Drägerwerk, DE0005550636

Drägerwerk stock gets Berenberg Buy rating and EUR156 target

Published on 11/12/2026 at 10:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Drägerwerk stock gets a new Buy rating from Berenberg with a bullish profitability outlook. The bank expects stronger margins across the medical and safety businesses.

Berenberg sees margin upside

  • Berenberg began coverage with a Buy rating and expects a profitability inflection driven by Drägerwerk's margin strategy.
  • The bank forecasts 12.3% annual EBIT growth through 2028 and sees the Capital Markets Day as a potential source of further detail.
  • Drägerwerk's Medical division is expected to recover from 2028 as product mix and manufacturing efficiency improve.
Drägerwerk, DE0005550636, Illustration mit AI erstellt.

Berenberg has started coverage of Drägerwerk AG & Co. KGaA with a Buy rating, identifying a potential profitability inflection for the medical and safety technology group. Investing.com reported the initiation on Wednesday, November 11, citing a EUR156 price target and the bank's margin-focused investment case.

The research firm forecasts compound annual EBIT growth of 12.3% through 2028. It sees the group EBIT margin rising from 6.7% in 2025 to 8.4% in 2028, while sales are projected to grow by 5.2% a year from 2026 through 2028.

Safety leads the operating case

Berenberg attributes much of the expected improvement to Drägerwerk's Safety division. The bank said operations have improved after the supply-chain disruptions of 2022, supported by price management, better procurement and lean-management measures.

The Medical division is expected to recover from 2028. Berenberg points to a richer product mix, manufacturing efficiencies and the lifting of a Food and Drug Administration warning letter, which it says reopens the US patient-monitoring market.

The bank's earnings estimates are 14% above consensus for 2027 and 2028. Its analysts argue that the market is underestimating operational leverage in Safety and the recovery potential in Medical. Berenberg models a mid-cycle EBIT margin of 8.4% in 2028 and 8.7% in 2030, below management's 10% target for 2030.

Capital Markets Day is next

Drägerwerk stock traded at 102.10 euros on Lang & Schwarz at 08:57 CET on Wednesday, November 11. Berenberg expects the company's Capital Markets Day in Lübeck on November 18 to provide more detail on the margin-improvement plan.

Drägerwerk stock at a glance

  • Company: Drägerwerk AG & Co. KGaA
  • ISIN: DE0005550636
  • Ticker: DRW3.DE
  • Latest Lang & Schwarz quote: EUR 102.10 on November 11, 2026, at 08:57 CET
  • Business: Medical and safety technology

Investors can follow the broader German market on the DAX market page.

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en | DE0005550636 | DRäGERWERK | boerse | 70496664 | bgmi