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Original-Research: Schaeffler AG - from Quirin Privatbank
Kapitalmarktgeschäft
06.11.2025 / 10:48 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Schaeffler AG
Company Name: Schaeffler AG
ISIN: DE000SHA0100
Reason for the research: Update
Recommendation: Buy
from: 06.11.2025
Target price: 7.50
Last rating change:
Analyst: Daniel Kukalj, CIIA, CEFA
No fresh short-term catalysts
Schaeffler's Q3 release (4th November) confirmed last week's pre-announced
(28th October) numbers and offered little new for the market to digest. The
underlying performance was solid with 1.3% organic growth, 4.5% adjusted
EBIT margin, and EUR +175m FCF, however the quarter was marred by a EUR 165m
impairment charge (adversely affected by an impairment loss on software
licenses) which represents a significant bottom line misstep and diluted
what could have been a clean, positive set of results. After nine months net
income stood at EUR -223m, our expectation for a positive net result in FY
2025 is unlikely to be fulfilled; the result is likely to be significantly
negative (new QP 2025e: EUR -138m vs. old EUR +235m), we are looking ahead
to 2026 to return to profitability (QP 2026e: EUR +573m). It should also be
noted that the current free float and weekly trading volumes (see chart
below) are weak in terms of attracting larger institutional investors.
Something needs to be done here. Management has reaffirmed a clear set of
priorities, emphasizing disciplined execution and value creation. The
company aims to deliver its strong order book in E-Mobility and
Powertrain/Chassis, realize synergies through structural efficiency
measures, and optimize its business portfolio and capital allocation. This
focused strategy strengthens operational resilience, supports margin
expansion, and positions the company for sustained profitable growth in
fast-evolving mobility markets. We confirm our BUY rating and TP of EUR
7.50.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=b61cc731fe3d36cd9273e31916cb3033
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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2225154 06.11.2025 CET/CEST
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