Warburg upgrades NORMA Group stock and lifts target to EUR 24.00

Published on 10/06/2026 at 14:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NORMA Group stock costs EUR 17.27 on October 6, 2026 after EUR 17.18, plus 0.52 percent. The 52-week high is EUR 21.15, 18.35 percent above price.

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NORMA Group (ISIN DE000A1H8BV3) is trading at EUR 17.27 at Lang & Schwarz on October 6, 2026 at 2:11 p.m. CEST, up 0.52 percent from the prior close of EUR 17.18. On October 1, 2026, Warburg Research upgraded NORMA Group from Hold to Buy and lifted its price target from EUR 20.40 to EUR 24.00, according to FinanzNachrichten.

Warburg raises the valuation bar

Analyst Sebastian Ubert linked the upgrade to NORMA's valuation and capital returns. The report also said the share buyback increased book value per share, giving the recommendation a balance-sheet angle beyond short-term earnings.

The EUR 24.00 target stands 39.03 percent above the Lang & Schwarz price of EUR 17.27. That gap is material, but the target reflects an analyst view rather than a guaranteed outcome.

Second-quarter margins improve

NORMA Group reported adjusted EBIT of EUR 7.6 million and an adjusted EBIT margin of 3.6 percent in the second quarter of 2026. Industry Applications grew 8.4 percent on a currency-adjusted basis in the same period.

Management confirmed the 2026 forecast of 0 percent to 2 percent sales growth, a 2 percent to 4 percent adjusted EBIT margin and net operating cash flow of EUR 10 million to EUR 20 million. The figures show why execution remains central to the valuation case.

Buyback reshapes the share count

NORMA Group said on September 18, 2026, that it had completed a EUR 208 million public buyback and acquired 9,306,113 shares, equal to 29.21 percent of current share capital, according to NORMA Group. The shares are to be cancelled, which helps explain the higher book-value argument cited by Warburg.

The company is scheduled to present its Strategy Update on October 19, 2026, followed by its third-quarter 2026 interim statement on November 3, 2026, according to NORMA Group.

Stock stays below yearly high

At EUR 17.27, NORMA Group is 18.35 percent below its EUR 21.15 52-week high and 38.38 percent above its EUR 12.48 52-week low. The market capitalization was EUR 550.6 million on October 6, 2026.

The further course of trading is shown by the continuously updated real-time quote of NORMA Group stock.