{"id":1444329,"date":"2026-03-11T08:36:05","date_gmt":"2026-03-11T07:36:05","guid":{"rendered":"https:\/\/www.payoff.ch\/news\/emmi-a-pause-as-an-opportunity"},"modified":"2026-03-16T15:44:58","modified_gmt":"2026-03-16T14:44:58","slug":"emmi-a-pause-as-an-opportunity","status":"publish","type":"post","link":"https:\/\/www.payoff.ch\/en\/news\/emmi-a-pause-as-an-opportunity","title":{"rendered":"Emmi: A pause as an opportunity"},"content":{"rendered":"\n

The chart of Emmi<\/a><\/strong>\u2019s stock currently shows a familiar pattern: after a strong rally toward the year\u2019s high, the stock has recently taken a breather. In recent weeks, the share has at times approached the CHF 844 mark – the high of the last twelve months – before profit-taking set in and the price went into a short-term consolidation mode. However, there are hardly any fundamental reasons for sustained weakness. On the contrary: the recently presented figures for 2025 underline the fact that the Lucerne-based milk processor is consistently pursuing its growth path.<\/p>\n\n\n\n

Solid business deal…<\/h3>\n\n\n\n

The past financial year was solid in operational terms. Emmi increased net sales by 9.1% to CHF 4.75 billion. In addition to acquisitions, the main drivers were strong organic growth of 4.3%, which was well above the company’s own expectations. Business was particularly strong in strategic niches such as ready-to-drink coffee, premium desserts and specialty cheeses, as well as in growth markets such as Brazil, Chile and Mexico. <\/p>\n\n\n\n

Progress was also made on the earnings side. The operating result (EBITDA) increased to CHF 492.3 million, which corresponds to a margin of 10.4% percent. Net profit climbed to CHF 227.1 million. Despite headwinds from currency effects and higher interest costs, profitability remained stable. At the same time, the balance sheet structure improved significantly: the net gearing ratio fell from 2.13 to 1.79. <\/p>\n\n\n\n

Strategically, Emmi is continuing to drive forward its transformation from a traditional milk processor to a provider of high-quality specialty products. One important step is the expansion of the international dessert business, for example through the integration of the Mademoiselle Desserts Group. At the same time, the Group is strengthening its position in the area of functional foods. With the new “nutrition+” platform, Emmi aims to benefit more from megatrends such as high-protein nutrition, healthy eating and functional dairy products. <\/p>\n\n\n\n

…and a positive outlook<\/h3>\n\n\n\n

Despite a challenging environment, management is cautiously optimistic for the current year. Emmi expects organic sales growth of 1% to 3% for 2026. Lower milk prices in Switzerland and the absence of a positive one-off effect from the previous year will have a particularly negative impact. Nevertheless, the operating result should continue to rise: The company is forecasting EBIT of between CHF 335 and CHF 355 million and a net profit margin of 4.8% to 5.3%. The medium-term strategy also remains clearly focused on growth and capital discipline. Emmi is sticking to organic sales growth of 2% to 3% and has also specified a new target for the return on investment: ROIC is to reach 10% in the medium term. In addition, the Group continues to aim for a steadily rising dividend with a payout ratio of 35% to 45%. <\/p>\n\n\n\n

Thumbs up<\/h3>\n\n\n\n

Analysts see further potential in this strategic course. Studies emphasize that Emmi is increasingly penetrating higher-margin and higher-growth segments of the food market and could therefore grow structurally faster than previously assumed. The average 12-month price target of 7 research houses is CHF 925, which is around 16.5% above the current price – an indication that the market may not yet have fully priced in the long-term growth prospects of the Swiss dairy group. <\/p>\n\n\n\n

Overall, this paints a constructive picture: the operating performance remains robust, the strategic positioning in high-growth niches is convincing and the balance sheet is solid. It is therefore hardly surprising that the share is now consolidating briefly after its recent run. For trading-oriented investors, this breather could be an opportunity, especially as the chart technology could soon give a particularly positive signal. The two moving averages 100 and 200 days are about to cross. If the shorter average manages to cross the longer average from bottom to top, experts refer to this as a “golden cross”. This in turn is considered a bullish chart pattern in technical analysis. <\/p>\n\n\n\n

Investment solutions<\/h3>\n\n\n\n

Investors who have a positive scenario in mind can implement this with the Long Mini Future MEMBZT<\/a><\/strong> from Leonteq. The product has a leverage of 4.6, the knock-out is at CHF 645.3539 and thus 19.0% away from the current price. The identical product IEM33Z<\/a><\/strong> from ZKB has even more “power”. However, the higher leverage of 5.7 comes at the expense of the buffer. The barrier at CHF 674.9959 only allows a setback of 15.3% before the product expires worthless.<\/p>\n\n\n\n

The Barrier Reverse Convertible SACZJB<\/a><\/strong> from Julius Baer is ideal for conservative investors. The product currently offers the prospect of a return of 9.1% p.a., with a solid risk buffer of 18.3%. The term ends on 28.12.2026.<\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

The Emmi share has picked up speed in recent weeks and worked its way close to its high for the year. The share is now taking a short breather – while the fundamental prospects remain convincing.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ngg_post_thumbnail":0,"footnotes":""},"categories":[222],"tags":[],"class_list":["post-1444329","post","type-post","status-publish","format-standard","hentry","category-trading-desk-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts\/1444329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/comments?post=1444329"}],"version-history":[{"count":3,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts\/1444329\/revisions"}],"predecessor-version":[{"id":1444343,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/posts\/1444329\/revisions\/1444343"}],"wp:attachment":[{"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/media?parent=1444329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/categories?post=1444329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.payoff.ch\/en\/wp-json\/wp\/v2\/tags?post=1444329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}