Deep Value: cash covers about 97% of the stock price

This company holds roughly $1.1B in cash and investments — about 97% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Implenia AG

IMPN.SW

Engineering & Construction · Industrials

Also trades as: 0QNT.L

Price

CHF 63.80

+2.30 (+3.74%)

Market Cap

CHF 1.18B

Exchange

SIX Swiss Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

Share count falling — buybacks

−12.4% over 4y

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

Diluted shares outstanding: 21.1M (2021) → 18.5M (2025)

Implenia AG is a Swiss construction and infrastructure company that builds tunnels, bridges, roads, buildings, and underground structures. Its main customers are governments, municipalities, and private developers across Europe. The company is one of Switzerland's largest construction groups and has a strong track record in complex civil engineering projects, particularly tunneling.

Implenia earns money by winning large construction contracts and charging fees for project management and real estate development services. It operates mainly in Switzerland, Germany, Austria, Norway, Sweden, and a handful of other European markets, generating roughly CHF 4 billion in annual revenue. Its competitive edge comes from deep technical expertise in underground construction, which is difficult for smaller rivals to replicate. The key risk is that construction is a low-margin, project-based business, meaning revenue can be lumpy and cost overruns on large contracts can quickly hurt profitability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-11.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

12.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$898M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Implenia AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

9.8%

Thin — 9.8% gross margin

Operating Margin

2.3%

Thin — 2.3% operating margin

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-2.4%

Shrinking sales (-2.4% YoY)

EPS YoY

-8.9%

Earnings shrinking (-8.9% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

164%

Turns 164% of profit into real cash

FCF Margin

2.7%

Thin free cash flow (2.7%)

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

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Stability

Debt / Equity

1.00

Moderate — manageable debt (1.00)

Interest Cover

7.90x

Adequate interest coverage (7.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

13.9x

Attractive valuation — P/E 13.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-0.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.09%

Moderate income — 2.09% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-37.1%

Dividend cut (-37.1% YoY) — warning sign

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