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IPO Switzerland – Tops and flops of Swiss stock exchanges since News

Tuesday, September 12th, 2017 | Economy

According to the IPO barometer of the consulting company EY, the number of worldwide stock exchanges rose by 70 percent to 772 in the first half of 2017. The IPO (Initial Public Offering) was last seen in the first half of 2007.
In 2007, the year with most exchanges was also in Switzerland during the last ten years. Ten were at the time, five in the first and five in the second half-year, when on the exchanges of the crash began. This raises the question of how not only the Swiss stock exchanges of the IPO boom times ten years ago have developed, but also all the following to date. The Swiss Performance Index (SPI) has grown by more than 50 percent from the beginning of 2007, but the balance is of course spoiled by the stock market crash from 2007 to 2009. From the low point at the beginning of March 2009 to the present, the plus is 140 Percent.
Development of the Swiss Performance Index since 2007Source: SIX Group
An analysis of cash with the performance data of the exchange operator SIX shows the following Swiss IPO balance over the last ten years: Of the total of 52 new stock exchanges, their 28 show a positive price development from the IPO to the present day. But no less than sixteen have lost their value, partly to the total loss. 8 shares were again decanted (see table below Top and Flop 10).
This shows that investments in newly-registered companies are risky and sometimes resemble a roulette game. There is everything between price gains of up to 543 percent and a 99 percent decline in value. Above all, with initially hopeful but unprofitable biotech companies, investors have lost a lot of money.
Cosmo and VAT with amazing performance
IPO leader since the listing in the past ten years is Cosmo (+543 percent), a specialty pharma company, which went public in March 2007 and has already grown 12 times faster than the SPI (+ 44 percent). However, the Cosmo price only increased strongly in the years 2012 to 2014. Since then stock shows only sideways. New course impulses could come from a successful US placement of new products.
Of particular note is the price increase of 143 percent of the vacuum valve manufacturer VAT, especially since its "stock market career" began only 16 months ago. And this in an overall market, which gained 23 percent performance over the same period. Various analysts trust the VAT share even higher, as growth and margin are also expected to be high in the coming years.
For other "Top 10" titles, the course performance has to be somewhat relativized: the course increases of Hochdorf with plus 128 percent and Autoneum with a plus of 118 percent appear extremely high. However, these stocks benefited greatly from a generally attractive market in this period, the SPI increased by about 90 percent. At the very least, the shares were able to hit the overall market.
Also striking is the good performance of Kantonalbank shares, which are otherwise rather boring. Glarner KB, a leader in the digitalization of banks, has been ranked 10th in the IPO list, up 62% since June 2014. The Thurgauer KB did not make it to the list, which had two months earlier and a performance of a still remarkable 25 percent.
Disappointments and an opaque exchange newcomer
While the Leonteq share (+147 per cent), which is very low in the meantime, can be held in the front ranks somewhat surprisingly, two "investor-lovers" do not appear at all: Sunrise and Cembra. The Sunrise (+9 percent) listed in May 2015 has even been hit by the SPI (+21 percent). The consumer credit institute Cembra, which has just missed the top 10 by just 48 percent since October 2013 (SPI +31 percent), went even better. However, both titles have a different purchasing argument: the high dividend yield. At Sunrise this is currently 4.2 percent, with Cembra even 5.5 percent.
At the bottom of the ranking list are three biotech companies: Relief Therapeutics, Addex and Evolva. It is almost the fate of such biotech startups (and also their investors) that the course either shoots massively – or falls into the ground. Not surprising is the poor performance of the pastry maker Aryzta (-50 percent) and the online travel agency Lastminute.com (-70 percent), both in the past disappointment of disappointment. At Aryzta there is still the hope of a new start, after the lead was completely replaced recently.
The stock market listing of Rapid Nutrition from this March seems somewhat bizarre. The IPO of the food supplements manufacturer was hardly noticed by the public, but has since lost 90 per cent. The company's background is special: while the company is based in London, the balance sheet is offset in Australian dollars, where the company also has a seat. However, the main markets are in Turkey and Georgia. Rapid Nutrition withdrew from the German stock market in 2016, as the stock market had the title suspended several times for unknown reasons.
Stock exchanges since 2007: Top 10
Sources: cash.ch, SIX
Stock exchanges since 2007: Flop 10
Sources: cash.ch, SIX


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