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Definitive Ergebnisse Bonusindex 2009 - Schweiz

Bonusindex Schweizer Banken 2009

 

Report im PDF Format

Bonusindex Methode

Finanz & Wirtschaft Artikel von Hermann Stern

SoZ zum Obermatt SMI/SPI Ranking 2009

Cash Interview mit Hermann Stern

Nach dem Obermatt SMI/SPI Bonusindex war die Zehnder Gruppe 2009 im Vergleich zum Vorjahr das erfolgreichste Unternehmen aller in der Schweiz kotierten Gesellschaften. Der Heizungs- und Lüftungsspezialist erzielte den Toprang mit einem Bonusmultiplikator von 1.9. Mit der operativen Leistung 2009 schlägt die Zehnder Gruppe 95% ihrer internationalen Vergleichsunternehmen. Die Geschäftsleitung dieser Gesellschaft führt die Gruppe der „Krisenmanager“ an, die es verstanden, ihr Unternehmen nicht nur erfolgreich durch die schlimmste Rezession seit Jahrzehnten zu navigieren, sondern diese anspruchsvollen Zeiten vielmehr auch als Chance nutzten, ihre Vergleichsunternehmen deutlich zu schlagen und Marktanteile zu gewinnen. Damit werden sie es sein, die am besten gerüstet sind für den sich abzeichnenden Konjunkturaufschwung. Andere Bonusindex „Krisen-Outperformer“ sind zum Beispiel Implenia, Sika und Schindler (alle Bonusmultiplikator 1.5), oder Adval Tech (1.3). Die Gemeinsamkeit bei den meisten dieser Unternehmen ist, dass sie nicht nur die Kosten erfolgreich an den tieferen Umsatz anpassten (einzelne dieser Unternehmen mussten zweistellige Umsatzrückgänge verkraften), sondern gleichzeitig ihre Verkaufsanstrengungen erhöhten und in Produktinnovationen investierten. Trotz des schwierigen wirtschaftlichen Umfelds – oder gerade deswegen – entschieden sie sich also für eine offensive Marktstrategie.

Für viele Unternehmen in der Finanzindustrie war das Jahr 2009 ein weiteres „annus horribilis.“ Mit dem Obermatt Konzept der relativen Leistungsmessung, welche die externen, unternehmens-unabhängigen Faktoren neutralisiert, schafften es die Klassenbesten trotzdem, eine hohe Position im Obermatt Bonusindex Ranking zu erzielen. Die Credit Suisse als Branchenprimus übertraf 2009 71% ihrer globalen Peerunternehmen und erreichte damit einen Bonusmultiplikator von 1.4. Andere überdurchschnittlich erfolgreiche Unternehmen im Finanzsektor waren die VP Bank aus Liechtenstein (1.4), die Kantonalbanken von Genf (1.4), von Basel-Stadt und Waadt (beide 1.3), von Bern (1.2) sowie die Liechtensteinische Landesbank (1.2), Bank Sarasin und Julius Bär (beide 1.1). Damit haben die Geschäftsleitungen all dieser Unternehmen einen überdurchschnittlichen Bonus für ihre Leistung in der Wirtschaftskrise verdient.

Beinahe ein Drittel der kotierten Schweizer Unternehmen erzielten 2009 eine operative Leistung nahe am Median (1.0, was einer durchschnittlichen Branchenperformance entspricht) mit einem Bonusmultiplikator zwischen 0.9 und 1.1. Dazu gehören Kühne & Nagel und Swatch (beide 1.1.), Syngenta (1.0), Zurich, Synthes, Baloise und Swiss Re (alle 0.9). SMI Unternehmen wie
Holcim (0.8), Adecco und ABB (beide 0.7), Actelion (0.6), Roche, Novartis  und Nestlé (alle 0.5) sowie Lonza (0.4) schnitten 2009 schlechter ab als ihre Vergleichsunternehmen. Auf dem langen Weg zurück auf die Erfolgsspur erreichte die UBS 2009 einen Obermatt Bonusmultiplikator von 0.3. Damit schlug die Bank 14% ihrer Vergleichsunternehmen.

Resultat sortiert nach Bonusmultiplikator

Liste alphabetisch sortiert
sehe Bonusindex Methode

Company Name Metric Type Metric
Value
Operating
Index
Operating
Alpha
Operating
Rank
Bonus
Multiplier
Universe Name Number of
Peers
Zehnder EBITDA 2.7% -1.7% 4.4% 95% 1.9 Heating/Sanitary Equipment 65
Implenia EBITDA 0.3% -0.6% 0.9% 76% 1.5 Construction Service Large 55
Sika EBIT -0.6% -9.4% 8.8% 75% 1.5 Construction Chemicals 28
Schindler EBITDA 0.7% -0.9% 1.6% 73% 1.5 Elevator & Escalator 21
Kühne & Nagel - Rail & Road Logistics EBITDA 1.0% -1.3% 2.3% 72% 1.4 Road & Rail 145
Orell Füssli - Book Retail EBITDA 1.9% -0.1% 2.0% 71% 1.4 Book Retail 34
Credit Suisse Operating Income 7.3% 0.7% 6.5% 71% 1.4 Very Large Diversified Global Banks 39
VP Bank Operating Income 2.8% -1.1% 3.9% 70% 1.4 Wealth Management Europe 39
Zwahlen & Mayr EBITDA 0.0% -2.2% 2.2% 70% 1.4 Steel Tubes/Metal Construction 65
Banque Cantonale De Genève Operating Income 2.5% 1.1% 1.4% 70% 1.4 National/State Retail Banks Europe 36
Syngenta - Seeds EBITDA 4.8% 2.0% 2.8% 69% 1.4 Agricultural Seeds 74
IVF Hartmann EBITDA 3.7% 1.4% 2.4% 69% 1.4 Injury-care Products 110
Basler Kantonalbank Operating Income 2.4% 1.1% 1.3% 67% 1.3 National/State Retail Banks Europe 36
Rätia Energie EBITDA 3.1% 1.1% 1.9% 65% 1.3 Power Production Europe 68
Calida EBITDA 2.3% 0.7% 1.7% 63% 1.3 Underwear 59
Adval Tech EBITDA -3.0% -4.2% 1.3% 63% 1.3 Stamping/Forming Machinery 76
AFG - Windows & Doors EBITDA -0.1% -1.2% 1.0% 63% 1.3 Windows & Doors 33
Banque Cantonale Vaudoise Operating Income 1.7% 1.1% 0.6% 61% 1.2 National/State Retail Banks Europe 36
Berner Kantonalbank Operating Income 1.4% 0.9% 0.5% 61% 1.2 National/State Retail Banks Europe 36
Mobimo Operating Income 2.6% -0.2% 2.8% 60% 1.2 Real Estate 115
Acino EBITDA 7.9% 4.3% 3.6% 59% 1.2 Generics / Pharmaceuticals 78
Intershop Operating Income 2.4% -0.2% 2.7% 59% 1.2 Real Estate 115
Kühne & Nagel - Sea Freight EBITDA -0.8% -2.3% 1.4% 59% 1.2 Water Transportation 171
Bucher - Municipal EBITDA -2.1% -4.1% 1.9% 58% 1.2 Municipal Vehicle Manufacturers 50
Orell Füssli Average n/a n/a n/a 58% 1.2 Division Weighted n/a
Liechtensteinische Landesbank Operating Income 1.7% 1.1% 0.6% 58% 1.2 National/State Retail Banks Europe 36
Swisslog EBITDA -1.1% -3.4% 2.3% 57% 1.1 Logistic Solutions 80
Swatch - Watches & Jewelry EBITDA -0.5% -1.0% 0.5% 57% 1.1 Watches Large 23
Swatch Average n/a n/a n/a 57% 1.1 Division Weighted n/a
Looser - Coating EBITDA 1.2% 0.1% 1.0% 56% 1.1 Coating 53
Kühne & Nagel Average n/a n/a n/a 56% 1.1 Division Weighted n/a
VZ Holding Operating Income 4.0% 2.4% 1.6% 56% 1.1 Investment Advice 154
Bank Sarasin Operating Income 0.2% -1.1% 1.3% 56% 1.1 Wealth Management Europe 39
Julius Bär Operating Income 0.6% 0.1% 0.5% 56% 1.1 Wealth Management Europe 39
Petroplus EBITDA 1.4% 0.9% 0.5% 55% 1.1 Oil Refining and Marketing 123
Barry Callebaut - Industrial Customers EBITDA 0.5% 0.2% 0.3% 55% 1.1 Chocolate & Confectionery 79
Graubundner Kantonalbank Operating Income 1.3% 1.1% 0.2% 55% 1.1 National/State Retail Banks Europe 36
Swiss Prime Site Operating Income 1.3% -0.2% 1.5% 54% 1.1 Real Estate 115
Rieter - Textile Systems EBITDA -2.7% -3.1% 0.4% 53% 1.1 Textile Systems 78
Ypsomed EBITDA 0.4% 0.4% 0.0% 53% 1.1 Injection Pen Manufacturers 47
Tecan EBITDA -0.7% -1.0% 0.4% 52% 1.0 Lab Equipment Producers 36
Syngenta Average n/a n/a n/a 52% 1.0 Division Weighted n/a
Valiant Operating Income 0.0% -1.1% 1.0% 52% 1.0 Wealth Management Europe 39
StarragHeckert EBITDA -6.0% -6.4% 0.3% 52% 1.0 Machining Centers 52
Walliser Kantonalbank Operating Income 1.2% 1.1% 0.1% 52% 1.0 National/State Retail Banks Europe 36
PSP Swiss Property Operating Income 0.1% -0.2% 0.3% 51% 1.0 Real Estate 115
Barry Callebaut Average n/a n/a n/a 51% 1.0 Division Weighted n/a
Bucher - Kuhn EBITDA -4.3% -4.4% 0.1% 51% 1.0 Farm Machinery 53
Kühne & Nagel - Contract Logistics EBITDA -0.3% -0.5% 0.1% 51% 1.0 Logistics/Warehouse/Supply Chain 280
Panalpina EBITDA -1.8% -1.8% 0.0% 51% 1.0 Transportation/Logistic Services 160
Looser Average n/a n/a n/a 51% 1.0 Division Weighted n/a
Gurit EBITDA 1.5% 1.5% 0.0% 50% 1.0 Composite Materials 46
Also EBITDA 0.0% 0.1% 0.0% 49% 1.0 IT Retail 94
Helvetia Operating Income 4.2% 5.0% -0.8% 49% 1.0 Multi-line Insurer Europe 53
Allreal Operating Income -0.2% -0.2% 0.0% 49% 1.0 Real Estate 115
Sulzer - Pumps EBITDA -1.4% -1.4% 0.0% 49% 1.0 Pumps 120
Sulzer Average n/a n/a n/a 49% 1.0 Division Weighted n/a
Luzerner Kantonalbank Operating Income 1.0% 1.1% -0.1% 48% 1.0 National/State Retail Banks Europe 36
Bell EBITDA 2.4% 2.7% -0.3% 48% 1.0 Meat Processing 85
Goldbach Media EBITDA -0.3% 0.8% -1.1% 48% 1.0 Electronic Marketing 34
Holcim - Other Construction Material and Services EBITDA -1.2% -0.9% -0.3% 47% 0.9 Concrete & Asphalt Producers 120
Syngenta - Crop Protection EBITDA -2.0% -1.4% -0.5% 47% 0.9 Agricultural Crop Protection 94
EMS-Chemie EBITDA 0.1% 0.9% -0.7% 47% 0.9 Polymers and Chemicals 76
Clariant - Functional Chemicals EBITDA -1.2% -0.5% -0.7% 46% 0.9 Basic Chemicals 153
BKW FMB Energie EBITDA 0.9% 1.1% -0.3% 46% 0.9 Power Production Europe 68
Geberit EBITDA -1.6% -0.5% -1.1% 46% 0.9 Sanitary Systems 67
Looser - Doors EBITDA -0.7% 1.1% -1.8% 45% 0.9 Doors/Frames 44
Belimo EBITDA -0.9% -0.7% -0.3% 45% 0.9 Actuator & Valve Technology 86
ABB - Power Products EBITDA -0.9% -0.6% -0.3% 44% 0.9 Power Products 64
Zurich Financial Services Operating Income 1.7% 2.5% -0.8% 44% 0.9 Multi-line Insurer 256
Bucher Average n/a n/a n/a 44% 0.9 Division Weighted n/a
Synthes EBITDA 2.8% 4.6% -1.8% 43% 0.9 Orthopedic Devices 25
Baloise Operating Income -0.5% 5.0% -5.5% 43% 0.9 Multi-line Insurer Europe 53
Swiss Re Operating Income 8.9% 10.1% -1.2% 43% 0.9 Reinsurer 40
Barry Callebaut - Retail Private Customers EBITDA -0.1% 0.2% -0.3% 43% 0.9 Chocolate & Confectionery 79
St. Galler Kantonalbank Operating Income 0.7% 1.1% -0.4% 42% 0.8 National/State Retail Banks Europe 36
Uster Technologies EBITDA -8.7% -7.4% -1.2% 42% 0.8 Special Textile Machinery 44
Ascom EBITDA -0.7% 0.1% -0.8% 42% 0.8 Telecommunication Systems 81
OC Oerlikon - Textile EBITDA -9.1% -6.0% -3.1% 41% 0.8 Textile Industry 40
Vontobel Operating Income 1.1% 5.1% -4.1% 41% 0.8 Investment Banking 78
EFG International Operating Income -5.0% -1.1% -3.9% 41% 0.8 Wealth Management Europe 39
Kühne & Nagel - Air Freigth EBITDA -1.6% -0.4% -1.2% 41% 0.8 Air Freight and Cargo 84
Valora EBITDA 0.4% 0.7% -0.3% 40% 0.8 Grocery 98
Holcim Average n/a n/a n/a 40% 0.8 Division Weighted n/a
Basellandschaftliche Kantonalbank Operating Income 0.2% 1.1% -1.0% 39% 0.8 National/State Retail Banks Europe 36
Walter Meier EBITDA -1.2% 0.0% -1.2% 39% 0.8 Heating/Cooling Equipment 78
AFG Average n/a n/a n/a 38% 0.8 Division Weighted n/a
Orell Füssli - Security Printing EBITDA -9.5% -8.6% -0.9% 38% 0.8 Security Printing 11
Swisscom EBITDA -1.0% 0.2% -1.3% 37% 0.7 Telecommunications 98
Hügli EBITDA 1.2% 2.1% -0.8% 37% 0.7 Food Producers 73
Forbo EBITDA -0.9% 0.7% -1.6% 37% 0.7 Flooring & Bonding Material 247
Holcim - Cement EBITDA -3.2% 1.5% -4.7% 36% 0.7 Cement & Clinker 72
Adecco EBITDA -4.1% -2.3% -1.8% 36% 0.7 Employment Services 102
Holcim - Aggregates EBITDA -2.7% -0.4% -2.3% 35% 0.7 Aggregates Producer 149
Nestlé - Beverages EBIT 0.2% 2.1% -1.9% 34% 0.7 Beverages (Coffee/Water) 108
SGS EBITDA -2.8% -0.2% -2.6% 34% 0.7 Testing/Inspection/Verification 194
ABB Average n/a n/a n/a 34% 0.7 Division Weighted n/a
AFG - Heating & Sanitary EBITDA -0.2% 0.6% -0.8% 33% 0.7 Heating / Sanitary Equipment 59
Kuoni EBITDA -2.7% -1.2% -1.6% 33% 0.7 Travel/Tour Operators 61
Zuger Kantonalbank Operating Income -0.5% 1.1% -1.6% 33% 0.7 National/State Retail Banks Europe 36
Novartis - Pharmaceuticals EBITDA 1.7% 3.7% 2.0% 33% 0.7 Pharma Large 91
ABB - Power Systems EBITDA -3.1% 0.0% -3.1% 31% 0.6 Power Systems 66
Givaudan EBITDA -0.5% 2.5% -3.0% 31% 0.6 Flavoring Extracts 142
Bucher - Emhart Glass EBITDA -5.5% -1.1% -4.4% 31% 0.6 Special Machinery (Glass) 53
Comet EBITDA -11.2% 0.2% -11.4% 31% 0.6 Capacitors/X-Ray 27
Schweiter EBITDA -10.1% -4.7% -5.4% 30% 0.6 Textile Machinery 65
Bank CA St. Gallen Operating Income -0.9% 1.1% -2.0% 30% 0.6 National/State Retail Banks Europe 36
Rieter Average n/a n/a n/a 30% 0.6 Division Weighted n/a
Clariant - Textile Leather Paper EBITDA -3.0% 1.0% -4.0% 30% 0.6 Textile Chemicals 97
Clariant Average n/a n/a n/a 30% 0.6 Division Weighted n/a
Flughafen Zurich EBITDA -2.1% 1.6% -3.7% 29% 0.6 Airport/Airline 159
OC Oerlikon Average n/a n/a n/a 29% 0.6 Division Weighted n/a
Actelion EBITDA -2.2% 1.4% -3.6% 29% 0.6 Pharmaceutical & Chemical Industry 178
Banque Cantonale Du Jura Operating Income -1.8% 1.1% -3.0% 27% 0.5 National/State Retail Banks Europe 36
Roche EBITDA -3.5% 0.2% -3.7% 27% 0.5 Pharmaceuticals and Diagnostics Large 33
Bucher - Process EBITDA -9.9% -4.7% -5.2% 27% 0.5 Food Processing Machinery 74
Mikron EBITDA -11.8% -5.3% -6.5% 27% 0.5 Machine Tools/Assembly Solutions 85
Partners Group Operating Income -3.4% 5.1% -8.6% 27% 0.5 Investment Banking 78
Emmi EBITDA 0.9% 2.3% -1.4% 26% 0.5 Milk Products 62
Huber & Suhner EBITDA -4.1% 1.5% -5.6% 26% 0.5 Cables / Fibre Optics 42
ABB - Automation Products EBITDA -5.6% -2.4% -3.2% 25% 0.5 Automation Products 105
Novartis Average n/a n/a n/a 25% 0.5 Division Weighted n/a
Cham Paper Group EBITDA 0.9% 3.7% -2.8% 25% 0.5 Paper Industry 121
CPH EBITDA -3.6% 0.9% -4.5% 25% 0.5 Paper/Chemicals 133
Kardex EBITDA -7.6% -3.9% -3.7% 25% 0.5 Storage Solutions 62
Micronas Semiconductor EBITDA -10.9% 1.6% -12.5% 25% 0.5 Semiconductors/Integrated Circuits 75
Tamedia EBITDA -8.6% 4.1% -12.7% 24% 0.5 Printing/Publishing/Broadcasting 34
Publigroupe EBITDA -2.8% 0.1% -2.9% 24% 0.5 Market of Advertisement 80
Interroll EBITDA -11.0% -3.4% -7.6% 24% 0.5 Conveyors and Industrials 111
Galenica - Logistics EBITDA -0.2% 0.9% -1.1% 23% 0.5 Pharmaceutical Retail 66
Nestlé Average n/a n/a n/a 23% 0.5 Division Weighted n/a
Nestlé - Milk Products EBIT -0.2% 2.7% -2.9% 23% 0.5 Dairy Products 126
AFG - Steel Technology EBITDA -11.8% -0.4% -11.4% 22% 0.4 Steel Technology 38
Bachem EBITDA -8.5% 1.7% -10.3% 22% 0.4 API/Intermediates/Compounds 172
Mobilzone EBITDA -1.0% 0.3% -1.4% 22% 0.4 Mobile Phone Retail 37
Rieter - Automotive Systems EBITDA -5.1% 1.3% -6.4% 22.00% 0.4 Automotive Systems 302
Lonza - Custom Manufacturing EBITDA -8.3% 4.2% -12.5% 22% 0.4 Exklusive Synthesis 96
Siegfried EBITDA -9.2% 1.7% -11.0% 21% 0.4 API/Intermediates/Compounds 172
Galenica Average n/a n/a n/a 21% 0.4 Division Weighted n/a
Lonza Average n/a n/a n/a 20% 0.4 Division Weighted n/a
Bucher - Hydraulics EBITDA -8.5% -0.5% -8.0% 20% 0.4 Hydraulic System Manufacturer 97
Burkhalter EBITDA -2.2% 2.4% -4.6% 20% 0.4 Electronic Installation 27
Lindt & Sprüngli EBITDA -3.0% 0.2% -3.3% 20% 0.4 Chocolate & Confectionery 79
Nobel Biocare EBITDA -4.4% -0.4% -4.0% 20% 0.4 Dental Implants 17
Bank Rothschild Operating Income -6.9% 5.1% -12.1% 20% 0.4 Investment Banking 78
Nestlé - Confectionary EBIT -0.2% 1.7% -1.9% 19% 0.4 Chocolate & Confectionery 76
Lonza - Life Science Ingredients EBITDA -3.0% 2.6% -5.5% 19% 0.4 Life Science 88
AFG - Kitchens & Refrigeration EBITDA -3.1% 2.9% -6.0% 19% 0.4 Kitchens & Refrigeration 81
Charles Vögele EBITDA -3.1% 0.8% -3.8% 18% 0.4 Clothing Apparel and Shoes 127
Coltene EBITDA -2.6% 2.2% -4.9% 16% 0.3 Dental Consumables 40
Leclanche EBITDA -16.1% -2.0% -14.1% 15% 0.3 Batteries 54
Schulthess EBITDA -4.1% 0.6% -4.7% 14% 0.3 Laundry equipment 81
UBS Operating Income -9.8% 0.7% -10.5% 14% 0.3 Very Large Diversified Global Banks 39
Cicor EBITDA -10.1% 1.3% -11.5% 14% 0.3 Electrical Interconnectors 33
Romande Energie EBITDA -5.4% 1.1% -6.5% 14% 0.3 Power Production Europe 68
Von Roll - Insulation EBITDA -6.6% -0.3% -6.3% 12% 0.2 Insulation Products 78
Bobst EBITDA -13.2% -0.9% -12.2% 12% 0.2 Printing / Packaging Machinery 145
Von Roll Average n/a n/a n/a 12% 0.2 Division Weighted n/a
Tornos EBITDA -17.4% -9.1% -8.2% 11% 0.2 Special Machinery 36
OC Oerlikon - Drive Systems EBITDA -9.5% 0.2% -9.6% 10% 0.2 Drive Systems 102
Nestlé - Prepared Dishes EBIT -0.4% 2.1% -2.5% 10% 0.2 Prepared Foods 138
Von Roll - Composites EBITDA -11.4% -1.2% -10.2% 10% 0.2 Composites 85
Novartis -Sandoz EBITDA -0.8% 4.1% -4.9% 9% 0.2 Generics & OTC 67
Galenica - Pharma EBITDA -20.9% 1.8% -22.7% 8% 0.2 Pharmaceuticals Manufacturer 83
Inficon EBITDA -10.5% 1.6% -12.1% 8% 0.2 Measuring Devices 68
Novartis - Consumer Health EBITDA -0.2% 3.6% -3.8% 6% 0.1 Consumer Health 40
Schlatter EBITDA -11.6% -5.5% -6.2% 6% 0.1 Welding Plants and Machinery 40
Feintool EBITDA -11.9% -1.2% -10.7% 4% 0.1 Machine Tools 41
Komax EBITDA -14.9% 1.7% -16.6% 3% 0.1 Wire Processing and Assembly 91
Clariant - Pigments & Additives EBITDA -8.6% -0.7% -7.9% 3% 0.1 Pigments & Additives 116
ABB - Robotics EBITDA -18.8% -1.5% -17.2% 0% 0.0 Robotics 49
Straumann EBITDA -7.2% -0.4% -6.8% 0% 0.0 Dental Implants 17

Resultat sortiert nach Firma

sehe Liste sortiert nach Bonusmultiplikator
sehe Bonusindex Methode

Company Name Metric Type Metric
Value
Operating
Index
Operating
Alpha
Operating
Rank
Bonus
Multiplier
Universe Name Number of
Peers
ABB Average n/a n/a n/a 34% 0.7 Division Weighted n/a
ABB - Automation Products EBITDA -5.6% -2.4% -3.2% 25% 0.5 Automation Products 105
ABB - Power Products EBITDA -0.9% -0.6% -0.3% 44% 0.9 Power Products 64
ABB - Power Systems EBITDA -3.1% 0.0% -3.1% 31% 0.6 Power Systems 66
ABB - Robotics EBITDA -18.8% -1.5% -17.2% 0% 0.0 Robotics 49
Acino EBITDA 7.9% 4.3% 3.6% 59% 1.2 Generics / Pharmaceuticals 78
Actelion EBITDA -2.2% 1.4% -3.6% 29% 0.6 Pharmaceutical & Chemical Industry 178
Adecco EBITDA -4.1% -2.3% -1.8% 36% 0.7 Employment Services 102
Adval Tech EBITDA -3.0% -4.2% 1.3% 63% 1.3 Stamping/Forming Machinery 76
AFG Average n/a n/a n/a 38% 0.8 Division Weighted n/a
AFG - Heating & Sanitary EBITDA -0.2% 0.6% -0.8% 33% 0.7 Heating / Sanitary Equipment 59
AFG - Kitchens & Refrigeration EBITDA -3.1% 2.9% -6.0% 19% 0.4 Kitchens & Refrigeration 81
AFG - Steel Technology EBITDA -11.8% -0.4% -11.4% 22% 0.4 Steel Technology 38
AFG - Windows & Doors EBITDA -0.1% -1.2% 1.0% 63% 1.3 Windows & Doors 33
Allreal Operating Income -0.2% -0.2% 0.0% 49% 1.0 Real Estate 115
Also EBITDA 0.0% 0.1% 0.0% 49% 1.0 IT Retail 94
Ascom EBITDA -0.7% 0.1% -0.8% 42% 0.8 Telecommunication Systems 81
Bachem EBITDA -8.5% 1.7% -10.3% 22% 0.4 API/Intermediates/Compounds 172
Baloise Operating Income -0.5% 5.0% -5.5% 43% 0.9 Multi-line Insurer Europe 53
Bank CA St. Gallen Operating Income -0.9% 1.1% -2.0% 30% 0.6 National/State Retail Banks Europe 36
Bank Rothschild Operating Income -6.9% 5.1% -12.1% 20% 0.4 Investment Banking 78
Bank Sarasin Operating Income 0.2% -1.1% 1.3% 56% 1.1 Wealth Management Europe 39
Banque Cantonale De Genève Operating Income 2.5% 1.1% 1.4% 70% 1.4 National/State Retail Banks Europe 36
Banque Cantonale Du Jura Operating Income -1.8% 1.1% -3.0% 27% 0.5 National/State Retail Banks Europe 36
Banque Cantonale Vaudoise Operating Income 1.7% 1.1% 0.6% 61% 1.2 National/State Retail Banks Europe 36
Barry Callebaut Average n/a n/a n/a 51% 1.0 Division Weighted n/a
Barry Callebaut - Industrial Customers EBITDA 0.5% 0.2% 0.3% 55% 1.1 Chocolate & Confectionery 79
Barry Callebaut - Retail Private Customers EBITDA -0.1% 0.2% -0.3% 43% 0.9 Chocolate & Confectionery 79
Basellandschaftliche Kantonalbank Operating Income 0.2% 1.1% -1.0% 39% 0.8 National/State Retail Banks Europe 36
Basler Kantonalbank Operating Income 2.4% 1.1% 1.3% 67% 1.3 National/State Retail Banks Europe 36
Belimo EBITDA -0.9% -0.7% -0.3% 45% 0.9 Actuator & Valve Technology 86
Bell EBITDA 2.4% 2.7% -0.3% 48% 1.0 Meat Processing 85
Berner Kantonalbank Operating Income 1.4% 0.9% 0.5% 61% 1.2 National/State Retail Banks Europe 36
BKW FMB Energie EBITDA 0.9% 1.1% -0.3% 46% 0.9 Power Production Europe 68
Bobst EBITDA -13.2% -0.9% -12.2% 12% 0.2 Printing / Packaging Machinery 145
Bucher Average n/a n/a n/a 44% 0.9 Division Weighted n/a
Bucher - Emhart Glass EBITDA -5.5% -1.1% -4.4% 31% 0.6 Special Machinery (Glass) 53
Bucher - Hydraulics EBITDA -8.5% -0.5% -8.0% 20% 0.4 Hydraulic System Manufacturer 97
Bucher - Kuhn EBITDA -4.3% -4.4% 0.1% 51% 1.0 Farm Machinery 53
Bucher - Municipal EBITDA -2.1% -4.1% 1.9% 58% 1.2 Municipal Vehicle Manufacturers 50
Bucher - Process EBITDA -9.9% -4.7% -5.2% 27% 0.5 Food Processing Machinery 74
Burkhalter EBITDA -2.2% 2.4% -4.6% 20% 0.4 Electronic Installation 27
Calida EBITDA 2.3% 0.7% 1.7% 63% 1.3 Underwear 59
Cham Paper Group EBITDA 0.9% 3.7% -2.8% 25% 0.5 Paper Industry 121
Charles Vögele EBITDA -3.1% 0.8% -3.8% 18% 0.4 Clothing Apparel and Shoes 127
Cicor EBITDA -10.1% 1.3% -11.5% 14% 0.3 Electrical Interconnectors 33
Clariant Average n/a n/a n/a 30% 0.6 Division Weighted n/a
Clariant - Functional Chemicals EBITDA -1.2% -0.5% -0.7% 46% 0.9 Basic Chemicals 153
Clariant - Pigments & Additives EBITDA -8.6% -0.7% -7.9% 3% 0.1 Pigments & Additives 116
Clariant - Textile Leather Paper EBITDA -3.0% 1.0% -4.0% 30% 0.6 Textile Chemicals 97
Coltene EBITDA -2.6% 2.2% -4.9% 16% 0.3 Dental Consumables 40
Comet EBITDA -11.2% 0.2% -11.4% 31% 0.6 Capacitors/X-Ray 27
CPH EBITDA -3.6% 0.9% -4.5% 25% 0.5 Paper/Chemicals 133
Credit Suisse Operating Income 7.3% 0.7% 6.5% 71% 1.4 Very Large Diversified Global Banks 39
EFG International Operating Income -5.0% -1.1% -3.9% 41% 0.8 Wealth Management Europe 39
Emmi EBITDA 0.9% 2.3% -1.4% 26% 0.5 Milk Products 62
EMS-Chemie EBITDA 0.1% 0.9% -0.7% 47% 0.9 Polymers and Chemicals 76
Feintool EBITDA -11.9% -1.2% -10.7% 4% 0.1 Machine Tools 41
Flughafen Zurich EBITDA -2.1% 1.6% -3.7% 29% 0.6 Airport/Airline 159
Forbo EBITDA -0.9% 0.7% -1.6% 37% 0.7 Flooring & Bonding Material 247
Galenica Average n/a n/a n/a 21% 0.4 Division Weighted n/a
Galenica - Logistics EBITDA -0.2% 0.9% -1.1% 23% 0.5 Pharmaceutical Retail 66
Galenica - Pharma EBITDA -20.9% 1.8% -22.7% 8% 0.2 Pharmaceuticals Manufacturer 83
Geberit EBITDA -1.6% -0.5% -1.1% 46% 0.9 Sanitary Systems 67
Givaudan EBITDA -0.5% 2.5% -3.0% 31% 0.6 Flavoring Extracts 142
Goldbach Media EBITDA -0.3% 0.8% -1.1% 48% 1.0 Electronic Marketing 34
Graubundner Kantonalbank Operating Income 1.3% 1.1% 0.2% 55% 1.1 National/State Retail Banks Europe 36
Gurit EBITDA 1.5% 1.5% 0.0% 50% 1.0 Composite Materials 46
Helvetia Operating Income 4.2% 5.0% -0.8% 49% 1.0 Multi-line Insurer Europe 53
Holcim Average n/a n/a n/a 40% 0.8 Division Weighted n/a
Holcim - Aggregates EBITDA -2.7% -0.4% -2.3% 35% 0.7 Aggregates Producer 149
Holcim - Cement EBITDA -3.2% 1.5% -4.7% 36% 0.7 Cement & Clinker 72
Holcim - Other Construction Material and Services EBITDA -1.2% -0.9% -0.3% 47% 0.9 Concrete & Asphalt Producers 120
Huber & Suhner EBITDA -4.1% 1.5% -5.6% 26% 0.5 Cables / Fibre Optics 42
Hügli EBITDA 1.2% 2.1% -0.8% 37% 0.7 Food Producers 73
Implenia EBITDA 0.3% -0.6% 0.9% 76% 1.5 Construction Service Large 55
Inficon EBITDA -10.5% 1.6% -12.1% 8% 0.2 Measuring Devices 68
Interroll EBITDA -11.0% -3.4% -7.6% 24% 0.5 Conveyors and Industrials 111
Intershop Operating Income 2.4% -0.2% 2.7% 59% 1.2 Real Estate 115
IVF Hartmann EBITDA 3.7% 1.4% 2.4% 69% 1.4 Injury-care Products 110
Julius Bär Operating Income 0.6% 0.1% 0.5% 56% 1.1 Wealth Management Europe 39
Kardex EBITDA -7.6% -3.9% -3.7% 25% 0.5 Storage Solutions 62
Komax EBITDA -14.9% 1.7% -16.6% 3% 0.1 Wire Processing and Assembly 91
Kühne & Nagel Average n/a n/a n/a 56% 1.1 Division Weighted n/a
Kühne & Nagel - Air Freigth EBITDA -1.6% -0.4% -1.2% 41% 0.8 Air Freight and Cargo 84
Kühne & Nagel - Contract Logistics EBITDA -0.3% -0.5% 0.1% 51% 1.0 Logistics/Warehouse/Supply Chain 280
Kühne & Nagel - Rail & Road Logistics EBITDA 1.0% -1.3% 2.3% 72% 1.4 Road & Rail 145
Kühne & Nagel - Sea Freight EBITDA -0.8% -2.3% 1.4% 59% 1.2 Water Transportation 171
Kuoni EBITDA -2.7% -1.2% -1.6% 33% 0.7 Travel/Tour Operators 61
Leclanche EBITDA -16.1% -2.0% -14.1% 15% 0.3 Batteries 54
Liechtensteinische Landesbank Operating Income 1.7% 1.1% 0.6% 58% 1.2 National/State Retail Banks Europe 36
Lindt & Sprüngli EBITDA -3.0% 0.2% -3.3% 20% 0.4 Chocolate & Confectionery 79
Lonza Average n/a n/a n/a 20% 0.4 Division Weighted n/a
Lonza - Custom Manufacturing EBITDA -8.3% 4.2% -12.5% 22% 0.4 Exklusive Synthesis 96
Lonza - Life Science Ingredients EBITDA -3.0% 2.6% -5.5% 19% 0.4 Life Science 88
Looser Average n/a n/a n/a 51% 1.0 Division Weighted n/a
Looser - Coating EBITDA 1.2% 0.1% 1.0% 56% 1.1 Coating 53
Looser - Doors EBITDA -0.7% 1.1% -1.8% 45% 0.9 Doors/Frames 44
Luzerner Kantonalbank Operating Income 1.0% 1.1% -0.1% 48% 1.0 National/State Retail Banks Europe 36
Micronas Semiconductor EBITDA -10.9% 1.6% -12.5% 25% 0.5 Semiconductors/Integrated Circuits 75
Mikron EBITDA -11.8% -5.3% -6.5% 27% 0.5 Machine Tools/Assembly Solutions 85
Mobilzone EBITDA -1.0% 0.3% -1.4% 22% 0.4 Mobile Phone Retail 37
Mobimo Operating Income 2.6% -0.2% 2.8% 60% 1.2 Real Estate 115
Nestlé Average n/a n/a n/a 23% 0.5 Division Weighted n/a
Nestlé - Beverages EBIT 0.2% 2.1% -1.9% 34% 0.7 Beverages (Coffee/Water) 108
Nestlé - Confectionary EBIT -0.2% 1.7% -1.9% 19% 0.4 Chocolate & Confectionery 76
Nestlé - Milk Products EBIT -0.2% 2.7% -2.9% 23% 0.5 Dairy Products 126
Nestlé - Prepared Dishes EBIT -0.4% 2.1% -2.5% 10% 0.2 Prepared Foods 138
Nobel Biocare EBITDA -4.4% -0.4% -4.0% 20% 0.4 Dental Implants 17
Novartis Average n/a n/a n/a 25% 0.5 Division Weighted n/a
Novartis - Consumer Health EBITDA -0.2% 3.6% -3.8% 6% 0.1 Consumer Health 40
Novartis - Pharmaceuticals EBITDA 1.7% 3.7% 2.0% 33% 0.7 Pharma Large 91
Novartis -Sandoz EBITDA -0.8% 4.1% -4.9% 9% 0.2 Generics & OTC 67
OC Oerlikon Average n/a n/a n/a 29% 0.6 Division Weighted n/a
OC Oerlikon - Drive Systems EBITDA -9.5% 0.2% -9.6% 10% 0.2 Drive Systems 102
OC Oerlikon - Textile EBITDA -9.1% -6.0% -3.1% 41% 0.8 Textile Industry 40
Orell Füssli Average n/a n/a n/a 58% 1.2 Division Weighted n/a
Orell Füssli - Book Retail EBITDA 1.9% -0.1% 2.0% 71% 1.4 Book Retail 34
Orell Füssli - Security Printing EBITDA -9.5% -8.6% -0.9% 38% 0.8 Security Printing 11
Panalpina EBITDA -1.8% -1.8% 0.0% 51% 1.0 Transportation/Logistic Services 160
Partners Group Operating Income -3.4% 5.1% -8.6% 27% 0.5 Investment Banking 78
Petroplus EBITDA 1.4% 0.9% 0.5% 55% 1.1 Oil Refining and Marketing 123
PSP Swiss Property Operating Income 0.1% -0.2% 0.3% 51% 1.0 Real Estate 115
Publigroupe EBITDA -2.8% 0.1% -2.9% 24% 0.5 Market of Advertisement 80
Rätia Energie EBITDA 3.1% 1.1% 1.9% 65% 1.3 Power Production Europe 68
Rieter Average n/a n/a n/a 30% 0.6 Division Weighted n/a
Rieter - Automotive Systems EBITDA -5.1% 1.3% -6.4% 22% 0.4 Automotive Systems 302
Rieter - Textile Systems EBITDA -2.7% -3.1% 0.4% 53% 1.1 Textile Systems 78
Roche EBITDA -3.5% 0.2% -3.7% 27% 0.5 Pharmaceuticals and Diagnostics Large 33
Romande Energie EBITDA -5.4% 1.1% -6.5% 14% 0.3 Power Production Europe 68
Schindler EBITDA 0.7% -0.9% 1.6% 73% 1.5 Elevator & Escalator 21
Schlatter EBITDA -11.6% -5.5% -6.2% 6% 0.1 Welding Plants and Machinery 40
Schulthess EBITDA -4.1% 0.6% -4.7% 14% 0.3 Laundry equipment 81
Schweiter EBITDA -10.1% -4.7% -5.4% 30% 0.6 Textile Machinery 65
SGS EBITDA -2.8% -0.2% -2.6% 34% 0.7 Testing/Inspection/Verification 194
Siegfried EBITDA -9.2% 1.7% -11.0% 21% 0.4 API/Intermediates/Compounds 172
Sika EBIT -0.6% -9.4% 8.8% 75% 1.5 Construction Chemicals 28
St. Galler Kantonalbank Operating Income 0.7% 1.1% -0.4% 42% 0.8 National/State Retail Banks Europe 36
StarragHeckert EBITDA -6.0% -6.4% 0.3% 52% 1.0 Machining Centers 52
Straumann EBITDA -7.2% -0.4% -6.8% 0% 0.0 Dental Implants 17
Sulzer Average n/a n/a n/a 49% 1.0 Division Weighted n/a
Sulzer - Pumps EBITDA -1.4% -1.4% 0.0% 49% 1.0 Pumps 120
Swatch Average n/a n/a n/a 57% 1.1 Division Weighted n/a
Swatch - Watches & Jewelry EBITDA -0.5% -1.0% 0.5% 57% 1.1 Watches Large 23
Swiss Prime Site Operating Income 1.3% -0.2% 1.5% 54% 1.1 Real Estate 115
Swiss Re Operating Income 8.9% 10.1% -1.2% 43% 0.9 Reinsurer 40
Swisscom EBITDA -1.0% 0.2% -1.3% 37% 0.7 Telecommunications 98
Swisslog EBITDA -1.1% -3.4% 2.3% 57% 1.1 Logistic Solutions 80
Syngenta Average n/a n/a n/a 52% 1.0 Division Weighted n/a
Syngenta - Crop Protection EBITDA -2.0% -1.4% -0.5% 47% 0.9 Agricultural Crop Protection 94
Syngenta - Seeds EBITDA 4.8% 2.0% 2.8% 69% 1.4 Agricultural Seeds 74
Synthes EBITDA 2.8% 4.6% -1.8% 43% 0.9 Orthopedic Devices 25
Tamedia EBITDA -8.6% 4.1% -12.7% 24% 0.5 Printing/Publishing/Broadcasting 34
Tecan EBITDA -0.7% -1.0% 0.4% 52% 1.0 Lab Equipment Producers 36
Tornos EBITDA -17.4% -9.1% -8.2% 11% 0.2 Special Machinery 36
UBS Operating Income -9.8% 0.7% -10.5% 14% 0.3 Very Large Diversified Global Banks 39
Uster Technologies EBITDA -8.7% -7.4% -1.2% 42% 0.8 Special Textile Machinery 44
Valiant Operating Income 0.0% -1.1% 1.0% 52% 1.0 Wealth Management Europe 39
Valora EBITDA 0.4% 0.7% -0.3% 40% 0.8 Grocery 98
Von Roll Average n/a n/a n/a 12% 0.2 Division Weighted n/a
Von Roll - Composites EBITDA -11.4% -1.2% -10.2% 10% 0.2 Composites 85
Von Roll - Insulation EBITDA -6.6% -0.3% -6.3% 12% 0.2 Insulation Products 78
Vontobel Operating Income 1.1% 5.1% -4.1% 41% 0.8 Investment Banking 78
VP Bank Operating Income 2.8% -1.1% 3.9% 70% 1.4 Wealth Management Europe 39
VZ Holding Operating Income 4.0% 2.4% 1.6% 56% 1.1 Investment Advice 154
Walliser Kantonalbank Operating Income 1.2% 1.1% 0.1% 52% 1.0 National/State Retail Banks Europe 36
Walter Meier EBITDA -1.2% 0.0% -1.2% 39% 0.8 Heating/Cooling Equipment 78
Ypsomed EBITDA 0.4% 0.4% 0.0% 53% 1.1 Injection Pen Manufacturers 47
Zehnder EBITDA 2.7% -1.7% 4.4% 95% 1.9 Heating/Sanitary Equipment 65
Zuger Kantonalbank Operating Income -0.5% 1.1% -1.6% 33% 0.7 National/State Retail Banks Europe 36
Zurich Financial Services Operating Income 1.7% 2.5% -0.8% 44% 0.9 Multi-line Insurer 256
Zwahlen & Mayr EBITDA 0.0% -2.2% 2.2% 70% 1.4 Steel Tubes/Metal Construction 65

Der Bonusmultiplikator in der Tabelle ist der Multiplikator mit dem der individuelle Zielbonus (typischerweise erwarteter Bonus oder durchschnittlicher Bonus in der Vergangenheit) multipliziert wird um den für 2009 verdienten Bonus zu berechnen.

Notizen

Obermatt hat 238 SMI/SPI Unternehmen/Divisionen analysiert.

Kennzahlen:

  • Swiss Re: “Income/loss before income tax expense” ohne acquisition costs
  • UBS: Operating income des Investment Banking Segments wurde abgezogen vom gesamten Operating income.
  • Credit Suisse: Operating income des Investment Banking Segments wurde abgezogen vom gesamten Operating income.

Folgende Unternehmen wurden ausgeschlossen:

Aufgrund noch nicht rapportierter Zahlen zum Zeitpunkt der Datenanalyse:

  • Warteck Invest
  • National Versicherung
  • Sopracenerina
  • Schmolz+Bickenbach
  • Swissmetal
  • Affichage
  • Accu
  • Conzzeta
  • Metall Zug

Aufgrund nicht ausgewiesener aussergewöhnlicher Effekte der Kreditkrise:

  • Swiss Life
  • Valartis
  • Vaudoise
  • Actelion
  • Bellevue Group

Ausgeschlossen, da unterjähriger Jahresabschluss:

  • Kaba
  • Richemont
  • Loeb
  • Aryzta
  • Edipresse
  • Burckhard
  • Logitech
  • Sonova
  • Dottikon
  • LEM
  • Infranor
  • Carlo Gavazzi
  • Züblin Immobilien

Ausgeschlossen, da Peer Universum Definition noch in Bearbeitung:

  • Elma
  • Dätwyler
  • Georg Fischer
  • Energiedienst
  • Meyer Burger
  • Phoenix Mecano
  • Schaffner AG
  • Vetropack

Aufgrund Aufgabe der Geschäftstätigkeit:

  • Orell Füssli - Publishing

Aufgrund Übernahme durch Swiss Prime Site:

  • Jelmoli

Aufgrund Übernahme durch Swiss Automotive:

  • Metraux

Aufgrund Ausschluss oder Delisting bei SIX:

  • LO Holding
  • Quadrant
  • Golay Buchel

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