Every day, a host of container ships leave the ports of this world. While the giants sail majestically across the oceans, gigantic engines are at work deep in their bellies, the heart of which comes from the forges of Swiss company Accelleron: the turbochargers. Without these, the engines would lack the necessary power to move the tons of cargo. The same technology that drives the global trade network on the water is also used in power plants, locomotives and increasingly in data centers. The reliable power from Baden is well received by investors: The STOXX 600 Europe member is one of the outperformers, rising by almost half in the first eight months of the year. The dynamic upward trend is closely linked to the upward business development of the ABB spin-off, which has been listed independently on the SIX Swiss Exchange since 2022. In July, following the announcement of the figures for the first half of the year, the annual forecast was raised significantly. The manufacturer of engine components raised its sales target for 2025 to a currency-adjusted increase in revenue of 16% to 19%, compared with the previous forecast of just 4% to 6%. Market participants are now also asking whether the medium-term forecast of 2% to 4% sales growth is outdated - Accelleron has yet to provide an answer.
What is certain, however, is that the company will not have to stretch itself any further in the second half of the year to achieve its current revenue forecast. On the contrary, the Group may even slow down a little. From January to June, turnover soared by a fifth to EUR 608 million thanks to high demand for services for the shipping industry. «Our impressive sales growth was driven by further market share gains in the turbocharger segment as well as high demand for services for the marine industry - especially retrofits - and applications for emergency and primary power supply as well as control energy,» explains CEO Daniel Bischofberger, adding: «The markets did not cool down in the first half of the year despite geopolitical turbulence. We pulled out all the stops to meet demand and are confident about volumes in the second half of the year.» Accelleron's business is divided into two business areas: «Medium and Low Speed» and «High Speed». The former, which is also the core segment, includes turbochargers for large diesel and gas engines such as those used in ships. High-speed applications, on the other hand, include turbochargers for high-speed engines, such as those required in the energy supply sector.
On the profit side, the company, which has a presence in 50 countries and a dense service network in port cities and in the vicinity of large energy plants, grew even faster. The operating result (EBITA) improved by 20.8% year-on-year to USD 154.9 million, increasing the margin by 0.1 percentage points to 25.5%. For the year as a whole, Accelleron expects a margin of between 24% and 25%, which is one percentage point lower than previously expected. However, this slight reduction is not home-made, but rather due to the challenges posed by the new US tariff of 39% on Swiss goods. If the negotiations on a better deal sought by the Swiss government prove successful, the old target could perhaps come back into focus. However, while the outcome of the talks is uncertain, the current picture needs to be assessed. The conclusion is quite respectable. The company is robustly positioned, the business model is broadly diversified and closely linked to global megatrends - from growing global trade and energy demand to digital infrastructure. With its strong service business, innovative strength and sustained growth, Accelleron has not only ignited the turbo in its development, but also on the capital market, as mentioned at the beginning. The recent steep rise has also pulverized analysts' targets. The average price forecast is CHF 62.36, which is around 9% below the current price.
For investors, now could be the perfect time for a yield-optimizing product. The new Callable Barrier Reverse Convertibles converts a pause in the dynamic upward trend into profits. The CHF-denominated BRC offers an interest rate of 8.00% p.a. with a maximum term of 18 months. On the downside, the partial protection product leaves room for the underlying to develop. The barrier is fixed at 74% of the starting value. The product also has a soft callable function, which becomes active for the first time after 6 months and can lead to early redemption. The coupon is paid out quarterly on a pro rata basis.
While the BRC offers an opportunity to profit from a possible consolidation, leveraged products allow you to play the speculative card. Leonteq's broad range of products includes mini-futures and warrants on Accelleron, which offer the prospect of disproportionately high participation. While the company has anchored the turbo in its business model, Leonteq offers products with a "turbo", so to speak. Long and short positioning is possible. Leverage products on Accelleron can be traded on SIX Structured Products as well as on the BX Swiss.