 |
| 0 | Rieter - Textile Systems | Delta EBITDA/Sales | -166.40% | -1.50% | -164.90% | 0 | Textile Systems | 78 |
| 0 | UBS | Delta Income/Equity | -15.00% | -0.70% | -14.30% | 0 | Very Larg Diversified Gobal Banks | 39 |
| 0 | Schlatter | Delta EBITDA/Sales | -17.60% | -3.30% | -14.40% | 0 | Welding Plants and Machinery | 40 |
| 0 | Schweiter | Delta EBITDA/Sales | -46.50% | -9.80% | -36.70% | 0 | Textile Machinery | 65 |
| 0 | ABB - Robotics | Delta EBIT/Sales | -19.10% | -1.10% | -18.00% | 0 | Robotics | 49 |
2 Sorted by Company
| Company Name | Ranked by Metric | Metric Value | Operating Index | Operating Alpha | Operating Rank | Bonus Multiple | Peer Universe | Number of Peers |
| ABB | Division Average | -8.30% | -3.20% | -5.10% | 31 | 0.6 | Division Average | n/a |
| ABB - Automation Products | Delta EBIT/Sales | -8.30% | -3.20% | -5.10% | 23 | 0.5 | Automation Products | 105 |
| ABB - Power Products | Delta EBIT/Sales | -2.30% | -3.10% | 0.80% | 61 | 1.2 | Power Products | 64 |
| ABB - Power Systems | Delta EBIT/Sales | -3.10% | -1.70% | -1.30% | 38 | 0.8 | Power Systems | 66 |
| ABB - Robotics | Delta EBIT/Sales | -19.10% | -1.10% | -18.00% | 0 | 0 | Robotics | 49 |
| Accu | Delta EBITDA/Sales | -1.50% | -0.70% | -0.70% | 39 | 0.8 | Batteries | 54 |
| Acino | Delta EBITDA/Sales | -5.60% | 1.70% | -7.30% | 30 | 0.6 | Generics / Pharmaceuticals | 78 |
| Actelion | Delta EBITDA/Sales | 13.80% | -1.40% | 15.10% | 93 | 1.9 | Pharmaceutical & Chemical Industry | 178 |
| Adecco | Delta EBITDA/Sales | -9.10% | -3.30% | -5.80% | 16 | 0.3 | Employment Services | 102 |
| Adval Tech | Delta EBITDA/Sales | -10.50% | -5.60% | -4.90% | 26 | 0.5 | Stamping/Forming Machinery | 76 |
| Affichage | Delta EBITDA/Sales | -10.20% | -8.00% | -2.20% | 41 | 0.8 | Outdoor Advertising | 38 |
| AFG | Division Average | 0.00% | -6.30% | 6.40% | 48 | 1 | Division Average | n/a |
| AFG - Heating & Sanitary | Delta EBITDA/Sales | -1.70% | -2.50% | 0.80% | 55 | 1.1 | Heating / Sanitary Equipment | 59 |
| AFG - Kitchens & Refrigeration | Delta EBITDA/Sales | -3.70% | -1.60% | -2.10% | 35 | 0.7 | Kitchens & Refrigeration | 81 |
| AFG - Steel Technology | Delta EBITDA/Sales | -27.10% | -7.50% | -19.60% | 7 | 0.1 | Steel Technology | 38 |
| AFG - Windows & Doors | Delta EBITDA/Sales | 0.00% | -6.30% | 6.40% | 93 | 1.9 | Windows & Doors | 33 |
| Allreal | Delta EBITDA/Sales | -4.10% | -4.60% | 0.50% | 51 | 1 | Real Estate | 115 |
| Also | Delta EBITDA/Sales | -0.40% | -0.30% | -0.10% | 49 | 1 | IT Retail | 94 |
| Ascom | Delta EBITDA/Sales | -3.60% | -3.10% | -0.50% | 46 | 0.9 | Telecommunication Systems | 81 |
| Bachem | Delta EBITDA/Sales | -7.60% | 1.30% | -8.90% | 22 | 0.4 | API/Intermediates/Compounds | 172 |
| Baloise | Delta Income/Equity | -0.90% | -1.00% | 0.00% | 52 | 1 | Multi-line Insurer Europe | 53 |
| Bank CA St. Gallen | Delta Income/Equity | 0.00% | -0.50% | 0.60% | 66 | 1.3 | National/State Retail Banks Europe | 36 |
| Bank Sarasin | Delta Income/Equity | -1.70% | -2.70% | 1.00% | 60 | 1.2 | Wealth Management Europe | 39 |
| Banque Cantonale De Genève | Delta Income/Equity | -0.20% | -0.50% | 0.30% | 59 | 1.2 | National/State Retail Banks Europe | 36 |
| Banque Cantonale Du Jura | Delta Income/Equity | -2.10% | -0.50% | -1.60% | 38 | 0.8 | National/State Retail Banks Europe | 36 |
| Banque Cantonale Vaudoise | Delta Income/Equity | 1.60% | -0.50% | 2.10% | 93 | 1.9 | National/State Retail Banks Europe | 36 |
| Barry Callebaut | Division Average | -0.20% | 0.40% | -0.60% | 47 | 0.9 | Division Average | n/a |
| Barry Callebaut - Industrial Customers | Delta EBITDA/Sales | 0.70% | 0.40% | 0.30% | 54 | 1.1 | Chocolat & Confectionery | 156 |
| Barry Callebaut - Retail Private Customers | Delta EBITDA/Sales | -0.20% | 0.40% | -0.60% | 41 | 0.8 | Chocolat & Confectionery | 156 |
| Basellandschaftliche Kantonalbank | Delta Income/Equity | 0.90% | -0.50% | 1.50% | 86 | 1.7 | National/State Retail Banks Europe | 36 |
| Basler Kantonalbank | Delta Income/Equity | 0.20% | -0.50% | 0.80% | 76 | 1.5 | National/State Retail Banks Europe | 36 |
| Belimo | Delta EBITDA/Sales | -1.10% | -2.80% | 1.70% | 59 | 1.2 | Actuators for HVAC-Systems | 86 |
| Bell | Delta EBITDA/Sales | 2.10% | 0.80% | 1.30% | 66 | 1.3 | Meat Processing | 85 |
| Bellevue Group | Delta Income/Equity | -4.90% | -2.20% | -2.70% | 35 | 0.7 | Investment Banking | 78 |
| Berner Kantonalbank | Delta Income/Equity | 0.10% | -0.50% | 0.70% | 69 | 1.4 | National/State Retail Banks Europe | 36 |
| BKW | Delta EBITDA/Sales | 6.70% | -0.10% | 6.80% | 77 | 1.5 | Power Production Europe | 68 |
| Brobst | Delta EBITDA/Sales | -24.30% | -4.00% | -20.30% | 4 | 0.1 | Printing / Packaging Machinery | 145 |
| Bucher | Division Average | -22.20% | -0.90% | -21.30% | 34 | 0.7 | Division Average | n/a |
| Bucher - Emhart Glass | Delta EBIT/Sales | -7.10% | -2.30% | -4.80% | 26 | 0.5 | Special Machinery (Glass) | 53 |
| Bucher - Hydraulics | Delta EBIT/Sales | -16.40% | -4.10% | -12.20% | 13 | 0.3 | Hydraulic System Manufacturer | 97 |
| Bucher - Kuhn | Delta EBIT/Sales | -4.10% | -4.10% | 0.00% | 50 | 1 | Farm Machinery | 53 |
| Bucher - Municipal | Delta EBIT/Sales | -2.60% | -10.20% | 7.60% | 74 | 1.5 | Municipal Vehicles Manufacturer | 50 |
| Bucher - Process | Delta EBIT/Sales | -22.20% | -0.90% | -21.30% | 6 | 0.1 | Food Processing Machinery | 74 |
| Burkhalter | Delta EBITDA/Sales | -4.30% | 1.10% | -5.30% | 25 | 0.5 | Electronic Installation | 27 |
| Calida | Delta EBITDA/Sales | -1.50% | -2.20% | 0.80% | 65 | 1.3 | Underwear | 59 |
| Carlo Gavazzi | Delta EBITDA/Sales | -11.00% | -4.20% | -6.80% | 24 | 0.5 | Electric Control Components | 106 |
| Cham Paper Group | Delta EBIT/Sales | -7.10% | -0.70% | -6.30% | 34 | 0.7 | Paper Industry | 121 |
| Charles Vögele | Delta EBITDA/Sales | -1.30% | -1.00% | -0.40% | 43 | 0.9 | Clothing Apparel and Shoes | 127 |
| Cicor | Delta EBITDA/Sales | -14.00% | -6.30% | -7.70% | 33 | 0.7 | Electrical Interconnects | 33 |
| Clariant | Division Average | -2.80% | -2.90% | 0.20% | 30 | 0.6 | Division Average | n/a |
| Clariant - Functional Chemicals | Delta EBITDA/Sales | -2.80% | -2.90% | 0.20% | 51 | 1 | Basic Chemicals | 153 |
| Clariant - Pigments & Additives | Delta EBITDA/Sales | -18.70% | -6.70% | -12.00% | 11 | 0.2 | Pigments/Colorants/Additives | 116 |
| Clariant - Textile Leather Paper | Delta EBITDA/Sales | -9.50% | -3.40% | -6.00% | 29 | 0.6 | Textile Chemicals | 97 |
| Coltene | Delta EBITDA/Sales | -6.30% | 0.60% | -6.90% | 20 | 0.4 | Dental Consumables | 40 |
| Comet | Delta EBIT/Sales | -24.30% | -2.70% | -21.50% | 27 | 0.5 | Capacitors/X-Ray | 27 |
| CPH | Delta EBITDA/Sales | -4.20% | -1.50% | -2.70% | 37 | 0.7 | Paper/Chemicals | 133 |
| Credit Suisse | Delta Income/Equity | -1.70% | -0.70% | -1.00% | 37 | 0.7 | Very Larg Diversified Gobal Banks | 39 |
| Dätwyler - Cables | Delta EBITDA/Sales | -6.10% | -8.10% | 2.00% | 69 | 1.4 | Cabels | 42 |
| Dätwyler - Pharma | Delta EBITDA/Sales | -0.30% | -0.80% | 0.50% | 54 | 1.1 | Pharma | 312 |
| Dätwyler - Rubber | Delta EBITDA/Sales | -9.20% | -9.20% | 0.00% | 50 | 1 | Rubber | 17 |
| Dätwyler - Technical Components | Delta EBITDA/Sales | -11.00% | -1.80% | -9.20% | 17 | 0.3 | Technical Components | 840 |
| Dottikon | Delta EBITDA/Sales | -7.00% | -7.00% | 0.00% | 50 | 1 | Chemical Reactions / Recycling | 74 |
| Edipresse | Delta EBITDA/Sales | -15.70% | -9.00% | -6.70% | 28 | 0.6 | Publishing | 67 |
| EFG International | Delta Income/Equity | -7.00% | -2.70% | -4.30% | 20 | 0.4 | Wealth Management Europe | 39 |
| Elma | Delta EBIT/Sales | -4.40% | -2.70% | -1.70% | 39 | 0.8 | Electronic Packaging Components | 63 |
| Emmi | Delta EBITDA/Sales | -0.10% | 0.30% | -0.50% | 35 | 0.7 | Milk Products | 62 |
| EMS-Chemie | Delta EBITDA/Sales | -12.00% | -7.20% | -4.80% | 30 | 0.6 | Polymers and Chemicals | 76 |
| Energiedienst | Delta EBITDA/Sales | 2.00% | 2.00% | 0.00% | 50 | 1 | Energy & Clean & Europe | 66 |
| Feintool | Delta EBITDA/Sales | -25.80% | -4.80% | -21.00% | 23 | 0.5 | Machine Tools | 41 |
| Flughafen Zurich | Delta EBITDA/Sales | -9.80% | -2.00% | -7.80% | 22 | 0.4 | Airport/Airline | 159 |
| Forbo | Delta EBIT/Sales | -3.80% | -3.50% | -0.30% | 47 | 0.9 | Flooring & Bonding Material | 247 |
| Galenica | Division Average | -1.00% | 0.10% | -1.20% | 26 | 0.5 | Division Average | n/a |
| Galenica - Logistics | Delta EBITDA/Sales | -1.00% | 0.10% | -1.20% | 29 | 0.6 | Pharmaceutical Retail | 66 |
| Galenica - Pharma | Delta EBITDA/Sales | -2.30% | 0.10% | -2.40% | 23 | 0.5 | Pharmaceuticals Manufacturer | 83 |
| Geberit | Delta EBITDA/Sales | -5.60% | -3.40% | -2.20% | 29 | 0.6 | Sanitary Systems | 67 |
| Georg Fischer | Division Average | -19.00% | -3.40% | -15.60% | 28 | 0.6 | Division Average | n/a |
| Georg Fischer - AgieCharmilles | Delta EBITDA/Sales | -22.90% | -12.90% | -10.00% | 38 | 0.8 | AgieCharmilles | 36 |
| Georg Fischer - Automotive | Delta EBITDA/Sales | -19.00% | -3.40% | -15.60% | 10 | 0.2 | Automotive Products | 62 |
| Georg Fischer - Piping Systems | Delta EBITDA/Sales | -7.20% | -4.90% | -2.30% | 36 | 0.7 | Piping Systems | 28 |
| Givaudan - Flavours | Delta EBITDA/Sales | -1.20% | -0.40% | -0.80% | 44 | 0.9 | Flavoring Extracts and Flavoring Syrups | 134 |
| Givaudan - Fragrances | Delta EBITDA/Sales | -3.90% | -1.30% | -2.60% | 33 | 0.7 | Soap Detergents And Cleaning Preparations | 416 |
| Goldbach Media | Delta EBITDA/Sales | 0.90% | 0.70% | 0.20% | 53 | 1.1 | Electronic Marketing | 34 |
| Graubündner Kantonalbank | Delta Income/Equity | 1.60% | -0.50% | 2.10% | 93 | 1.9 | National/State Retail Banks Europe | 36 |
| Givaudan | Division Average | -3.90% | -1.30% | -2.60% | 38 | 0.8 | Division Average | n/a |
| Gurit | Delta EBITDA/Sales | -0.90% | -2.30% | 1.40% | 63 | 1.3 | Composite Materials | 46 |
| Helvetia | Delta Income/Equity | -1.00% | -1.00% | 0.00% | 48 | 1 | Multi-line Insurer Europe | 53 |
| Holcim | Division Average | -7.90% | -4.30% | -3.60% | 42 | 0.8 | Division Average | n/a |
| Holcim - Cement | Delta EBITDA/Sales | -6.80% | -5.50% | -1.30% | 42 | 0.8 | Cement & Clinker | 72 |
| Holcim - Other Construction Material and Services | Delta EBITDA/Sales | -3.40% | -4.70% | 1.30% | 57 | 1.1 | Concrete & Asphalt Producers | 120 |
| Holcim - Aggregates | Delta EBITDA/Sales | -7.90% | -4.30% | -3.60% | 26 | 0.5 | Aggregates Producer | 149 |
| Huber & Suhner | Delta EBITDA/Sales | -6.90% | -3.70% | -3.20% | 25 | 0.5 | Cables / Fibre Optics | 42 |
| Hügli | Delta EBITDA/Sales | 1.10% | 0.00% | 1.20% | 57 | 1.1 | Food Producers | 73 |
| Infranor | Delta EBITDA/Sales | -55.00% | -3.70% | -51.20% | 2 | 0 | Automation Solutions | 159 |
| Interroll | Delta EBITDA/Sales | -18.80% | -2.10% | -16.70% | 15 | 0.3 | Conveyors and Industrials | 111 |
| Intershop | Delta EBITDA/Sales | -46.60% | -4.60% | -42.10% | 17 | 0.3 | Real Estate | 115 |
| IVF Hartmann | Delta EBITDA/Sales | 0.00% | 1.80% | -1.80% | 35 | 0.7 | Injury-care Products | 110 |
| Julius Bär | Delta Income/Equity | -2.90% | -2.70% | -0.20% | 48 | 1 | Wealth Management Europe | 39 |
| Kaba | Division Average | -3.20% | -2.00% | -1.20% | 47 | 0.9 | Division Average | n/a |
| Kaba - Access Systems | Delta EBITDA/Sales | -3.20% | -2.00% | -1.20% | 36 | 0.7 | Access Control Systems | 74 |
| Kaba - Door Systems | Delta EBITDA/Sales | -0.30% | -2.00% | 1.70% | 65 | 1.3 | Door Systems | 77 |
| Kaba - Key Systems | Delta EBITDA/Sales | -8.00% | -7.10% | -0.90% | 38 | 0.8 | Key Systems | 29 |
| Kardex | Delta EBITDA/Sales | -8.60% | -6.40% | -2.30% | 37 | 0.7 | Storage Solution | 62 |
| Komax | Delta EBITDA/Sales | -33.20% | -5.10% | -28.10% | 0 | 0 | Wire Processing and Assembly | 91 |
| Kühne & Nagel | Division Average | -1.10% | -1.00% | -0.10% | 53 | 1.1 | Division Average | n/a |
| Kühne & Nagel - Air Freigth | Delta EBITDA/Sales | -1.10% | -1.00% | -0.10% | 47 | 0.9 | Air Freight and Cargo | 84 |
| Kühne & Nagel - Contract Logistics | Delta EBITDA/Sales | -1.50% | -1.80% | 0.30% | 51 | 1 | Logistics/Warehouse/Supply Chain | 280 |
| Kühne & Nagel - Rail & Road Logistics | Delta EBITDA/Sales | -0.40% | -2.00% | 1.60% | 60 | 1.2 | Road & Rail | 145 |
| Kühne & Nagel - Sea Freight | Delta EBITDA/Sales | -0.20% | -0.90% | 0.70% | 53 | 1.1 | Water Transportation | 171 |
| Kuoni | Delta EBITDA/Sales | -3.30% | -1.10% | -2.20% | 38 | 0.8 | Travel/Tour Operators | 61 |
| Leclanche | Delta EBITDA/Sales | 2.20% | -0.70% | 2.90% | 67 | 1.3 | Batteries | 54 |
| LEM | Delta EBITDA/Sales | -16.60% | -9.80% | -6.80% | 24 | 0.5 | Electronic Components | 42 |
| Liechtensteinische Landesbank | Delta Income/Equity | 0.40% | -0.50% | 0.90% | 83 | 1.7 | National/State Retail Banks Europe | 36 |
| Lindt & Sprüngli | Delta EBITDA/Sales | -1.80% | 0.40% | -2.20% | 31 | 0.6 | Chocolat & Confectionery | 156 |
| Loeb | Delta EBITDA/Sales | 8.20% | -4.60% | 12.80% | 86 | 1.7 | Real Estate | 115 |
| Logitech | Delta EBITDA/Sales | -23.20% | -3.10% | -20.10% | 8 | 0.2 | Personal Peripherals | 63 |
| Lonza | Division Average | -5.20% | -0.70% | -4.60% | 29 | 0.6 | Division Average | n/a |
| Lonza - Custom Manufacturing | Delta EBITDA/Sales | -5.20% | -0.70% | -4.60% | 27 | 0.5 | Exklusive Synthesis | 96 |
| Lonza - Life Science Ingredients | Delta EBITDA/Sales | -3.20% | 1.00% | -4.10% | 30 | 0.6 | Life Science | 88 |
| Looser | Division Average | -1.40% | -1.70% | 0.30% | 61 | 1.2 | Division Average | n/a |
| Looser - Coating | Delta EBITDA/Sales | -2.00% | -4.50% | 2.50% | 63 | 1.3 | Coating | 53 |
| Looser - Doors | Delta EBITDA/Sales | -1.40% | -1.70% | 0.30% | 59 | 1.2 | Doors/Frames | 44 |
| Luzerner Kantonalbank | Delta Income/Equity | -0.20% | -0.50% | 0.30% | 55 | 1.1 | National/State Retail Banks Europe | 36 |
| Metraux | Delta EBITDA/Sales | -0.50% | -0.50% | 0.10% | 54 | 1.1 | Spare Parts | 72 |
| Meyer Burger | Delta EBITDA/Sales | -2.70% | -3.20% | 0.50% | 55 | 1.1 | Semiconductor Machinery | 58 |
| Micronas | Delta EBITDA/Sales | -108.70% | -11.60% | -97.10% | 5 | 0.1 | Semiconductors/Integrated Circuits | 75 |
| Mikron | Delta EBITDA/Sales | -29.40% | -4.50% | -24.90% | 19 | 0.4 | Machine Tools/Assembly Solutions | 85 |
| Mobilzone | Delta EBITDA/Sales | -1.90% | -1.30% | -0.60% | 40 | 0.8 | Mobile Phone Retail | 37 |
| Mobimo | Delta EBITDA/Sales | 15.30% | -4.60% | 19.90% | 89 | 1.8 | Real Estate | 115 |
| National Versicherung | Delta Income/Equity | 4.00% | -1.00% | 5.00% | 85 | 1.7 | Multi-line Insurer Europe | 53 |
| Nestlé | Division Average | -0.90% | -0.10% | -0.80% | 45 | 0.9 | Division Average | n/a |
| Nestlé - Beverages | Delta EBIT/Sales | -0.10% | 0.30% | -0.40% | 44 | 0.9 | Beverages (Coffee/Water) | 371 |
| Nestlé - Confectionery | Delta EBIT/Sales | -0.10% | 0.10% | -0.20% | 47 | 0.9 | Chocolat & Confectionery | 156 |
| Nestlé - Milk Products | Delta EBIT/Sales | -0.90% | -0.10% | -0.80% | 36 | 0.7 | Dairy Products | 230 |
| Nestlé - Prepared Dishes | Delta EBIT/Sales | 0.40% | 0.30% | 0.20% | 55 | 1.1 | Prepared Food | 139 |
| Nobel Biocare | Delta EBITDA/Sales | -4.50% | 0.60% | -5.10% | 38 | 0.8 | Dental Implants | 17 |
| Novartis | Division Average | -21.80% | -0.20% | -21.60% | 23 | 0.5 | Division Average | n/a |
| Novartis - Consumer Health | Delta EBITDA/Sales | -2.20% | 1.10% | -3.30% | 13 | 0.3 | Consumer Health | 41 |
| Novartis - Pharmaceuticals | Delta EBITDA/Sales | -0.10% | 0.80% | -0.90% | 41 | 0.8 | Pharma large only | 113 |
| Novartis - Vaccines & Diagnostics | Delta EBITDA/Sales | -21.80% | -0.20% | -21.60% | 13 | 0.3 | Vaccines/Diagnostics | 147 |
| Novartis -Sandoz | Delta EBITDA/Sales | -1.80% | 1.90% | -3.70% | 26 | 0.5 | Generics & OTC | 69 |
| OC Oerlikon | Division Average | -24.40% | -8.70% | -15.70% | 14 | 0.3 | Division Average | n/a |
| OC Oerlikon - Drive Systems | Delta EBITDA/Sales | -15.60% | -1.40% | -14.30% | 10 | 0.2 | Drive System | 102 |
| OC Oerlikon - Textile | Delta EBITDA/Sales | -24.40% | -8.70% | -15.70% | 18 | 0.4 | Textile Industry | 40 |
| Orell Füssli | Division Average | -19.50% | -2.50% | -17.00% | 23 | 0.5 | Division Average | n/a |
| Orell Füssli - Book Retail | Delta EBITDA/Sales | -5.20% | -2.00% | -3.10% | 41 | 0.8 | Book Retail | 34 |
| Orell Füssli - Publishing | Delta EBITDA/Sales | -19.50% | -2.50% | -17.00% | 13 | 0.3 | Publishing (Books) | 98 |
| Orell Füssli - Security Printing | Delta EBITDA/Sales | -17.10% | -4.40% | -12.70% | 17 | 0.3 | Security Printing | 11 |
| Panalpina | Delta EBITDA/Sales | -2.90% | -1.30% | -1.60% | 34 | 0.7 | Transportation/Logistic Services | 160 |
| Partners Group | Delta Income/Equity | -9.80% | -2.20% | -7.60% | 17 | 0.3 | Investment Banking | 78 |
| Petroplus | Delta EBITDA/Sales | -7.80% | 0.10% | -7.80% | 7 | 0.1 | Oil Refining and Marketing | 123 |
| Phoenix Mecano | Delta EBITDA/Sales | -22.50% | -0.70% | -21.80% | 6 | 0.1 | El. Packaging and Rotary Comp. | 41 |
| PSP Swiss Property | Delta EBITDA/Sales | 5.40% | -4.60% | 10.00% | 77 | 1.5 | Real Estate | 115 |
| Publigroupe | Delta EBITDA/Sales | -9.40% | -0.90% | -8.50% | 23 | 0.5 | Market of Advertisement | 80 |
| Quadrant | Delta EBITDA/Sales | -23.30% | -6.10% | -17.30% | 6 | 0.1 | Plastic Material and Products | 82 |
| Raetia Energie | Delta EBITDA/Sales | 4.40% | -0.10% | 4.50% | 73 | 1.5 | Power Production Europe | 68 |
| Rieter | Division Average | -166.40% | -1.50% | -164.90% | 1 | 0 | Division Average | n/a |
| Rieter - Automotive Systems | Delta EBITDA/Sales | -75.60% | -3.90% | -71.70% | 1 | 0 | Automotive Systems | 302 |
| Rieter - Textile Systems | Delta EBITDA/Sales | -166.40% | -1.50% | -164.90% | 0 | 0 | Textile Systems | 78 |
| Roche - Diagnostics | Delta EBITDA/Sales | 2.20% | 0.10% | 2.10% | 60 | 1.2 | Diagnostics | 76 |
| Roche - Pharmaceuticals | Delta EBITDA/Sales | 11.00% | 0.80% | 10.20% | 88 | 1.8 | Pharma large only | 113 |
| Roche Limited | Division Average | 2.20% | 0.10% | 2.10% | 74 | 1.5 | Division Average | n/a |
| Romande Energie | Delta EBITDA/Sales | -3.20% | -0.10% | -3.10% | 27 | 0.5 | Power Production Europe | 68 |
| Schindler | Delta EBIT/Sales | 1.00% | -0.90% | 1.90% | 71 | 1.4 | Elevator & Escalator | 21 |
| Schlatter | Delta EBITDA/Sales | -17.60% | -3.30% | -14.40% | 0 | 0 | Welding Plants and Machinery | 40 |
| Schmolz+Bickenbach | Delta EBITDA/Sales | -32.90% | -13.70% | -19.30% | 29 | 0.6 | Steel Production/Processing Large | 73 |
| Schulthess | Delta EBITDA/Sales | -3.10% | 0.10% | -3.20% | 30 | 0.6 | Laundry equipment | 81 |
| Schweiter | Delta EBITDA/Sales | -46.50% | -9.80% | -36.70% | 0 | 0 | Textile Machinery | 65 |
| SGS | Delta EBITDA/Sales | -5.50% | -2.00% | -3.50% | 36 | 0.7 | Testing/Inspection/Verification | 194 |
| Siegfried | Delta EBITDA/Sales | -27.40% | 1.30% | -28.60% | 12 | 0.2 | API/Intermediates/Compounds | 172 |
| Sika | Delta EBITDA/Sales | -4.90% | -1.10% | -3.70% | 41 | 0.8 | Specialty Chemicals | 107 |
| Sopracenerina | Delta EBITDA/Sales | -0.20% | -0.10% | -0.10% | 45 | 0.9 | Power Production Europe | 68 |
| St. Galler Kantonalbank | Delta Income/Equity | -0.30% | -0.50% | 0.30% | 52 | 1 | National/State Retail Banks Europe | 36 |
| StarragHeckert | Delta EBITDA/Sales | -2.80% | -5.50% | 2.60% | 67 | 1.3 | Machining Centers | 52 |
| Straumann | Delta EBITDA/Sales | -8.50% | 0.60% | -9.00% | 25 | 0.5 | Dental Implants | 17 |
| Sulzer | Delta EBITDA/Sales | -0.70% | -3.50% | 2.90% | 74 | 1.5 | Industrial Machinery and Equipment | 92 |
| Sulzer - Pumps | Delta EBITDA/Sales | 1.80% | -1.50% | 3.20% | 69 | 1.4 | Pumps | 120 |
| Swatch | Division Average | -7.10% | -1.30% | -5.70% | 26 | 0.5 | Division Average | n/a |
| Swatch | Delta EBITDA/Sales | -10.50% | -1.00% | -9.50% | 8 | 0.2 | Jewelry & Watches | 36 |
| Swatch - Watches & Jewelry | Delta EBIT/Sales | -7.10% | -1.30% | -5.70% | 26 | 0.5 | Watches | 83 |
| Swiss Life | Delta Income/Equity | 0.30% | -1.00% | 1.30% | 67 | 1.3 | Multi-line Insurer Europe | 53 |
| Swiss Re | Delta Income/Equity | -5.60% | 0.60% | -6.30% | 12 | 0.2 | Reinsurer | 40 |
| Swisscom | Delta EBITDA/Sales | -0.90% | -0.90% | 0.00% | 50 | 1 | Telecommunications | 98 |
| Swisslog | Delta EBITDA/Sales | 1.90% | -2.30% | 4.30% | 91 | 1.8 | Logistic Solutions | 80 |
| Swissmetal | Delta EBITDA/Sales | -10.90% | -6.80% | -4.10% | 24 | 0.5 | Copper Products | 66 |
| Syngenta | Division Average | 5.60% | -0.80% | 6.40% | 86 | 1.7 | Division Average | n/a |
| Syngenta - Crop Protection | Delta EBITDA/Sales | 5.60% | -0.80% | 6.40% | 87 | 1.7 | Agricultural Crop Protection | 94 |
| Syngenta - Seeds | Delta EBITDA/Sales | 2.50% | -2.40% | 4.90% | 86 | 1.7 | Agricultural Seeds | 74 |
| Synthes Inc. | Delta EBITDA/Sales | 0.60% | -1.50% | 2.00% | 64 | 1.3 | Operative Treatment Devices | 26 |
| Tamedia | Delta EBITDA/Sales | -17.40% | -9.50% | -7.90% | 32 | 0.6 | Printing/Publishing/Broadcasting | 34 |
| Tecan | Delta EBITDA/Sales | -1.70% | -2.60% | 1.00% | 57 | 1.1 | Lab Equipment Producers | 36 |
| Tornos | Delta EBIT/Sales | -40.00% | -5.30% | -34.70% | 11 | 0.2 | Special Machinery | 36 |
| UBS | Delta Income/Equity | -15.00% | -0.70% | -14.30% | 0 | 0 | Very Larg Diversified Gobal Banks | 39 |
| Uster | Delta EBITDA/Sales | -34.10% | -9.60% | -24.50% | 18 | 0.4 | Special Textile Machinery | 44 |
| Valiant | Delta Income/Equity | -0.20% | -2.70% | 2.50% | 76 | 1.5 | Wealth Management Europe | 39 |
| Valora | Delta EBITDA/Sales | -0.60% | 0.10% | -0.70% | 16 | 0.3 | Grocery | 98 |
| Vaudoise | Delta Income/Equity | -9.10% | -1.00% | -8.10% | 15 | 0.3 | Multi-line Insurer Europe | 53 |
| Vetropack | Delta EBIT/Sales | -2.80% | -1.80% | -1.00% | 43 | 0.9 | Glass Packaging | 52 |
| Von Roll | Division Average | -10.50% | -7.00% | -3.40% | 24 | 0.5 | Division Average | n/a |
| Von Roll - Composites | Delta EBITDA/Sales | -24.30% | -9.40% | -14.90% | 11 | 0.2 | Industrial Division | 85 |
| Von Roll - Insulation | Delta EBITDA/Sales | -10.50% | -7.00% | -3.40% | 36 | 0.7 | Electrical Division | 78 |
| Vontobel | Delta Income/Equity | -3.70% | -2.20% | -1.50% | 40 | 0.8 | Investment Banking | 78 |
| VP Bank | Delta Income/Equity | -1.50% | -2.70% | 1.20% | 64 | 1.3 | Wealth Management Europe | 39 |
| VZ | Delta Income/Equity | -1.00% | -2.20% | 1.20% | 54 | 1.1 | Investment Banking | 78 |
| Walliser Kantonalbank | Delta Income/Equity | 0.30% | -0.50% | 0.90% | 79 | 1.6 | National/State Retail Banks Europe | 36 |
| Walter Meier | Delta EBIT/Sales | -3.30% | -2.30% | -1.00% | 39 | 0.8 | Heating/Cooling Equipment | 78 |
| Warteck Invest | Delta EBIT/Sales | 14.20% | -5.30% | 19.50% | 84 | 1.7 | Real Estate | 115 |
| Ypsomed | Delta EBITDA/Sales | -2.00% | -2.30% | 0.40% | 52 | 1 | Injection Pens Manufacturer | 47 |
| Zehnder | Delta EBIT/Sales | -1.40% | -2.20% | 0.80% | 66 | 1.3 | Heating/Sanitary Equipment | 65 |
| Züblin Immobilien | Delta EBITDA/Sales | -9.70% | -4.60% | -5.10% | 43 | 0.9 | Real Estate | 115 |
| Zuger Kantonalbank | Delta Income/Equity | 1.00% | -0.50% | 1.50% | 90 | 1.8 | National/State Retail Banks Europe | 36 |
| Zurich Financial Services | Delta Income/Equity | -6.10% | -1.00% | -5.20% | 26 | 0.5 | Multi-line Insurer Europe | 53 |
The bonus multiple in the table is the multiplier by which individual target bonuses (typically expected bonuses or average historic bonuses) are multiplied to calculate the deserved indexed bonus for 2009.
III. Method
1 Purpose
The purpose of the Obermatt Bonus Index is to calculate deserved bonuses based on indexed operating performance for public companies and their significant divisions (business segments). Indexed bonuses have the advantage that they pay appropriate bonuses that are neither too high nor too low. Traditional non-indexed bonus plans typically pay excessively high bonuses in up-cycles and bonuses that are too low in downturns. Indexed bonuses avoid this by assessing performance relative to peers, thereby measuring true operating performance only, not the economy’s performance (external factors such as business cycles, resource price changes, customer demand or market sentiment at the stock exchanges etc.).
This is why indexed bonuses stay fairer even in strong up or down-cycles. Indexed bonuses do not need pre-negotiated financial targets. Therefore, they can be assessed outside-in by the objectively derived Obermatt Bonus Index. Indexed bonuses for assessed companies or divisions are determined in a three stage process:
| 1. | Obermatt creates a peer universe of comparable companies which defines the relevant market of the assessed company. |
| 2. | Obermatt determines the actual performance of the assessed company as Operating Rank. |
| 3. | Based on the achieved Operating Rank |
2 Definition of the Peer Universe
Defining the industry sector and selecting an appropriate peer universe is paramount to the Bonus Index results. Peer selection involves selecting companies which are in the same line of business as the company or division being ranked. For this purpose, Obermatt uses the Standard Industrial Classification (SIC) and the Global Industry Classification Standard (GICS) to categorize the selected companies to their particular industry sector. Additionally, Obermatt performs a keyword and a manual search to narrow the peer universe to represent the company to be ranked as accurately as possible. Each peer universe ideally comprises around 30-200 companies. However, in some cases the peer universe can be smaller than 30 or even larger than 200 companies.
More information on www.obermatt.com/peer-universe.
3 Operating Rank
The Operating Rank converts the absolute values of performance measures to percentile rank values. Operating Rank shows the operating performance on any value driver of a company against the performance of all peer companies for that same metric. The market performance is provided by showing the percentile ranks on a percentile rank chart called Operating Rank. Operating Rank is calculated using actual historic data or deltas of that data from one period to the next. Operating Rank is part of Obermatt's indexed operating performance approach to indexed performance management and investing.
More at www.obermatt.com/operating-rank.
4 Performance Metric
For the Bonus Index, actual performance is based on organic EBITDA or EBIT where EBITDA is not available. For financial institutions, EBITDA is replaced by Net Income. Organic EBITDA (resp. Net Income, not separately mentioned thereafter) is free from extraordinary effects, such as effects from mergers and acquisitions activity and restructuring. Obermatt uses organic EBITDA as reported by the Thomson Reuters Worldscope database. This database adjusts for non operational activities such as sales of divisions, one-off depreciation, restructuring costs and other special items. To further increase the quality and reliability of the Bonus Index, financial data of the 10% best performers were manually verified and, if necessary, adjusted (see notes in this report).
Obermatt indexes EBITDA by calculating the Operating Rank of Delta EBITDA in percent of sales (DEBITDA%sales). This figure is robust against influences by accounting decisions and not affected by base level effects of EBITDA and thus works for negative EBITDA levels as well. For financial institutions, Sales is replaced by Average Equity.
5 Bonus Calculations
Since Operating Ranks are independent of external factors (including investor sentiment) and a standardized performance measure, deserved bonus levels are directly derived from the Operating Rank. The Bonus Index uses the following formula for calculating the Bonus Multiple.
Bonus Multiple = 2 * Operating Rank on DEBITDA in % of sales
The Bonus Multiple is the factor by which individually agreed target bonuses (e.g. typically expected or average historic bonus levels) are multiplied to obtain the actually deserved indexed bonus. For instance, if the agreed target bonus is €10’000 and the Bonus Multiple is 1.2, the deserved actual bonus is €12’000 (1.2 times €10’000).
The following graph illustrates how Operating Rank is converted into Bonus Multiples:

IV. Notes
Obermatt has analyzed 147 SMI/SPI companies.
Excluded are the following companies:
Due to not yet reported financials:
- Aryzta
- Bank Rothschild
- Burkhard Compression
- Conzzeta
- Golay Buchel
- Implenia
- Inficon
- Metall Zug
- Richemont
- Swiss Prime Site
- Zwahlen & Mayr
Due to lacking size:
- Tec-Sem
- U-Blox
- Edisun
- Bondpartners
- CIE FIN Trading
Because of the complexity of the branch:
- Hospital Operator
- Software developer
- Railway companies
- Hotel chains
- Messe Schweiz
- Kudelski
- Gategroup
- Precious Wood
- Villars
- Duffry
- COS
- Escor
- Ci Com
Due to different reasons:
- Biotech companies (due to the fact that benefits usually occur at a future point)
- Private equity companies (due to the fact that the portfolio of this companies would have to be analyzed to get relevant results)
- Valartis (no clear information about the impact of exceptional items)
- Jelmoli
- LO Holding
We performed a custom consolidation for the following company:
- UBS: due to unclear impact of exceptional write offs and impairments the Investment division was subtracted
- Credit Suisse: due to unclear impact of exceptional write offs and impairments the Investment division was subtracted
The following companies were adjusted from fiscal year to calendar year:
- Carlo Gavazzi
- Dottikon
- Feintool
- Infranor
- LEM
- Loeb
- Logitech
- Schaffner
- Sonova
- Ypsomed
- Züblin Immobilien
V. General Public License
The intellectual property of this report belongs to Obermatt Inc., Zurich, Switzerland and Los Angeles, USA (www.obermatt.com). The content of this report including its graphs and tables may be used, copied and distributed provided it is free of charge to the end user and quoted as follows:
© www.obermatt.com or alternatively: Source: www.obermatt.com
Public quotes under the general public license are kindly requested to be notified to
office@obermatt.com or +41 (43) 344 88 22.
VI. About Obermatt Inc.
Obermatt is an international financial research company focused on indexing corporate operating performance to measure, rank and compare key financial ratios standardized and independent of external factors.
We help corporations, private equity firms and investors add value for their shareholders and to their portfolios through products that make innovative use of indexed performance measurement. The company is employee owned and has offices in Los Angeles, USA and Zurich, Switzerland.
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