Accelleron Industries
- Overview: Spin-off from ABB’s turbocharger division in October 2022; now listed on SIX under ticker ACLN.
- Headquarters: Baden, Switzerland; operations across 50+ countries with 100+ service stations.
- Core business: Designs, manufactures, and services high-power turbochargers, fuel injectors, and digital engine‑optimization tools for marine, energy, rail, and off-highway sectors.
- Scale: Operates ~180 000 turbochargers globally, ~2 600–3 000 employees.
- Mission: Focuses on efficiency and decarbonization, supporting sustainable fuel transitions (e.g., LNG, hydrogen, ammonia).
📊 Mini Pitch Deck – Investment Summary
- Investment Thesis
A specialized industrial tech leader delivering strong cash flow, operational resilience, and secular tailwinds from decarbonization and digital services, making it a compelling mid-cap industrial play in Europe.
- Market Opportunity
- Marine & energy decarbonization: Driven by IMO/EU emissions targets and fuel transition, turbocharging demand rises.
- Ongoing fleet upgrades & digital optimization: Shipyards and data centers seek retrofits and software solutions.
- Emerging power markets: Grid balancing, backup power, and gas compression present stable demand.
- Financial Highlights
- 2024 revenue: US $1.023 bn (up +11.8% YoY), crossing the $1bn mark.
- Operational EBITA: US $261.9 m (+17.4%, margin 25.6%).
- Net income: US $179.4 m (+63%).
- Free cash flow: US $177.7 m, with ~99% conversion.
- Dividend: Proposed CHF 1.25/share (+47% YoY).
- Leverage: Net leverage ~0.7× EBITDA; strong balance sheet backed by CHF 180 m bond issuance.
- Competitive Edge
- Legacy of ABB with rich R&D and 118 patent families.
- Global service network offers recurring revenue and high customer retention.
- Leadership in new-fuel and digital retrofit solutions, such as Tekomar XPERT software .
- Strong partnerships (e.g., Hyundai, HD Hyundai) underpin innovation and scale.
- Risks
- Cyclical exposure to shipping and energy capex.
- Commodity and macro volatility may affect end-demand.
- Regulatory shifts or tech disruptions in propulsion systems.
- Valuation & Outlook
- Trades at a premium P/E (~30×); fair value estimated ~21×—suggests market optimism.
- Analysts forecast modest upside (~+4% 12‑month) but highlight strong income and growth in core drivers.
- 2025 guidance: +4–6% revenue growth, EBITA margin 25–26%.
🚀 Investment Summary
Accelleron combines strong financial discipline, secular market tailwinds in decarbonization, and deep industrial expertise, offering a rare mid-cap value in Swiss manufacturing. Its high free cash flow, robust dividend growth, and leading position in turbocharging make it compelling for investors seeking growth with income and ESG alignment.