dormakaba Group OKs CHF 0.95 Dividend, +3.3%

Jefferies upgraded Dormakaba (SIX: DOKA) to 'buy' with a CHF 82 price target, citing margin expansion and U.S. growth. The target implies 34% upside from the Sept. 25 close. The broker expects adjusted EBITDA margins to rise to 18% by fiscal 2028/29, above consensus. Dormakaba reported a record EBITDA margin of 16.1% in fiscal 2025/26, driven by cost savings and pricing gains. The company's restructuring program delivered CHF 235 million in savings, exceeding its target.

dormakaba (DOKA) stock rose 5.2% to CHF 60.8 after reporting a record adjusted EBITDA margin of 16.1% for FY2026. The company proposed acquiring the Mankel family's 47.5% stake for CHF 2.13B and a sale-and-leaseback deal for its HQ exceeding CHF 80M. The board also proposed a 3.3% dividend increase to CHF 0.95 per share.

Merck will build a molybdenum production facility in Eumseong, South Korea, to support next-gen semiconductor materials. The company aims to integrate local production with supply systems to meet customer needs. Merck forecasts growing demand for molybdenum in semiconductor manufacturing, though adoption rates may vary. The facility will produce specialty precursors for CVD and ALD processes, with a focus on mass production and stable supply.

Meta (META) announced a new Class C stock to maintain Zuckerberg's voting control and fund AI investments. Q3 revenue rose 26% to $64.6B, but free cash flow turned negative. The move aims to address potential California wealth tax and dilution concerns. Zuckerberg holds 60.6% voting control, mostly through Class B shares.

Evernorth Holdings (XRPN) plans to raise up to $132.2M by exercising public warrants at $11.50 per share. The company intends to use proceeds to buy XRP, though warrant holders may not exercise. Evernorth aims to grow its XRP holdings per share, with existing cash and XRP contributions totaling $300M and 473M XRP. Warrant exercises could dilute shares.

Meta CEO Mark Zuckerberg considered leaving California due to a proposed billionaire tax, according to an SEC filing. Meta plans to issue new shares to provide Zuckerberg with $20 billion in liquidity to cover potential taxes without diluting his control. The company aims to keep Zuckerberg leading from California, particularly for its AI division. Meta's filing highlights responses from tech billionaires to the tax proposal.