Original-Research: Vossloh AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
Veröffentlicht: 14.07.2026 um 10:34 Uhr, dpa.de
Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft
14.07.2026 / 10:34 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Vossloh AG
Company Name: Vossloh AG
ISIN: DE0007667107
Reason for the research: Update
Recommendation: BUY
from: 14.07.2026
Target price: 80
Last rating change:
Analyst: Daniel Kukalj, CIIA, CEFA
High volatility in the short term
After Vossloh revised its FY 2026 guidance yesterday (13th July) after the
close of trading we maintain our Buy rating with a reduced TP of EUR 80
(86), applied by our ROE/COE valuation approach. Sales are now seen at EUR
1,510-1,610m (prior: EUR 1,560-1,660m, -3% at the midpoint), EBITDA at EUR
195-210m (prior: EUR 215-230m, -9%) and EBIT at EUR 100-110m (prior: EUR
118.5-131m, -16%). The new EBIT range implies a mid-point margin of ~6.7%
vs. ~7.7% previously guided and 8.3% reported in FY 2025 - this is primarily
a margin cut, not a top-line story. The new guidance still assumes a steep
ramp. The new ranges imply H2 sales of ~ EUR 800-900m (+5% to +18% yoy vs.
~EUR 760m) and H2 EBIT of ~EUR 68-78m (margin ~8.0-9.7%), i.e. roughly a
doubling of the H1 margin. H1 order intake of EUR 828.5m (+32.8% yoy)
implies a book-to-bill of ~1.17x, and the rail-infrastructure order backlog
hit a record EUR 1,140.7m (+31.7% yoy.) The company was able to increase its
TTM sales by 16.9% yoy or 2.3% qoq. TTM order intake was 31.5% yoy and 8.4%
qoq higher, the TTM book-to-bill ratio hit with 1.11x levels as seen in
2024. We expect the share price to experience high volatility in the short
term; once the situation has stabilised, the medium- to long-term outlook
should come into focus and the valuation trend should return to positive.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8a67f395157fa2678427d2ffcf4e0506
For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/
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2365538 14.07.2026 CET/CEST
de | boerse | 69765277 |
