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Herr"; } /* Update custom field with new value */ fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.uid, /* replace correct form ID and custom field ID */ form_id: config.salutationForm.formName, custom_fields: JSON.stringify({ salutation_text_TEM: salutation_text_TEM }) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }).then(() => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM updated to ${salutation_text_TEM}`); } if (window.localStorage) { window.localStorage.setItem(`nzz-salutation`, data.uid); } }).catch(e => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM error: ${e}`); } }).finally(() => { if (forceReload) { if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation forceReload, because of source PIANOID'); } window.location.reload(); } });}; ((bT, clientCountryPreference, config) => { let tags = []; if 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window.tp.push(['setPianoIdUrl', 'https://id-eu.piano.io']); window.tp.push(['setEndpoint', 'https://buy-eu.piano.io/api/v3']); } else { window.tp.push(['setPianoIdUrl', 'https://sandbox.piano.io']); window.tp.push(['setEndpoint', 'https://sandbox.tinypass.com/api/v3']); } window.tp.push(['setUseTinypassAccounts', false]); window.tp.push(['setUsePianoIdUserProvider', true]); /* gift article */ try { const urlParams = new URLSearchParams(window.location.search); if (urlParams.has('gift_created') && new Date(urlParams.get('gift_created') / 1 * 1000) > Date.now() - 7 * 24 * 60 * 60 * 1000) { window.tp.push(['setCustomVariable', 'shared_article_valid', 'true']); } } catch (e) { console.log(e); } /* Execute when the page is first loaded */ if (window.nzzDebugPiano) { console.log('%c set tags', 'background: yellow;color:black'); } tags.forEach(function (tag) { window.tp.push(tag); }); window.tp.push(['init', function () { if (window.nzzDebugPiano) { console.log('%c init piano', 'background: green;color:yellow'); } window.nzzPianoLoaded = true; window.tp.push(['addHandler', 'registrationSuccess', data => { if (window.nzzDebugPiano) { console.log('##piano## registrationSuccess:'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.user.sub, form_id: config.RSEvent.formName, custom_fields: JSON.stringify(config.RSEvent.params) }), { method: 'POST', headers: { 'Authorization': data.token, 'Content-Type': 'application/json; charset=UTF-8' } }); }]); window.tp.push(['addHandler', 'loginSuccess', callbackData => { if (window.nzzDebugPiano) { console.log('##piano## loginSuccess in init', callbackData.source); } window.tp.pianoId.loadExtendedUser({ extendedUserLoaded: function (data) { if (window.nzzDebugPiano) { console.log('##piano## extendedUserLoaded for salutation', data); } let salutationField = null; const customFieldValues = data.custom_field_values; if (customFieldValues && customFieldValues.length > 0) { for (const field of customFieldValues) { if (field.field_name === "account_salutation") { salutationField = field; } } } let forceReload = false; if (callbackData.source == "PIANOID") { forceReload = true; } pianoUpdateSalutation(config, data, salutationField, forceReload); }, formName: 'salutation_form' }); }]); window.tp.push(['addHandler', 'checkoutCustomEvent', event => { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent'); } const params = JSON.parse(event.params.params); if (event.eventName === 'purchaseCustom' && params.pmId == 'inbas') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: Invoice payments'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEvent.formName, custom_fields: JSON.stringify(config.CEEvent.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } else if (event.eventName == 'purchaseCustom' && params.pmId == 'inbaf') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: inbaf'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEventInbaf.formName, custom_fields: JSON.stringify(config.CEEventInbaf.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } }]); window.tp.push(['addHandler', 'checkoutClose', event => { if (event && event.state == "checkoutCompleted") { window.location.reload(); } }]); window.tp.push(['addHandler', 'externalCheckoutComplete', event => { /* Default behavior is to refresh the page on successful checkout */ if (event && event.state == "checkoutCompleted") { location.reload(); } }]); window.tp.push(['addHandler', 'customEvent', event => { if (window.nzzDebugPiano) { console.log(`##piano## customEvent: ${event.eventName}`); } if (event.eventName === 'terms-accepted') { fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CETermsAccepted.formName, custom_fields: JSON.stringify(config.CETermsAccepted.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }).then(() => { if (window.nzzDebugPiano) { console.log('##piano## customEvent triggered: fetch done'); } }).catch(err => console.log(err)); window.tp.offer.close(); } if (window.nzzDebugPiano) { console.log(`##piano## customEvent triggered3: ${event.eventName}`); } }]); window.tp.push(['addHandler', 'showOffer', offerParams => { if (window.digitalData && window.digitalData.component && typeof window.digitalData.component.push == 'function') { window.digitalData.component.push({ componentInfo: { componentID: offerParams.offerId, componentName: offerParams.offerId }, category: { primaryCategory: 'offer', componentType: 'offer' 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class="headline"><div class="headline__highlight"><div class="headline__inner headline__inner--highlight"><div class="teaser__flag teaser__flag--content teaser__flag--colored"><div class="teaser__flag teaser__flag--colored teaser__flag--default teaser__flag--default-regular"><span class="teaser__flag--text"> Mr Market </span> </div></div> <h1 class="headline__title"> <span>Georg Fischer wird besser</span></h1></div></div> <div class="headline__inner"><p class="headline__lead">Die Übernahme des finnischen Rohrleitungsherstellers Uponor macht Georg Fischer weniger zyklisch und rentabler. Das finanzielle Risiko ist verkraft-, die unternehmerische Herausforderung bewältigbar.</p> <div class="progressbar__wrapper"><div class="progressbar"><div class="progressbar__line"><div class="progressbar__line--fill" style="transform:translateX(-100%);"></div></div></div></div> <div class="headline__meta"> <div class="metainfo metainfo--content"> <span class="metainfo__item metainfo__item--author"><a target="_blank" href="mailto:giorgio.mueller@themarket.ch">Giorgio Müller</a> ✉</span>    <span class="metainfo__item metainfo__item--date"><time datetime="2023-06-12T11:47:40.181Z"> 12.06.2023, 13.47 Uhr </time> </span></div> <div class="headline__meta-extra"><div class="actionbar actionbar--header"> <div class="popover__placeholder"><div></div> <div class="popover popover--header hidden"><div class="popover__container popover--header"><button class="button popover__close"><svg version="1.1" viewBox="0 0 14 14" class="button popover__close-icon svg-icon svg-fill" style="width:12px;height:12px;"><path stroke="#000000" fill="none" pid="0" d="M1 1l12 12M1 13L13 1" _stroke="#000"/></svg></button> <div class="popover__content"><div class="popover__title">Neue Vorlese-Stimmen</div> <div class="popover__desc">Eine verbesserte Vorlesefunktion steht zur Verfügung. 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Pro <a target="_blank" rel="nofollow" href="https://themarket.nzz.ch/aktien/no-region/no-list/472520-40-814">Uponor-Aktie</a> 📈werden 28.85 € geboten. Das sind 22,8% mehr als der Durchschnittskurs der vergangenen drei Monate oder 12% mehr als das von Aliaxis am 22. Mai aufgebesserte Angebot, das aber der Uponor-Verwaltungsrat weiterhin <a target="_blank" href="https://themarket.ch/analyse/georg-fischer-steht-an-einer-wegscheide-ld.9055">als zu gering zurückgewiesen hatte</a>.</p><p data-team-paragraph="" id="id-doc-1h2nff66h1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Übernahme von Uponor wäre ein transformativer Schritt für GF. Auf einen Schlag wären die für 2025 angepeilten Ziele (Umsatz 4,5–5 Mrd. Fr., Ebit-Marge 9-11%) erreicht. Allein schon der Preis von 2,1 Mrd. € ist jedoch ein grosser Brocken. Er entspricht dem 10,6-fachen Unternehmenswert. Unter Berücksichtigung der angestrebten Synergien, die ab dem vierten Jahr jährliche Einsparungen von 35 bis 45 Mio. Fr. bringen sollen, wäre es noch das 8,9-Fache. Billig ist das nicht. Doch mir scheint die Transaktion verdaubar zu sein, denn der Schritt kommt zu einem günstigen Zeitpunkt. Und die strategische Gelegenheit ist da. Wenn nicht jetzt, wann dann?</p><p data-team-paragraph="" id="id-doc-1h2njs56r1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">GF befindet sich in Hochform. Die Schulden sind getilgt (Ende 2022 betrug die Nettoliquidität 159 Mio. Fr.) und die Margen so hoch wie noch nie. 2022 wurde eine Ebit-Marge von 9,8% erwirtschaftet, in der zweiten Jahreshälfte war sie sogar knapp zweistellig. </p><h2 data-team-subtitle="" id="id-doc-1h2nj3kk00" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Kapitalerhöhung nötig</span></h2><p data-team-paragraph="" id="id-doc-1h2nj2gjo1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Akquisition soll jedoch nicht nur durch liquide Mittel und Bankkredite finanziert werden, sondern auch über eine Kapitalerhöhung. Nach der Transaktion wird das ausgegebene Kapital knapp einen Zehntel grösser sein. Die bisherigen GF-Aktionäre müssen also in Form einer Gewinnverwässerung ihren Beitrag zur Übernahme beisteuern.</p><p data-team-paragraph="" id="id-doc-1h2nlqb6q1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Hingegen wird Uponor auf Basis Gewinn pro Aktie schon im ersten Jahr einen positiven Beitrag leisten. Laut Berechnungen der Helvetischen Bank beträgt der Gewinnbeitrag 6,3% (ohne Synergien und Sonderkosten). Das ist mir die leichte Gewinnverwässerung wert. Die Verschuldungsquote (Nettoverschuldung im Verhältnis zum Betriebsgewinn auf Stufe Ebitda) wird dadurch nicht über das Dreifache steigen, sondern laut Angaben des Unternehmens nur knapp auf das 2,5-Fache. Innerhalb von zwei Jahren soll die Verschuldungsquote wieder etwa 1,5 betragen.</p><p data-team-paragraph="" id="id-doc-1h2nj5ge20" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">An der längerfristigen Strategie macht das GF-Management keine Abstriche. Die Bilanz soll solide bleiben und die Dividendenpolitik beibehalten werden. Bisher hat GF knapp 40% des Gewinns ausgeschüttet.</p><p data-team-paragraph="" id="id-doc-1h2nf14hg1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zudem handelt es sich beim Kaufobjekt um ein gut geführtes, rentables Unternehmen, keinen Sanierungsfall. Die beiden Unternehmen arbeiten schon seit vielen Jahren zusammen. Im vergangenen Jahr erzielte GF in Sachen Rentabilität ein Rekordjahr und erwirtschafte in diesem Bereich die höheren Ebit-Margen. Im vergangenen Jahr belief sich die Ebit-Marge von Uponor auf 11,1% (i. V. 12,3). GF Piping Systems kam auf 13,5% (12,5). </p><h2 data-team-subtitle="" id="id-doc-1h2nkevul0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Grösser, robuster, besser</span></h2><p data-team-paragraph="" id="id-doc-1h2nk7pmj1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die neue GF wird nicht nur einiges grösser, sondern vor allem weniger zyklisch und rentabler sein. Das sind gute Voraussetzungen. Auf Basis der Pro-forma-Zahlen per Ende 2022 erhöht sich der Umsatz von knapp 4 Mrd. auf 5,4 Mrd. Fr., und die Ebit-Marge würde von 9,8% auf knapp 11% steigen. Die Gruppe wird mehr als 19 000 Mitarbeitende zählen.</p><div id="id-doc-1h2nfc9tk0" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Die neue GF ist zu zwei Dritteln ein Rohrleitungskonzern" aria-label="Donut-diagramm" id="datawrapper-chart-C2Kpd" src="https://datawrapper.dwcdn.net/C2Kpd/4/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="417" data-external="1"></iframe></div><p data-team-paragraph="" id="id-doc-1h2neeq2g0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Künftig wird GF zwei Drittel des Umsatzes und mehr als 80% des Betriebsgewinns aus dem Rohrleitungsgeschäft erwirtschaften. Dies ist ein deutlich weniger zyklisches Geschäft, das auch in Rezessionsphasen selten in die roten Zahlen fällt. Tendenziell sollte das mit einer höheren Bewertung belohnt werden.</p><div id="id-doc-1h2nfe9s00" content="" pagetype="Article" componenttype="datawrapper" is-new-line-child="true" class="articlecomponent datawrapper nzzinteraction"><iframe title="Künftig über 80% des Gewinns aus Rohrleitungsgeschäft" aria-label="Donut-diagramm" id="datawrapper-chart-auRqj" src="https://datawrapper.dwcdn.net/auRqj/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="417" data-external="1"></iframe></div><p data-team-paragraph="" id="id-doc-1h2nfcqk81" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Am Montag tendierte der Aktienkurs von GF nach anfänglicher Schwäche stärker. Die Kurseinbussen, die die GF-Aktien seit der Meldung erlitten haben, dass die Schweizer eine Gegenofferte für Uponor einreichen würden, sind damit aber noch nicht kompensiert. </p><div id="id-doc-1h2nefd160" content="" pagetype="Article" componenttype="idms-article" is-new-line-child="true" class="articlecomponent idms nzzinteraction"> <iframe style="border:0;width:100%" class="market-iframe" allowfullscreen="false" src="https://boerse.themarket.ch/widgets/instrument/116915100-4-1#market-widget-doc-1h2nefd160" id="market-widget-doc-1h2nefd160"> </iframe> </div><h2 data-team-subtitle="" id="id-doc-1h2nkkfpf0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Festigung der Marktposition</span></h2><p data-team-paragraph="" id="id-doc-1h2neeq7f0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das finnische Unternehmen Uponor ist in der globalen Rohrleitungsbranche die Nummer sechs (Umsatz 2022: 1,4 Mrd. €). Marktführer ist Aliaxis aus Belgien, die bisher rund doppelt so gross wie GF (nur Piping Systems) war. GF und Uponor zusammen erwirtschafteten im vergangenen Jahr umgerechnet 3,6 Mrd. € Umsatz. GF wäre also künftig eine deutlich stärkere Nummer zwei hinter Aliaxis (4,3 Mrd. €).</p><p data-team-paragraph="" id="id-doc-1h2ngifih0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die Sortimente von Uponor und GF Piping Systems sind produktemässig, aber auch geografisch recht komplementär. Die Finnen sind besonders im Gebäudebereich stark, GF im Infrastruktursektor. Mit Uponor verstärkt sich GF in Nordamerika, einem Markt, der besonders gut läuft. Ein Drittel des Umsatzes erwirtschaftet Uponor in Nordamerika, die USA sind der grösste Markt (Umsatzanteil 30%).</p><h2 data-team-subtitle="" id="id-doc-1h2nl13sl0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Schrittweise Integration</span></h2><p data-team-paragraph="" id="id-doc-1h2ngblcu0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">In einem ersten Schritt wird Uponor die vierte Division von GF. Sie wird vom Uponor-Konzernchef Michael Rauterkus geführt, der an Bord bleibt. Dieses schrittweise Vorgehen erscheint mir vernünftig, denn bis alles geregelt ist, sind noch einige Punkte zu lösen. Das sollte die Integration vereinfachen. Die beiden Unternehmen streichen denn auch die engen kulturellen Gemeinsamkeiten heraus.</p><p data-team-paragraph="" id="id-doc-1h2neeqbm0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dank der komplementären Struktur der Transaktion dürften die regulatorischen Hindernisse gering sein. GF rechnet damit, dass die Übernahme noch im laufenden Jahr über die Bühne gehen kann. Das Übernahmeangebot wird am 26. Juni lanciert. Bis Anfang September haben dann die Uponor-Aktionäre Zeit, ihre Titel anzudienen.</p><p data-team-paragraph="" id="id-doc-1h2nh4gev0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der Verwaltungsrat von Uponor und der Ankeraktionär Oras Invest (Beteiligung 25,7%) unterstützen die GF-Offerte. Zusammen mit anderen Aktionären hätten sich 36,9% der Aktionäre zu einer «unwiderruflichen Annahme» des Angebots verpflichtet, heisst es. </p><p data-team-paragraph="" id="id-doc-1h2nh9okj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Entscheidend ist nun, ob der belgische Marktführer Aliaxis, der 20,2% von Uponor erworben und ein als unfreundlich taxiertes Übernahmeangebot unterbreitet hat, bereits klein beigibt. Finanziell hätte sich die Avance für ihn ja ausbezahlt.</p><p data-team-paragraph="" id="id-doc-1h2ndpbvt0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Ich würde es GF wünschen, dass die Transaktion klappt. Aus meiner Sicht ergibt sie einen überzeugenden strategischen Sinn. Sie zementiert die gute Position im Rohrleitungsgeschäft, mit dem GF in den vergangenen Jahren viel Freude hatte. Es war das Fundament, auf dem sich die Rentabilität nachhaltig verbessert und die zyklischen Schwankungen, die GF zuvor immer wieder in die rote Zahlen rissen, geglättet hat.</p><p data-team-paragraph="" id="id-doc-1h2ndpdph0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Damit die Transaktion zustande kommt, müssen GF mindestens 50% der Titel angedient werden. Das erscheint machbar. In einer späteren Phase werden die beiden anfänglich noch separat geführten Divisionen (GF Piping Systems und Uponor) wohl stärker verschmelzen. Unternehmerisch wäre das sinnvoll. </p><h2 data-team-subtitle="" id="id-doc-1h2nigjij0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Auf dem Weg von Geberit</span></h2><p data-team-paragraph="" id="id-doc-1h2nhudnj0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mir gefällt, dass GF noch stärker auf das Rohrleitungsgeschäft setzt. Hier sind beständig zweistellige Ebit-Margen erzielbar. An Uponor gefällt mir zudem, dass es ein ähnliches Geschäftsmodell wie Geberit hat.</p><p data-team-paragraph="" id="id-doc-1h2ni12jr0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Damit GF eine zweite Geberit wird, müsste sich jedoch noch einiges ändern. Geberit verfolgt ein Systemgeschäft, was sich in rund doppelt so hohen Ebitda-Margen wie Uponor ausdrückt. Aber die Richtung stimmt.</p><p data-team-paragraph="" id="id-doc-1h2nilja21" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Vor allem die beiden Traditionssegmente Casting (Guss) und Machining (ehemals Agie Charmilles) spielen im GF-Konzern künftig nur noch eine Randrolle. Mit der Zeit wird sich das GF-Management die Grundsatzfrage stellen, ob sie noch die besten Eigentümer für diese Bereiche sind. Das wird eine Frage sein, die erst in den kommenden Jahren zu beantworten ist.</p><p data-team-paragraph="" id="id-doc-1h2ni4eic0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Nur wenn GF voll auf das Rohrleitungsgeschäft setzen würde, käme die Bewertung des Unternehmens in den Bereich, in dem sich Geberit bewegt. Wegen der industriellen Aktivitäten, deren Rentabilität typischerweise stärker schwanken, ist das Kurs-Gewinn-Verhältnis (KGV) zurecht deutlich geringer. </p><p data-team-paragraph="" id="id-doc-1h2ni94ht0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das vorwärtsgerichtete KGV von GF lag in den vergangenen fünf Jahren bei knapp 19, bei Geberit sind es gut 27. Derzeit verkehren die GF-Valoren mit einem KGV (2023) von knapp 17, was für einen Industriekonzern ein stolzer Wert ist. Die Geberit-Aktien verkehren bei 25. So rasch wird sich die Bewertungslücke zwischen den beiden Unternehmen wohl nicht schliessen. Ich halte beiden Valoren aufgrund ihrer Qualitäten die Treue.</p><p data-team-paragraph="" id="id-doc-1h2ndpdsu0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Freundlich grüsst im Namen von Mr Market</p><p data-team-paragraph="" id="id-doc-1h2nid7p30" content="" pagetype="Article" componenttype="p" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent text nzzinteraction">Giorgio Müller</p><div id="id-doc-1h2ndobsb2" content="" pagetype="Article" componenttype="sharebox" is-new-line-child="true" class="nzzinteraction"><div class="sharebox"><div class="sharebox__line"></div> <ul class="sharebox__content"><li class="sharebox__item sharebox__item--bookmark"></li> <li class="sharebox__item sharebox__item--print"><a href="" aria-current="page" title="Drucken" class="sharebox__link nuxt-link-exact-active nuxt-link-active"><svg version="1.1" viewBox="0 0 18 16" class="sharebox__icon 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flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/georg-fischer-steht-an-einer-wegscheide-ld.9055" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Georg Fischer steht an einer Wegscheide" src="https://img.themarket.ch/2023/05/24/11f2c1bf-43d0-4d74-8ea6-61cb10fe0a8f.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0" loading="eager" srcset="https://img.themarket.ch/2023/05/24/11f2c1bf-43d0-4d74-8ea6-61cb10fe0a8f.png?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 160w, https://img.themarket.ch/2023/05/24/11f2c1bf-43d0-4d74-8ea6-61cb10fe0a8f.png?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 320w, https://img.themarket.ch/2023/05/24/11f2c1bf-43d0-4d74-8ea6-61cb10fe0a8f.png?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 120w, https://img.themarket.ch/2023/05/24/11f2c1bf-43d0-4d74-8ea6-61cb10fe0a8f.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 240w" width="889" height="667" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/georg-fischer-steht-an-einer-wegscheide-ld.9055" data-nzz-referrer="articleTeaser" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0">  <span class="teaser__title-name">Georg Fischer steht an einer Wegscheide</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Industriegruppe muss prüfen, ob sie für einen Konkurrenten ein Gegenangebot macht. Ihr Kurs sinkt, weil Investoren befürchten, sie könnte sich dabei übernehmen. Der Übernahmekrimi wirft aber auch ein Licht auf die Werte, die in Georg Fischer schlummern.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Andreas Kälin</span> <time class="metainfo__item metainfo__item--date">25.05.2023</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_8533" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/hinter-der-headline/georg-fischer-spielt-die-trends-ld.8533" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Georg Fischer spielt die Trends" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/03/01/5cf6a3c0-c75b-4155-8e48-f1b1f975247d.png?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 160w, https://img.themarket.ch/2023/03/01/5cf6a3c0-c75b-4155-8e48-f1b1f975247d.png?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 320w, https://img.themarket.ch/2023/03/01/5cf6a3c0-c75b-4155-8e48-f1b1f975247d.png?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 120w, https://img.themarket.ch/2023/03/01/5cf6a3c0-c75b-4155-8e48-f1b1f975247d.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=889,667,x55,y0 240w" width="889" height="667" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/hinter-der-headline/georg-fischer-spielt-die-trends-ld.8533" data-nzz-referrer="articleTeaser" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Hinter der Headline </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--1">  <span class="teaser__title-name">Georg Fischer spielt die Trends</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die Industriegruppe schlägt die Erwartungen 2022 deutlich und blickt zuversichtlich in die Zukunft. Die Aktionäre sollen dank einer saftigen Dividendenerhöhungen am Erfolg teilhaben.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Gabriella Hunter ✉</span> <time class="metainfo__item metainfo__item--date">01.03.2023</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_8654" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/wer-vom-geschaeft-mit-dem-wasser-profitiert-ld.8654" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Wer vom Geschäft mit dem Wasser profitiert" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/03/29/eec7594d-8253-4401-9fe2-5e3bffb68474.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=2649,1987,x175,y0 160w, https://img.themarket.ch/2023/03/29/eec7594d-8253-4401-9fe2-5e3bffb68474.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=2649,1987,x175,y0 320w, https://img.themarket.ch/2023/03/29/eec7594d-8253-4401-9fe2-5e3bffb68474.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=2649,1987,x175,y0 120w, https://img.themarket.ch/2023/03/29/eec7594d-8253-4401-9fe2-5e3bffb68474.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2649,1987,x175,y0 240w" width="2649" height="1987" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/wer-vom-geschaeft-mit-dem-wasser-profitiert-ld.8654" data-nzz-referrer="articleTeaser" ordinal-number="3" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--2">  <span class="teaser__title-name">Wer vom Geschäft mit dem Wasser profitiert</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Dürre, Überschwemmungen, Erdrutsche: Wasser ist die Ursache für die meisten Naturkatastrophen. Auch Urbanisierung und Wachstum erfordern einen neuen Umgang mit der Ressource. Zwei Schweizer Unternehmen mischen dabei vorne mit.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Gabriella Hunter ✉</span> <time class="metainfo__item metainfo__item--date">29.03.2023</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article></div></div></div></section></section> <div class="cve articlepromobox"></div>   </div></div></div> <div id="footer" class="footer"> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright © The Market Media AG. 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Müller (gvm)";bA.shortName="gvm";bA.external=b;bF.url="https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F06\u002F12\u002F596c18f6-ae09-4692-aff2-863e4d882f8c.png?width=751&height=563&fit=bounds&quality=75&auto=webp&crop=751,563,x26,y0";bF.width=bB;bF.height=I;bJ["@type"]="Organization";bJ.name="The Market, Schweiz";bJ.url=aV;bJ.logo={"@type":"ImageObject",url:"https:\u002F\u002Fthemarket.ch\u002Flogo.png",width:413,height:60};bJ.contactPoint=[{"@type":"ContactPoint",telephone:"+41-44-2581000",contactType:"customer service"}];bJ.sameAs=["https:\u002F\u002Fwww.facebook.com\u002FTheMarketCH","https:\u002F\u002Fwww.twitter.com\u002FTheMarket_CH","https:\u002F\u002Fwww.linkedin.com\u002Fcompany\u002Fthe-market-ch\u002F"];bN.title="Suche The Market, Schweiz, https:\u002F\u002Fthemarket.ch\u002Fsuche";bN.href="\u002Fsuche";bR.standard={Tags:[B,"classification=default","language=de-CH","mr-market","product=themarket","doctype=article","pagetype=article","ldid=ld.9139","channel=Mr Market","nzzexchangecode=116915100-4-1"],ContentCreated:aS,ContentAuthor:H,ContentSection:l,ContentIsNative:c};bR.custom={product:aU,docType:n,pageType:n,layout:m,ldId:A,channel:l,heading:k,nzzExchangeCode:Y,language:p};return {layout:"default",data:[{data:{content:[{identifier:ba,id:"doc-1h2ndobsb0",content:{title:k,lead:bb,author:"\u003Ca target=\"_blank\" href=\"mailto:giorgio.mueller@themarket.ch\"\u003EGiorgio Müller\u003C\u002Fa\u003E ✉"},component:"header",prevElement:a,nextElement:d,firstContentElement:c},{identifier:d,id:"doc-1h2ndobsb1",content:{text:"Geschätzte Leserin, geschätzter Leser"},component:g,prevElement:ba,nextElement:aA},{id:"doc-886c49e2",identifier:aA,prevElement:d,nextElement:aB},{id:"doc-9c32359c",identifier:aB,paidContent:c,prevElement:aA,nextElement:d},{identifier:d,id:"doc-1h2neo7jl0",content:{text:"Georg Fischer (GF) wagt den Sprung: Am Montag hat der Schaffhauser Industriekonzern eine \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fgoingforward-movingwater.georgfischer.com\u002Fde\u002Findex.htm\"\u003EÜbernahmeofferte\u003C\u002Fa\u003E für Uponor unterzeichnet. Pro \u003Ca target=\"_blank\" rel=\"nofollow\" href=\"https:\u002F\u002Fthemarket.nzz.ch\u002Faktien\u002Fno-region\u002Fno-list\u002F472520-40-814\"\u003EUponor-Aktie\u003C\u002Fa\u003E 📈werden 28.85 € geboten. Das sind 22,8% mehr als der Durchschnittskurs der vergangenen drei Monate oder 12% mehr als das von Aliaxis am 22. Mai aufgebesserte Angebot, das aber der Uponor-Verwaltungsrat weiterhin \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fgeorg-fischer-steht-an-einer-wegscheide-ld.9055\"\u003Eals zu gering zurückgewiesen hatte\u003C\u002Fa\u003E."},component:g,paidContent:c,prevElement:aB,nextElement:d},{identifier:d,id:"doc-1h2nff66h1",content:{text:"Die Übernahme von Uponor wäre ein transformativer Schritt für GF. Auf einen Schlag wären die für 2025 angepeilten Ziele (Umsatz 4,5–5 Mrd. Fr., Ebit-Marge 9-11%) erreicht. Allein schon der Preis von 2,1 Mrd. € ist jedoch ein grosser Brocken. Er entspricht dem 10,6-fachen Unternehmenswert. Unter Berücksichtigung der angestrebten Synergien, die ab dem vierten Jahr jährliche Einsparungen von 35 bis 45 Mio. Fr. bringen sollen, wäre es noch das 8,9-Fache. Billig ist das nicht. Doch mir scheint die Transaktion verdaubar zu sein, denn der Schritt kommt zu einem günstigen Zeitpunkt. Und die strategische Gelegenheit ist da. Wenn nicht jetzt, wann dann?"},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2njs56r1",content:{text:"GF befindet sich in Hochform. Die Schulden sind getilgt (Ende 2022 betrug die Nettoliquidität 159 Mio. Fr.) und die Margen so hoch wie noch nie. 2022 wurde eine Ebit-Marge von 9,8% erwirtschaftet, in der zweiten Jahreshälfte war sie sogar knapp zweistellig. "},component:g,paidContent:c,prevElement:d,nextElement:i},{identifier:i,id:"doc-1h2nj3kk00",content:{title:"Kapitalerhöhung nötig",id:"subtitle-kapitalerh-hung-n-tig"},component:E,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nj2gjo1",content:{text:"Die Akquisition soll jedoch nicht nur durch liquide Mittel und Bankkredite finanziert werden, sondern auch über eine Kapitalerhöhung. Nach der Transaktion wird das ausgegebene Kapital knapp einen Zehntel grösser sein. Die bisherigen GF-Aktionäre müssen also in Form einer Gewinnverwässerung ihren Beitrag zur Übernahme beisteuern."},component:g,paidContent:c,prevElement:i,nextElement:d},{identifier:d,id:"doc-1h2nlqb6q1",content:{text:"Hingegen wird Uponor auf Basis Gewinn pro Aktie schon im ersten Jahr einen positiven Beitrag leisten. Laut Berechnungen der Helvetischen Bank beträgt der Gewinnbeitrag 6,3% (ohne Synergien und Sonderkosten). Das ist mir die leichte Gewinnverwässerung wert. Die Verschuldungsquote (Nettoverschuldung im Verhältnis zum Betriebsgewinn auf Stufe Ebitda) wird dadurch nicht über das Dreifache steigen, sondern laut Angaben des Unternehmens nur knapp auf das 2,5-Fache. Innerhalb von zwei Jahren soll die Verschuldungsquote wieder etwa 1,5 betragen."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nj5ge20",content:{text:"An der längerfristigen Strategie macht das GF-Management keine Abstriche. Die Bilanz soll solide bleiben und die Dividendenpolitik beibehalten werden. Bisher hat GF knapp 40% des Gewinns ausgeschüttet."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nf14hg1",content:{text:"Zudem handelt es sich beim Kaufobjekt um ein gut geführtes, rentables Unternehmen, keinen Sanierungsfall. Die beiden Unternehmen arbeiten schon seit vielen Jahren zusammen. Im vergangenen Jahr erzielte GF in Sachen Rentabilität ein Rekordjahr und erwirtschafte in diesem Bereich die höheren Ebit-Margen. Im vergangenen Jahr belief sich die Ebit-Marge von Uponor auf 11,1% (i. V. 12,3). GF Piping Systems kam auf 13,5% (12,5). "},component:g,paidContent:c,prevElement:d,nextElement:i},{identifier:i,id:"doc-1h2nkevul0",content:{title:"Grösser, robuster, besser",id:"subtitle-gr-sser-robuster-besser"},component:E,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nk7pmj1",content:{text:"Die neue GF wird nicht nur einiges grösser, sondern vor allem weniger zyklisch und rentabler sein. Das sind gute Voraussetzungen. Auf Basis der Pro-forma-Zahlen per Ende 2022 erhöht sich der Umsatz von knapp 4 Mrd. auf 5,4 Mrd. Fr., und die Ebit-Marge würde von 9,8% auf knapp 11% steigen. Die Gruppe wird mehr als 19 000 Mitarbeitende zählen."},component:g,paidContent:c,prevElement:i,nextElement:w},{identifier:w,id:"doc-1h2nfc9tk0",content:{datawrapper:{html:"\u003Ciframe title=\"Die neue GF ist zu zwei Dritteln ein Rohrleitungskonzern\" aria-label=\"Donut-diagramm\" id=\"datawrapper-chart-C2Kpd\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002FC2Kpd\u002F4\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"417\" data-external=\"1\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r\u003Ce.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:N}},component:N,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2neeq2g0",content:{text:"Künftig wird GF zwei Drittel des Umsatzes und mehr als 80% des Betriebsgewinns aus dem Rohrleitungsgeschäft erwirtschaften. Dies ist ein deutlich weniger zyklisches Geschäft, das auch in Rezessionsphasen selten in die roten Zahlen fällt. Tendenziell sollte das mit einer höheren Bewertung belohnt werden."},component:g,paidContent:c,prevElement:w,nextElement:w},{identifier:w,id:"doc-1h2nfe9s00",content:{datawrapper:{html:"\u003Ciframe title=\"Künftig über 80% des Gewinns aus Rohrleitungsgeschäft\" aria-label=\"Donut-diagramm\" id=\"datawrapper-chart-auRqj\" src=\"https:\u002F\u002Fdatawrapper.dwcdn.net\u002FauRqj\u002F2\u002F\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"417\" data-external=\"1\"\u003E\u003C\u002Fiframe\u003E\u003Cscript type=\"text\u002Fjavascript\"\u003E!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r\u003Ce.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}(); \u003C\u002Fscript\u003E"}},data:{_datawrapperDirective:{_embedHandler:N}},component:N,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nfcqk81",content:{text:"Am Montag tendierte der Aktienkurs von GF nach anfänglicher Schwäche stärker. Die Kurseinbussen, die die GF-Aktien seit der Meldung erlitten haben, dass die Schweizer eine Gegenofferte für Uponor einreichen würden, sind damit aber noch nicht kompensiert. "},component:g,paidContent:c,prevElement:w,nextElement:aC},{identifier:aC,id:"doc-1h2nefd160",content:{idms:{service:"idms",params:{url:"https%3A%2F%2Fboerse.themarket.ch%2Fwidgets%2Finstrument%2F116915100-4-1"}}},component:"idms-article",paidContent:c,prevElement:d,nextElement:i},{identifier:i,id:"doc-1h2nkkfpf0",content:{title:"Festigung der Marktposition",id:"subtitle-festigung-der-marktposition"},component:E,contentTable:b,paidContent:c,prevElement:aC,nextElement:d},{identifier:d,id:"doc-1h2neeq7f0",content:{text:"Das finnische Unternehmen Uponor ist in der globalen Rohrleitungsbranche die Nummer sechs (Umsatz 2022: 1,4 Mrd. €). Marktführer ist Aliaxis aus Belgien, die bisher rund doppelt so gross wie GF (nur Piping Systems) war. GF und Uponor zusammen erwirtschafteten im vergangenen Jahr umgerechnet 3,6 Mrd. € Umsatz. GF wäre also künftig eine deutlich stärkere Nummer zwei hinter Aliaxis (4,3 Mrd. €)."},component:g,paidContent:c,prevElement:i,nextElement:d},{identifier:d,id:"doc-1h2ngifih0",content:{text:"Die Sortimente von Uponor und GF Piping Systems sind produktemässig, aber auch geografisch recht komplementär. Die Finnen sind besonders im Gebäudebereich stark, GF im Infrastruktursektor. Mit Uponor verstärkt sich GF in Nordamerika, einem Markt, der besonders gut läuft. Ein Drittel des Umsatzes erwirtschaftet Uponor in Nordamerika, die USA sind der grösste Markt (Umsatzanteil 30%)."},component:g,paidContent:c,prevElement:d,nextElement:i},{identifier:i,id:"doc-1h2nl13sl0",content:{title:"Schrittweise Integration",id:"subtitle-schrittweise-integration"},component:E,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2ngblcu0",content:{text:"In einem ersten Schritt wird Uponor die vierte Division von GF. Sie wird vom Uponor-Konzernchef Michael Rauterkus geführt, der an Bord bleibt. Dieses schrittweise Vorgehen erscheint mir vernünftig, denn bis alles geregelt ist, sind noch einige Punkte zu lösen. Das sollte die Integration vereinfachen. Die beiden Unternehmen streichen denn auch die engen kulturellen Gemeinsamkeiten heraus."},component:g,paidContent:c,prevElement:i,nextElement:d},{identifier:d,id:"doc-1h2neeqbm0",content:{text:"Dank der komplementären Struktur der Transaktion dürften die regulatorischen Hindernisse gering sein. GF rechnet damit, dass die Übernahme noch im laufenden Jahr über die Bühne gehen kann. Das Übernahmeangebot wird am 26. Juni lanciert. Bis Anfang September haben dann die Uponor-Aktionäre Zeit, ihre Titel anzudienen."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nh4gev0",content:{text:"Der Verwaltungsrat von Uponor und der Ankeraktionär Oras Invest (Beteiligung 25,7%) unterstützen die GF-Offerte. Zusammen mit anderen Aktionären hätten sich 36,9% der Aktionäre zu einer «unwiderruflichen Annahme» des Angebots verpflichtet, heisst es. "},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nh9okj0",content:{text:"Entscheidend ist nun, ob der belgische Marktführer Aliaxis, der 20,2% von Uponor erworben und ein als unfreundlich taxiertes Übernahmeangebot unterbreitet hat, bereits klein beigibt. Finanziell hätte sich die Avance für ihn ja ausbezahlt."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2ndpbvt0",content:{text:"Ich würde es GF wünschen, dass die Transaktion klappt. Aus meiner Sicht ergibt sie einen überzeugenden strategischen Sinn. Sie zementiert die gute Position im Rohrleitungsgeschäft, mit dem GF in den vergangenen Jahren viel Freude hatte. Es war das Fundament, auf dem sich die Rentabilität nachhaltig verbessert und die zyklischen Schwankungen, die GF zuvor immer wieder in die rote Zahlen rissen, geglättet hat."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2ndpdph0",content:{text:"Damit die Transaktion zustande kommt, müssen GF mindestens 50% der Titel angedient werden. Das erscheint machbar. In einer späteren Phase werden die beiden anfänglich noch separat geführten Divisionen (GF Piping Systems und Uponor) wohl stärker verschmelzen. Unternehmerisch wäre das sinnvoll. "},component:g,paidContent:c,prevElement:d,nextElement:i},{identifier:i,id:"doc-1h2nigjij0",content:{title:"Auf dem Weg von Geberit",id:"subtitle-auf-dem-weg-von-geberit"},component:E,contentTable:b,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nhudnj0",content:{text:"Mir gefällt, dass GF noch stärker auf das Rohrleitungsgeschäft setzt. Hier sind beständig zweistellige Ebit-Margen erzielbar. An Uponor gefällt mir zudem, dass es ein ähnliches Geschäftsmodell wie Geberit hat."},component:g,paidContent:c,prevElement:i,nextElement:d},{identifier:d,id:"doc-1h2ni12jr0",content:{text:"Damit GF eine zweite Geberit wird, müsste sich jedoch noch einiges ändern. Geberit verfolgt ein Systemgeschäft, was sich in rund doppelt so hohen Ebitda-Margen wie Uponor ausdrückt. Aber die Richtung stimmt."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nilja21",content:{text:"Vor allem die beiden Traditionssegmente Casting (Guss) und Machining (ehemals Agie Charmilles) spielen im GF-Konzern künftig nur noch eine Randrolle. Mit der Zeit wird sich das GF-Management die Grundsatzfrage stellen, ob sie noch die besten Eigentümer für diese Bereiche sind. Das wird eine Frage sein, die erst in den kommenden Jahren zu beantworten ist."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2ni4eic0",content:{text:"Nur wenn GF voll auf das Rohrleitungsgeschäft setzen würde, käme die Bewertung des Unternehmens in den Bereich, in dem sich Geberit bewegt. Wegen der industriellen Aktivitäten, deren Rentabilität typischerweise stärker schwanken, ist das Kurs-Gewinn-Verhältnis (KGV) zurecht deutlich geringer. "},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2ni94ht0",content:{text:"Das vorwärtsgerichtete KGV von GF lag in den vergangenen fünf Jahren bei knapp 19, bei Geberit sind es gut 27. Derzeit verkehren die GF-Valoren mit einem KGV (2023) von knapp 17, was für einen Industriekonzern ein stolzer Wert ist. Die Geberit-Aktien verkehren bei 25. So rasch wird sich die Bewertungslücke zwischen den beiden Unternehmen wohl nicht schliessen. Ich halte beiden Valoren aufgrund ihrer Qualitäten die Treue."},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2ndpdsu0",content:{text:"Freundlich grüsst im Namen von Mr Market"},component:g,paidContent:c,prevElement:d,nextElement:d},{identifier:d,id:"doc-1h2nid7p30",content:{text:"Giorgio Müller"},component:g,paidContent:c,prevElement:d,nextElement:aD,lastContentElement:c},{identifier:aD,id:"doc-1h2ndobsb2",component:"sharebox",paidContent:c,prevElement:d,nextElement:bc},{identifier:bc,id:"doc-1h2ndobsb3",containers:{"moreToSubject-area":[{identifier:aE,id:"doc-1h2ndobsb4",content:{"link-box-embed":{service:aF,params:{type:aG,layout:[m,aH,aI,aJ,aK,aL,O,P,Q,R,aM,S,T,U,V,W],mediaId:9055}},article:{metadata:{contentTypeGroup:x,flag:o,significantUpdate:b,language:{groupId:"r77H2tspMKm-",label:X,locale:p},title:bd,seoTitle:bd,nzzAuthors:[{external:b,name:"Ruedi Keller 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Das finanzielle Risiko ist verkraft-, die unternehmerische Herausforderung bewältigbar.","2023-06-12T11:47:40.181Z","2023-09-27T14:27:16.407Z","classification=default,language=de-CH","themarket","https:\u002F\u002Fthemarket.ch","Article","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","judi.header","Die Übernahme des finnischen Rohrleitungsherstellers Uponor macht Georg Fischer weniger zyklisch und rentabler. Das finanzielle Risiko ist verkraft-, die unternehmerische Herausforderung bewältigbar.","judi.moreToSubject","Georg Fischer steht an einer Wegscheide","2023-05-25T00:40:19.055Z","Die Industriegruppe muss prüfen, ob sie für einen Konkurrenten ein Gegenangebot macht. Ihr Kurs sinkt, weil Investoren befürchten, sie könnte sich dabei übernehmen. Der Übernahmekrimi wirft aber auch ein Licht auf die Werte, die in Georg Fischer schlummern.","resrc.it",52,562,167,55,"ld.9055","Georg Fischer spielt die Trends","Gabriella Hunter (gh)",5024,"2023-03-01T12:03:49.666Z","Gabriella Hunter ✉","Die Industriegruppe schlägt die Erwartungen 2022 deutlich und blickt zuversichtlich in die Zukunft. Die Aktionäre sollen dank einer saftigen Dividendenerhöhungen am Erfolg teilhaben.","ld.8533","fastly","Wer vom Geschäft mit dem Wasser profitiert","2023-03-29T04:33:49.471Z","Dürre, Überschwemmungen, Erdrutsche: Wasser ist die Ursache für die meisten Naturkatastrophen. Auch Urbanisierung und Wachstum erfordern einen neuen Umgang mit der Ressource. Zwei Schweizer Unternehmen mischen dabei vorne mit.","ld.8654",3000,{},{},751,"CH","MKT",100,{},"Georg Fischer wird besser,Mr Market,Mr Market, Finanznachrichten, The Market","2023-09-27T18:27:16+02:00","2023-06-12T15:47:40+02:00",{},"redaktion@themarket.ch","2024 The Market Media AG, Schweiz","index, follow, noarchive, noodp, max-snippet:-1, max-image-preview:large, max-video-preview:-1",{},Array(0),"de","Sat, 23 Nov 2024 23:52:10 GMT",{},"doc-1d56tma850","doc-1d5mrda050","doc-1d5mrdbao0","doc-1d5mrdu480","Abo-Service","https:\u002F\u002Fabo.themarket.ch\u002Fkontakt\u002F","doc-1d5mred4f0","AGB\u002FDatenschutz","doc-1d5mreouo0","doc-1g01n283l0","Feedback","https:\u002F\u002Fthemarket.ch\u002Ffeedback","doc-1d59otdjj0","doc-1d59otdjj1","doc-1e4qqffpn0","doc-1e4qqgct70","doc-1e4qqgsqk0","doc-1e4qqhhf90","doc-1e4qqi80t0","doc-1e4qqinal0","doc-1e4qqj75c0","doc-1cujumg810","doc-1cujumg830","subscription","doc-1cujumohi0","doc-1dkgfp6c00","Abonnemente","doc-1e9b0hpst0","Probeabo 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