Huber+Suhner AG

HUBN.SW

Communication Equipment · Technology

Also trades as: 0QNH.L

Price

CHF 208.00

+5.50 (+2.72%)

Market Cap

CHF 3.84B

Exchange

SIX Swiss Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 12, 2026 · filings through Dec 31, 2025

Share count falling — buybacks

−5.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 19.4M (2021) → 18.5M (2025)

Huber+Suhner is a Swiss company that makes cables, connectors, and other components that carry electrical signals and radio waves. Its products are used in telecommunications networks, railways, factory automation, and defense systems. The company sells to equipment makers, network operators, and industrial customers around the world.

Huber+Suhner earns money by selling physical hardware — cables, fiber optic systems, and radio frequency components — rather than through subscriptions or software. It operates globally, with a strong presence in Europe, Asia, and North America, and generates roughly 2 billion Swiss francs in annual revenue. Its competitive edge comes from deep engineering expertise and long-standing customer relationships in industries where reliability and precision matter more than low price. The key growth driver is rising demand for fiber optic infrastructure and 5G network buildouts, while its main risk is exposure to cyclical industrial and telecom spending, which can slow sharply during economic downturns.

Winston Score History

Score breakdown

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Quality

Gross Margin

38.1%

Modest — 38.1% gross margin

Operating Margin

10.2%

Modest — 10.2% operating margin

ROCE

6.4%

Weak — 6.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

-3.3%

Shrinking sales (-3.3% YoY)

EPS YoY

+4.1%

Modest earnings growth (+4.1% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

173%

Turns 173% of profit into real cash

FCF Margin

9.2%

Modest free cash flow (9.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

87.15x

Comfortably covers interest (87.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

51.6x

Expensive — P/E 51.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+22.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (51.6 → 28.9)

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Dividends

Dividend Yield

0.96%

Small dividend — 0.96% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+30.5%

Dividend growing fast (30.5% YoY)

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