a job: Landis+Gyr Group It is a company based in Switzerland mainly working in electrical equipment manufacturing business. It specializes in measurement solutions for electricity, gas, heat/cold and water for energy measurement solutions. Landis+Gyr products wallet consists of advanced measurement products and smart power management, such as electricity meters, heating and cooling numbers, network management solutions, and personal power management solutions. In addition, the company provides different software services, managed services, cloud services, smart network services, systems integration, training, as well as consulting and support services.

Market value sharesNearly 1.49b Swiss Francia (CHF 51.60 per share)

ownership: 5.01 %

Average cost: us

Activist’s comment: Special Entrepreneurial (“SEO”) runs a focused group of large minority investments, usually from six to eight positions, in European listed companies with a focus on the early region (Germany, Austria and Switzerland). As a long -term shareholder and an anchor participant, search engines (SEO) seeks to unleash the ability to the full value of its companies. The company targets small and medium -sized companies that contain multiple incentives to create value and determine the priorities of friendly participation, and usually sit in the council of most companies that have links. The stable capitalist base of the fund stems from family offices, standing, pension funds, and other institutional investors in the long run. SEO participated in 2022 by Fabian Rawak and Dr. Ilias Lubar. The two managers have four decades of management experience in listed companies, each previously worked in Cevian Capital for a period of approximately.

Landis+Gyr is a leading global provider in Switzerland for integrated energy management solutions, specializing in advanced infrastructure for measuring and smart network technologies. Facilities and power providers use Landis portfolio of smart measuring technology, sensors, programs and services to update and improve their infrastructure efficiency. While Landis is a very old company, founded in 1896, it was owned by the private sector and investment by a series of strategic and financial investors for most of its history. In 2011, Toshiba I got a 60 % stake In the company for $ 2.3 billion, but in the end I chose the Swiss public subscription Six years later. The trading on the Senior Sixth Stock Exchange began on July 21, 2017, in 78 Swiss franx (CHF) per share, which implicitly means the maximum market of 2.3 billion Swiss francs.

Today, Landis trades much lower than the subscription price, a decrease of more than 35 %. It is also significantly denominated by its value, as it is circulated about the value of the Foundation 7.5-Times/Ebitda, compared to its pure counterpart listed on the NASDAC (approximately 15 times) that has a functional for it to engage in the United States, each of which controls 35 % to 40 % of the market. In July 2024, senior economic officials acquired a 5 % interest in Landes of Kirkbe, to become the second largest shareholder. Soon after, Landes asked an extraordinary general meeting to elect the Board of Directors Fabian Rok, co -founder and administrative partner of senior economic officials, in August 2024. Two months later, on October 30, 2024, the company announced A strategy review One of her business portfolio that includes the following main elements: (1) Increase the focus on her work in the Americas; (2) Review the chances of creating value for Europe, the Middle East and Africa (EMEA); And (3) an evaluation of a possible change at the listing site to the United States. However, many things have sent the stock price since then, including Landis, which reduces the guidelines of FY24 revenue by 8 % and announced this It will come out Her electrical work charges her business in Europe, the Middle East and Africa, which led to an expected twice fees ranging from 35 million dollars to 45 million dollars. Regarding the guidance reduction, although Landes is constantly correspondence that was not after the ruling not sustainable due to the pent -up demand, the warnings fell on deaf ears. The stocks decreased by approximately 22 % on February 11, 2025, the announcement date.

Focusing on the Americas is logical. Landis achieved $ 1.963 billion of revenue from three geographical sectors: Americas (58 %), EMEA (34 %), Asia and Pacific (8 %). Despite contributing to Europe, the Middle East and Africa in a third of revenue, it has only delivered only 8 % of modified profits before benefits, taxes, consumption and extinguishing, and less than EBITDA than the Asia Unity and the smaller Pacific. Exploring additional capabilities to grow in the Americas and establishing its business in Europe, the Middle East and Africa by selling or extinguishing this work is a great accumulation of the value of shareholders. The change in the listing site is likely to have American exchange, it is also logical to consider that this Swiss company achieves most of its profits in the region. This is the strategy that Cevian paid in both Crh and PersonAnd a famous incentive was an activist in Europe in recent years.

Landis is a failed stock story with a somewhat isolated plate. The welcome was the first strong indication that the painting wanted to change. The announcement of the plan to create the value was then shortly the second signal. The third event in November 2024When the company replaced CEO Werner Lieberre with Peter Mins. Finally, the fourth sign occurred in January 2025 when the company announced that its president Andreas Ombcse will not be re -elected and will be replacing Written by Audrey Zipman.

Ken Squire is the founder and head of 13D Monitor, an institutional research service on shareholders ’activity, founder and manager of the 13D activist Fund portfolio, a joint fund that invests in a set of 13D active investments.