|
Original-Research: DEUTZ AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to DEUTZ AG
New mid-term guidance around the corner DEUTZ delivered a strong first half: order intake +28.7% to EUR 1,331.3m, revenue +10.7% yoy to EUR 1,115.3m, adjusted EBIT +43.1% yoy to EUR 79.7m for an adjusted EBIT margin of 7.1% (H1 2025: 5.5%). Q2 alone confirms the run-rate: revenue EUR 585.3m (+13.0%) and adjusted EBIT EUR 42.4m (+40.9%) at a 7.2% margin. The 2026 guidance (revenue EUR 2.3-2.5bn, adjusted EBIT margin 6.5-8.0%) was confirmed and, with H1 already at 7.1%, looks set to land in the upper half of the corridor. More importantly, the mid-term targets for 2028 (revenue EUR 3.2-3.4bn, EBIT margin 8-9%) continue to gain operational substance: Engines has swung decisively above breakeven, Energy has been structurally enlarged by Frerk (and now Maxi Trust Power), and Defense is being built into a stand-alone pillar via the pending FFG acquisition. Two things now dominate the equity story alongside the operations: the EUR 1.6bn takeover of FFG Flensburger Fahrzeugbau (EGM vote on 24 August) and a sharp swing in cash flow and leverage. We confirm our Buy rating and our EUR 14 price target, derived from our ROE/COE valuation approach. You can download the research here: DEUTZ_AG_20260806 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/
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
2378728 06.08.2026 CET/CEST