Stock Analysis & Valuation BELIMO Holding AG (BEAN.SW)

• Previous Close: CHF845.00
• Sector Valuation Confidence Level: Moderate

Valuation method	Value, CHF	Upside, %
Artificial intelligence (AI)	365.60	-57
Intrinsic value (DCF)	417.68	-51
Graham-Dodd Method		n/a
Graham Formula	211.20	-75

Strategic Investment Analysis

Company Overview

BELIMO Holding AG is a Swiss-based leader in the development, manufacturing, and sale of innovative HVAC (heating, ventilation, and air conditioning) solutions, including damper actuators, control valves, sensors, and meters. Founded in 1975 and headquartered in Hinwil, Switzerland, BELIMO operates globally across Europe, the Americas, and the Asia Pacific. The company specializes in energy-efficient HVAC components, such as IoT-enabled pressure-independent valves and smart sensors, catering to commercial and industrial applications. With a strong focus on sustainability and digitalization, BELIMO plays a pivotal role in modern building automation and energy optimization. Its products are widely used in air handlers, economizers, and life safety dampers, making it a key player in the industrial and construction sectors. The company’s commitment to innovation and quality has solidified its reputation as a trusted provider of HVAC solutions worldwide.

Investment Summary

BELIMO Holding AG presents a compelling investment case due to its strong market position in the HVAC components sector, consistent revenue growth, and robust profitability (net income of CHF 146.8M in the latest fiscal year). The company benefits from increasing global demand for energy-efficient building solutions and smart HVAC technologies. Its healthy balance sheet, with CHF 97.2M in cash and minimal debt (CHF 25.4M), supports financial stability. However, investors should consider potential risks, including exposure to cyclical construction markets and competitive pressures from larger industrial conglomerates. The stock’s beta of 1.073 suggests moderate volatility relative to the broader market. A solid dividend yield (CHF 9.5 per share) adds to its appeal for income-focused investors.

Competitive Analysis

BELIMO Holding AG holds a strong competitive position in the niche HVAC components market, driven by its specialization in actuators, valves, and smart sensors. Unlike diversified industrial giants, BELIMO focuses exclusively on HVAC solutions, allowing for deep expertise and innovation in energy-efficient and IoT-connected products. Its competitive advantage lies in high-quality, reliable components that optimize building automation systems. The company’s global distribution network ensures strong market penetration, particularly in Europe and North America. However, BELIMO faces competition from larger industrial players with broader product portfolios and greater R&D budgets. Its ability to maintain premium pricing and technological leadership will be critical in defending market share. The shift toward green buildings and smart HVAC systems presents growth opportunities, but BELIMO must continue investing in digital and sustainable solutions to stay ahead of rivals.

Major Competitors

• Siemens AG (SIEGn.DE): Siemens is a global industrial conglomerate with a strong HVAC automation division under its Building Technologies segment. Its broad portfolio and strong R&D capabilities pose a threat to BELIMO, particularly in smart building solutions. However, Siemens’ diversified focus may limit its agility in specialized HVAC components compared to BELIMO’s niche expertise.
• Honeywell International Inc. (HON): Honeywell competes with BELIMO in HVAC controls and building automation. Its strong brand and extensive distribution network give it an advantage in large-scale projects. However, Honeywell’s broader industrial focus means it may not match BELIMO’s specialization in actuators and valves, where BELIMO maintains a technological edge.
• Johnson Controls International plc (JCI): Johnson Controls is a major player in building technologies, including HVAC systems. Its integrated solutions and service offerings compete with BELIMO’s components. While JCI has a larger market presence, BELIMO’s product-specific innovation and efficiency focus allow it to maintain a strong position in high-performance HVAC applications.
• Danfoss A/S (DANOY): Danfoss is a key competitor in HVAC and climate solutions, particularly in valves and controls. Its strong European presence overlaps with BELIMO’s core markets. Danfoss’s broader product range includes refrigeration, but BELIMO’s actuator specialization gives it an advantage in precision HVAC applications.