Dormakaba stock gains 3.10 percent as Jefferies lifts target

Dormakaba stock (ISIN CH0011795959) traded at CHF 63.20 on the SIX Swiss Exchange on September 28, 2026 at 1:36 p.m. CEST, up 3.10 percent from CHF 61.30. The move followed a new Jefferies target of CHF 82.00, raised from CHF 70.00, according to TradingView on September 28, 2026.

Target rises as margins improve

The analyst move gives the market a fresh valuation reference while Dormakaba enters a new phase after completing its transformation program. The stock remains below its 52-week high of CHF 73.00 and above its 52-week low of CHF 47.15, giving the current price a defined position within its annual range.

Dormakaba reported fiscal 2025/26 net sales of CHF 2,792.4 million for the year ended June 30, 2026, with organic growth of 3.00 percent, according to Finanzen.ch in the September 1, 2026 release. Reported sales fell 2.70 percent year over year because currency effects offset the organic increase.

Record profitability supports the case

Adjusted EBITDA rose to CHF 449.0 million, and the adjusted EBITDA margin reached a record 16.10 percent, up 0.60 percentage points from 15.50 percent a year earlier. Adjusted operating cash flow margin also improved to 12.50 percent from 11.70 percent, while return on capital employed reached 31.00 percent.

The contrast between reported sales and operating quality is central to the current debate. Net profit was CHF 185.2 million, down from CHF 188.0 million in fiscal 2024/25, but the margin expansion and cash-flow improvement show where the transformation delivered measurable progress. Management also guided for fiscal 2026/27 organic net sales growth above 3.00 percent and an operating profit margin above 11.00 percent, as stated in the same results release.

Ownership vote sets next checkpoint

Dormakaba will ask shareholders to approve a restructuring of the ownership structure at its Annual General Meeting on October 20, 2026, according to Finanzen.at on September 1, 2026. The proposed transaction values the Mankel family's 47.50 percent operating-business stake at CHF 2.13 billion and would give the family 52.09 percent of the listed holding company's shares and voting rights after completion.

The board has also proposed a CHF 0.95 dividend for fiscal 2025/26, a 3.30 percent increase from the prior year. For investors, the immediate test is whether stronger margins and simpler ownership can support the higher CHF 82.00 valuation reference.

Stock trades at CHF 63.20

Dormakaba stock was last at CHF 63.20 on the SIX Swiss Exchange on September 28, 2026 at 1:36 p.m. CEST, with a market capitalization of CHF 2.6 billion and trading volume of 52,330 shares.

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