| Valuation method | Value, CHF | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Bertrandt AG (BDT.SW) is a leading German engineering services provider specializing in automotive, aerospace, and industrial engineering solutions. Headquartered in Ehningen, Germany, the company operates through three core segments: Digital Engineering, Physical Engineering, and Electrical Systems/Electronics. Bertrandt offers comprehensive services, including vehicle component design, validation testing, electronic module development, and software solutions for autonomous driving. Founded in 1974, Bertrandt serves a diverse clientele across the automotive, aerospace, mechanical engineering, and medical technology sectors. With a strong presence in Germany and international markets, Bertrandt leverages its expertise in digital and physical engineering to drive innovation in mobility and industrial applications. Despite recent financial challenges, the company remains a key player in the engineering services industry, supported by its deep technical capabilities and long-standing industry relationships.
Bertrandt AG presents a mixed investment profile. The company operates in a high-growth sector with increasing demand for engineering services, particularly in automotive electrification and autonomous driving. However, recent financial performance has been weak, with a net loss of €77.2 million in the last fiscal year and negative diluted EPS of -7.64. The company's beta of 1.181 suggests higher volatility compared to the market. Positive aspects include a respectable dividend yield (€1.14 per share) and €76.9 million in operating cash flow, indicating some underlying business strength. Investors should weigh Bertrandt's strong industry positioning against its recent profitability challenges and exposure to cyclical automotive markets.
Bertrandt AG competes in the highly specialized engineering services market, where technical expertise and long-term client relationships are critical advantages. The company's competitive position stems from its 50-year heritage in automotive engineering, full-service capabilities across digital and physical engineering, and strong presence in the German automotive ecosystem - home to premium OEMs like BMW, Mercedes, and Volkswagen. Bertrandt's integrated service model covering design, validation, and electronics development provides cross-selling opportunities. However, the company faces intensifying competition from larger global engineering firms with greater scale and digital transformation capabilities. Bertrandt's recent financial struggles (-€77M net income) may limit its ability to invest in next-gen technologies like AI-driven engineering tools compared to better-capitalized rivals. The company's mid-size scale positions it between niche specialists and mega-engineering firms, requiring careful strategic focus. Its deep automotive expertise remains valuable as the industry transitions to electric and autonomous vehicles, but Bertrandt must improve profitability to fund necessary R&D and compete effectively against both established players and new digital-native engineering providers.