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Stock

Burkhalter Holding AG

BRKN.SW
64
Engineering & Construction · Industrials
Also trades as: 0QO2.L GBP 1.24 (+1.31%)
Price
CHF 124.00
+1.20 (+0.98%)
Market Cap
CHF 1.32B
Exchange
SIX Swiss Exchange
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
14/30
Growth
Good
13/20
Cash Flow
Strong
8/10
Stability
Exceptional
9/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

64 of 100 counted points = Winston Score 64.

Share count rising — dilution

+77.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 6.0M (2021) → 10.6M (2025)

§Winston Score History

The full picture

Burkhalter Holding AG is a Swiss company that installs and maintains electrical systems in buildings. Its core services include wiring, lighting, building automation, and power distribution — work done for construction companies, property developers, and building owners across Switzerland. It is one of the largest electrical engineering contractors in the country.

Burkhalter earns revenue by charging fees for completed installation projects and ongoing maintenance contracts. It operates almost entirely within Switzerland, with a network of regional subsidiaries that give it broad geographic reach across the country. Its competitive edge comes from scale, a trusted local brand, and the difficulty of replicating its dense network of skilled electricians and regional offices. The main risk is that its business depends heavily on Swiss construction activity, so a slowdown in building projects — whether from rising interest rates or weaker property demand — could reduce the volume of new contracts available.

Score breakdown

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Quality

Profit per sale
Gross Margin
15.7%
Thin — 15.7% gross margin
Profit after running costs
Operating Margin
5.9%
Thin — 5.9% operating margin
Return on the money invested
ROCE
52.5%
Exceptional — 52.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
-2.4%
Shrinking sales (-2.4% YoY)
Profit growth
EPS YoY
+9.4%
Earnings growing (+9.4% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
176%
Turns 176% of profit into real cash
Spare cash per sale
FCF Margin
8.8%
Modest free cash flow (8.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.35
Conservative — low debt load (0.35)
Covers its interest
Interest Cover
90.95x
Comfortably covers interest (91.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
20.8x
Growth-priced — P/E 20.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+1.4
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
4.36%
Healthy income — 4.36% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+35.9%
Dividend growing fast (35.9% YoY)

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