EBRO MOTORS GROUP EV SA (von NuWays AG): BUY 09.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: EBRO MOTORS GROUP EV SA - from NuWays AG



09.11.2026 / 09:00 CET/CEST
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Classification of NuWays AG to EBRO MOTORS GROUP EV SA



     Company Name:                EBRO MOTORS GROUP EV SA
     ISIN:                        ES0105725008



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 16.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Jorge Gonzalez



EUR 200m financing paves the way for further growth



EBRO Motors has announced a financing facility of up to c. EUR 200m with the
Anhui Branch of the Export-Import Bank of China for its subsidiaries EBRO
SUV, S.L. and EBRO Factory, S.L., with an initial drawdown estimated at c. EUR
35m. The CNH-denominated facility carries an indicative euro value.
According to EBRO, the proceeds will finance the upgrade of the painting
plant (c. EUR 100m eNuW) and new production lines ahead of the group's
international expansion. EBRO will guarantee 60% of drawdowns, matching its
ownership of both subsidiaries, with Chery holding the remaining 40%. The
financing terms are highly attractive, comprising a 10-year tenor, including
a three-year grace period, at a fixed interest rate of 2.65%.



Plans for new production lines reinforce the potential for substantial Chery
allocations. Following the M1 launch, annual capacity stands at c. 130k
vehicles across three shifts, versus expected FY26 assembly of c. 32k units.
Further expansion therefore points to volumes beyond the current ramp-up as
import restrictions increase the need for European localisation.



Based on Chery's 2026 sales volumes, its European localisation requirements
could exceed 80-100k vehicles annually. The reported 350k annual quota on
China-built HEV/PHEV imports (EU-assembled vehicles reportedly excluded)
compares with c. 800k expected imports in 2026. Chery registered c. 116k EU
vehicles in 8M26 (c. 174k annualised), of which we estimate 85-90% were
hybrids. A proportional quota allocation would leave c. 83-88k vehicles p.a.
requiring alternative production to sustain current sales (excl. UK).



A less favourable quota allocation could push this requirement above 100k
vehicles, before further growth. An allocation favouring other Chinese
manufacturers or based on 2025 import shares could disproportionately
constrain Chery following its strong 2026 expansion. China's Ministry of
Commerce referenced 2025 import volumes when describing the agreement,
although manufacturer-level allocations remain undefined. According to press
reports, implementation could begin as early as December, potentially
bringing production-allocation decisions forward.



Barcelona is well positioned to capture these volumes, although allocations
remain uncommitted. It represents Chery's only fully operational European
production option, while preparations to introduce the electric JAECOO 5 and
OMODA 5 could facilitate broader model allocations. If Barcelona absorbed c.
83k Chery vehicles alongside our estimated c. 35k EBRO vehicles in 2027,
assembly would reach c. 118k units, approaching its c. 130k three-shift
capacity. Chery's exploration of UK manufacturing means that not all
localisation volumes would necessarily flow to Barcelona.



Our sensitivity analysis highlights meaningful upside beyond our EUR 16.50 PT.
Our base case assumes 25k Chery vehicles in 2027 and 50k annually from 2028,
with EBRO sales reaching c. 42.5k by 2030. Increasing annual Chery assembly
to 70k or 80k supports DCF valuations of c. EUR 18.5 or EUR 19.3 per share,
respectively. Please refer to our latest note for a more detailed
sensitivity analysis. The financing strengthens EBRO's ability to fund its
industrial expansion; confirmation of Chery models, volumes and timing
remains the key catalyst. We reiterate BUY with a PT of EUR 16.50.



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NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2430482 09.11.2026 CET/CEST