Landis+Gyr Group AG -O’s installation of residential and commercial focus.
Landis+Gyr Group Ag
Company: Landis+Gyr Group AG (Land-Ch)
Job: Landis+Gyr Group is a company based in Switzerland, which primarily engaged in electric components and equipment production. It specializes in measuring the electricity, gas, heat/cold and water solutions solution for energy services. The Landis+Gyr Portfolio of the product consists of advanced management and intelligent management products, such as electricity meters, heating and cooling measures, network management solutions and personal energy management solutions. In addition, the company offers various software services, controlled services, cloud services, smart network services, system integration, training, as well as consultation and support services.
Stock value: Approximately 1.49b Switzerland Frani (CHF 51.60 per share)
Activist: Entrepreneurial Ownership of the Spectrum
Property: 5.01%
Average cost: on
Activist comment: Entrepreneurial ownership of Spectrum (“SEO”) manages the concentrated portfolio of large minority investments, usually six to eight positions, in European companies listed by the list of DACH (Germany, Austria and Switzerland). As a long -term and engaged Sidra shareholder, SEO seeks to release the potential of the full value of its portfolio. The company targets small and medium -sized caps with multiple catalysts to create values and prioritize friendly engagement, usually sits on the Committee of most companies with engagement. The stable capital base of the Fund stems from family offices, debt, pension funds and other long -term institutional investors. SEO faced 2022. Fabian Rauch and Dr. Ilias Läber. Two principals have a combined four decades of experiences in the Committee in the companies that are listed on the list, and each has previously worked at CEVIAN CAPITAL for about a decade.
What’s going on
Behind the scenes
Landis+Gyr is a leading global provider of integrated energy management solutions based in Switzerland, specializing in advanced measuring infrastructure and smart network technology. Public services and energy providers use Landis portfolio of smart measuring technologies, sensors, software and services to modernize and improve the effectiveness of their infrastructure. Although Landis is a very old company, founded in 1896, was private owned and invested in a series of strategic and financial investors for the most part of its history. 2011, Toshiba acquired 60% of the share At the company for $ 2.3 billion, but in the end he opted for an IPO Swiss unit Six years later. He began to trade on six Swiss exchange on July 21, 2017, with 78 Swiss francs (CHF) per share, implying a market border of 2.3 billion CHF.
Today, Landis is traded significantly below its iPo prices, which is more than 35%. It is also significantly underestimated, trading about 7.5 times the company/EBITDA, compared to its pure-play peer-out (approximately 15 times) on the listed NASDAQ, with which the duo in the United States functionally, each controls 35% to 40% of the market. In July 2024. SEO gained 5% of Landis stake from kirkbia, becoming the second largest shareholder. Shortly thereafter, Landis sought an extraordinary assembly in August 2024 to choose the Board of Fabian Rauch, co-founder and management partner of SEO. Two months later, on October 30, 2024, the company posted Strategic examination its business portfolio that includes the following key elements: (i) an increase in focus on American business; (ii) reviewing the possibility of creating value for its business of Europe, the Middle East and Africa (Emea); and (III) evaluation of the potential change in the location of the inclusion in the United States. However, since then, several things sent the price of shares, including Landis, reducing their guidelines about 24 fy revenues by 8% and announcement that Exiting will come out The EMEA electric vehicle charging work, which resulted in the expected cost of diminishing from $ 35 million to $ 45 million. As for the reduction of guidelines, despite Landis, a continuous message, that the growth of the post-Košulja was unsustainable due to the missed demand, warnings fell on deaf ears. The shares fell almost 22% on February 11, 2025, the announcement date.
Focusing on America makes a lot of sense. Landis generated $ 1,963 billion in revenue of three geographical segment: America (58%), Emea (34%) and Asian-Pacific (8%). Despite the fact that Emea contributed to a third of the revenue, she brought only 8% of adapted earnings before interest, tax, depreciation and depreciation, less EBITDA than much less Asian-Pacific units. A study of additional opportunities for growth in America and a reduction in EMEA’s business by selling or Spinoff’s this business could be very accumulated for the shareholder’s value. Changing the listing location, probably American exchange, would also make sense given that this Swiss company brings most of its profits in the region. This is a strategy that Cevian has encouraged on both CRH and PearsonAnd he has been a popular activist catalyst in Europe in recent years.
Landis is the story of a failed capital with a slightly insulated committee. The greeting of Fabian Rauch was the first strong signal that the board wanted to change. The announcement of a value creation plan shortly after was the second signal. The third happened in November 2024When the company replaced the executive director Werner Lieberherra with Peter Mainz. Finally, the fourth signal occurred in January 2025. When the company announced that its chairman Andreas Umbach will not be for a re -choice and that it will be replaced Audrey Zibelman.
Ken Squire is the founder and chairman of the 13D monitor, institutional research services on the activism of shareholders, and the founder and manager of the 13D activist fund portfolio, a mutual fund that invests in the portfolio of activist 13D investments.
