Orell Fussli - Strategic targets maintained at CMD

Orell Füssli hosted a capital markets day (CMD) on 11 November in Zurich, where it discussed the significant progress made towards its strategic targets. Despite this progress, Orell Füssli has maintained its revenue, profitability and dividend payout targets. Key underlying megatrends support the group's long-term outlook. With its nascent digital ID business, Procivis, winning key mandates, the opportunity to capitalise on EU and government legislative changes in digital ID and credentials could be substantial. We value Orell Füssli at CHF168.5 per share, implying a 32% discount to the current share price.

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