Schaeffler AG (von Quirin Privatbank Kapitalmarktgeschäft... 06.08.2026, 10:24 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Schaeffler AG - from Quirin Privatbank
Kapitalmarktgeschäft



06.08.2026 / 10:24 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



---------------------------------------------------------------------------



Classification of Quirin Privatbank Kapitalmarktgeschäft to Schaeffler AG



     Company Name:               Schaeffler AG
     ISIN:                       DE000SHA0100



     Reason for the research:    Update
     Recommendation:             BUY
     from:                       06.08.2026
     Target price:               9.20
     Last rating change:
     Analyst:                    Daniel Kukalj, CIIA,CEFA



The growth path has been reduced, but it is still intact



Despite the solid Q2 results, the downward revision of the 2028 targets
announced on Friday (July 31) continues to reverberate. We consider Friday's
sell-off to have been excessive. Management re-based the 2028 mid-term
targets alongside Q2 figures: Group sales cut to EUR 24-26bn (prior 27-29bn)
and E-Mobility to EUR 6.25-7.25bn (prior 8.25-9bn), while the EBIT-margin
and FCF corridors were confirmed - and the PTC (10.5-12.5%) and VLS (14-16%)
corridors were even nudged up. The read-through is decisive: The equity
story (2028) is still intact but has been re-based, not simply reconfirmed.
By trimming sales ambition and holding - or raising - the margin corridors,
management shifted the risk profile away from a market recovery and onto
execution of the E-Mobility turnaround. Three of four divisions already
deliver at or near target. If E-Mobility can sustain ~4-6pp of annual margin
improvement (net of one-offs) over the next 6-8 quarters, the adjusted group
EBIT corridor of 6-8% is operationally achievable. If the EV market stays
soft and the order book keeps sliding, the lower half of every corridor is
the realistic landing zone. We confirm our BUY rating with a lower PT of EUR
9.20 (9.80) based on our ROE/COE valuation approach.




You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=cd39aa8f2e7883d492b390b4d4f0ec51
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.
View original content:
https://eqs-news.com/?origin_id=66d4ef5e-916f-11f1-8534-027f3c38b923&lang=en



---------------------------------------------------------------------------



2378620 06.08.2026 CET/CEST