Implenia AG is a provider of construction and real estate services, operating primarily in Switzerland and Germany. The company specialises in developing, building, and managing specialised buildings and infrastructure projects. Additionally, it delivers tunnelling and related infrastructure services in selected international markets.
A simple sum-of-the-parts valuation gives a value that is around 80% higher than what is reflected in the current market capitalization.
The company’s business units are benefiting from favorable market conditions, while current share prices continue to reflect a significant discount to the estimated intrinsic value. This valuation gap is largely attributed to the market’s limited perception of the company’s medium-term growth potential. Projections indicate a gradual acceleration across core business lines, with growth expected to remain flat at 1–2% in 2025, increasing to 2–3% in 2026, and reaching approximately 5% in 2027, primarily driven by rising public investment in Germany.
Implenia is pursuing an asset-light growth strategy, aimed at enhancing financial flexibility and improving return on capital. By divesting from capital-intensive unit, such as its Equipment & Technology Services business in Austria, and acquiring service-oriented companies like Wincasa, Implenia is shifting toward scalable, high-margin activities. This strategic focus supports sustainable growth with reduced capital expenditure and improved operational efficiency. Growth is driven further by the development of high-margin business areas through a combination of organic initiatives, targeted acquisitions, sector-focused specialization, and deeper integration along the value chain.
