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Installation of Electric Measts of Residential Approach and Commercial Approach of Gyris+Gyr Group Ag.
Landis+Gyr Group Ag
Company: Landis+Gyr Group Ag (Land-Ch)
Business: Group Gyr Landis+Gyr It is a company based in Switzerland, mainly involved in the business of manufacturing electrical components and equipment. It specializes in measurement solutions for electricity, gas, heat/cold and water for energy measurement solutions for public services. The Landis+GYR products portfolio consists of advanced measurement and smart energy management products, such as electricity meters, heating and cooling meters, grid management solutions and personal energy management solutions. In addition, the company offers various software services, managed services, cloud services, smart network services, systems integration, training, as well as consulting and support services.
Market value: approximately 1.49b Swiss francs (CHF 51.60 per share)
Activist: Spectrum business property
Property: 5.01%
Average cost: N / A
Activist comment: The business property of Spectrum (“SEO”) manages a concentrated portfolio of large minority investments, typically six to eight positions, in European companies quoted with an approach in the Dach region (Germany, Austria and Switzerland). As a long -term and committed anchor shareholder, SEO strives to unleash the total value potential of its portfolio companies. The firm is aimed at small and medium -sized companies with multiple catalysts for the creation of value and prioritizes a friendly commitment, which is generally located at the Board of most companies where they have commitments. The stable capital base of the fund comes from family offices, endowments, pension funds and other long -term institutional investors. SEO was co -founded in 2022 by Fabian Rauch and Dr. Ilias Läber. The two directors have four combined decades of experience in the Board in traded companies and each previously worked in Cevian Capital for approximately a decade.
What is happening
Behind the scenes
Landis+Gyr is a leading global provider of integrated integrated energy management solutions, specialized in advanced measurement infrastructure and intelligent network technologies. Public services and energy suppliers use the intelligent measurement technology portfolio, sensors, software and intelligent measurement services to modernize and improve the efficiency of their infrastructure. Although Landis is a very old company, founded in 1896, it was privately and invested by a series of strategic and financial investors for much of its history. In 2011, Toshiba acquired a 60% participation In the company for US $ 2.3 billion, but finally chose to improve the Swiss unit Six years later. He began to quote at the Exchange Swiss on July 21, 2017, in 78 Swiss francs (CHF) per share, which implies a market capitalization of Chf 2.3 billion.
Today, Landis is quoted well below its OPI price, more than 35%. It is also significantly underestimated, which is quoted around 7.5 times the business value/EBITDA, compared to its pair of pure juices that is quoted in Nasdaq (approximately 15 times) with which it has a duopoly in the United States, each controlling 35% to 40% of the market. In July 2024, SEO acquired an interest of 5% in Landis de Kirkbi, becoming the second largest shareholder. Shortly after, Landis requested an extraordinary general meeting to choose the Fabian Rauch Board, co -founder and managing partner of SEO, in August 2024. Two months later, on October 30, 2024, the company announced A strategic review of its business portfolio that includes the following key elements: (i) increasing approach in your América business; (ii) review the value creation opportunities for your European, Middle East and Africa (EMEA) business; and (iii) evaluate a potential change in the location of listing to the United States. However, several things have sent the price of the shares since then, including Landis by reducing their fiscal year income guide24 by 8% and the announcement that It will come out Its business collection business in EMEA, resulting in expected deterioration positions from $ 35 million to 45 million. Regarding the reduction of orientation, despite Landis messages continuously that the growth after covid was unsustainable due to accumulated demand, warnings fell into deaf ears. The actions fell almost 22% on February 11, 2025, the date of the ad.
Focusing on the Americas makes a lot of sense. Landis generated $ 1,963 billion of income from three geographical segments: America (58%), EMEA (34%) and Asia-Pacific (8%). Although EMEA contributed a third of the income, he delivered only 8% of the adjusted profits before interest, taxes, depreciation and amortization, less Ebitda than his significantly smaller Asia-Pacific unit. Explore additional possibilities for growth in the Americas and reduce your EMEA business through a sale or spin -off of this business could be highly accumulated for the value of shareholders. A change in the location of the list, probably to an American exchange, would also make sense taking into account that this Swiss company is generating most of its profits in the region. This is a strategy that Cevian promoted both CRH and PereaAnd it has been a popular activist catalyst in Europe in recent years.
Landis is a story of a failed equity with some of an island board. Welcoming Fabian Rauch was the first strong signal that the board wanted to change. Adsing a value creation plan shortly after was the second signal. The third happened in November 2024when the company replaced the CEO Werner Lieberher with Peter Mainz. Finally, the fourth signal occurred in January 2025 when the company announced that its president Andreas Umbach will not represent re -election and will be replaced By Audrey Zibelman.
Ken Squire is the founder and president of 13D Monitor, an institutional investigation service on shareholders’ activism, and the founder and portfolio manager of the 13D activist fund, a mutual fund that invests in a portfolio of 13D activist investments.