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Zumtobel Gains for Seventh Day on Lighting Outlook: Vienna Mover

Zumtobel AG shares had their biggest seven-day gain in four years as they rose today after Morgan Stanley told clients the Austrian lighting maker may benefit from a construction rebound in Europe next year.

The shares rose 3.7 percent at the close of trading in Vienna, for a seven-day gain of 24 percent. That gave the company, based in Dornbirn, close to Austria’s border with Switzerland, a market value of 492 million euros ($648 million).

Zumtobel, the maker of products that illuminate Warsaw’s National Stadium and Frankfurt’s Staedel museum, is mostly supplying non-residential building projects and could benefit when Europe’s construction industry turns the corner next year, Morgan Stanley analysts led by Lucie Carrier wrote in a note to clients, upgrading Zumtobel to overweight from equal-weight and raising their price target 44 percent to 13 euros.

“We see no reason why Zumtobel would underperform the construction market, especially as we believe the transition to LED could bring further growth opportunities,” the analysts wrote in the note. “Further, the company’s exposure to German-speaking countries, Scandinavia and even the U.K. is attractive in the broader European context.”

Zumtobel’s first-quarter net income declined 23 percent to 6.8 million euros as revenue contracted 4.4 percent, the company said this week. The company named Ulrich Schumacher, a former Infineon Technologies AG chief executive officer, to become CEO next month after the former management quit over strategic differences.

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