Implenia AG (IMPN) Fair Value & Analysis

Industrials · CH · Market cap CHF 1.2B

Below-average quality, screening 14% undervalued on our models.

What matters now

• A fairly wide model range (CHF 50.71 to CHF 92.16) leaves room in how you read the outcome.
• Our model range runs from CHF 50.71 (bear) to CHF 92.16 (bull), base CHF 71.19. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 46/100 (below-average quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range CHF 16.73 – CHF 80.82 · fair‑value band CHF 50.71 – CHF 92.16 · the CHF 62.30 price screens below the CHF 71.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Implenia AG (IMPN) currently trades at CHF 62.30, while our model-based Fair Value estimate is CHF 71.19, implying the stock looks roughly 14.3% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Implenia AG generated revenue of CHF 3.5B at a net margin of 2.4%. Revenue declined 11.0% year over year. It earns a return on equity of 12.0%. Net debt stands at CHF 346M. Fundamentals as of Jul 19, 2026

Our scenario range runs from CHF 50.71 (bear case) to CHF 92.16 (bull case); at CHF 62.30, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 32% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 14%, IMPN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (CHF 77.00) versus Dividend Discount (CHF 7.87). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Implenia AG provides construction and real estate services in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally. It operates through Buildings; Civil Engineering; and Service Solutions segments.

Full company description

Implenia AG provides construction and real estate services in Switzerland, Germany, Austria, Norway, Sweden, France, and internationally. It operates through Buildings; Civil Engineering; and Service Solutions segments. The company engages in tunnel construction; civil engineering; structural engineering; foundation engineering; structural design; building preservation; and depots. It also engages in construction maintenance; works yards; building construction logistics; and bar post-tensioning systems services, as well as solutions for excavations, retaining structures, deep foundations, and noise barriers. In addition, it provides building construction services, such as new construction, modernization, master builder, and timber construction; real estate development, management, investment, consulting, and planning services; real estate products; building technology planning; construction logistics; building physics, acoustics, sustainability, and energy; facade and geotechnical engineering; and pre-tensioning technology services. Further, the company provides system solutions; fibre building materials; and expanded polystyrene tunnel elements. The company is headquartered in Opfikon, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Implenia AG reported revenue of CHF 3.5B in FY2025 versus CHF 3.8B in FY2021, a compound −2.0%/yr. Reported net income was CHF 83.6M in FY2025, compounding +8.1%/yr from FY2021.

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Peer Group

Engineering & Construction · 837 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Engineering & Construction median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.