Implenia Advances on $129 Million Building Orders: Zurich Mover
Implenia AG (IMPN), Switzerland’s largest builder, gained the most in six weeks after announcing almost 120 million Swiss francs ($129 million) of orders for projects including residential homes for the elderly.
Implenia jumped as much as 5.4 percent to 54.70 francs, the biggest intraday advance since June 21. The stock was up 4.1 percent at 54.05 francs as of 11:45 a.m. in Zurich, giving the Dietlikon-based company a market value of 998.4 million francs.
“Today’s news confirms our positive case which is based on good growth and profitability improvement prospects,” Christian Arnold, an analyst with Bank Vontobel AG in Zurich, said in a note to investors today. Implenia has “an unwarranted valuation discount to its European peers,” said Arnold, who recommends buying the shares.
Implenia received the orders for the three separate Swiss projects in Muttenz, Islikon and Geneva in the last couple of weeks, spokesman Philipp Bircher said by phone.
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