Vossloh AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy 26.10.2026, 14:36 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft



26.10.2026 / 14:36 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:                       26.10.2026
     Target price:               76.00
     Last rating change:
     Analyst:                    Martin Kaeser



Q4 key to FY 2026 guidance



Vossloh delivered mixed Q3 2026 results, with revenue increasing by 15.6%
yoy to EUR 376.6m (~-5% without Sateba), EBITDA of EUR 47.6m at the
prior-year level and EBIT of EUR 24.2m (-22.8% yoy). On a TTM basis, the
book-to-bill ratio stands at 1.05x, supporting revenue visibility.
Nevertheless, a strong year-end performance is necessary to achieve
guidance. Taking the Q3 2026 results into consideration, Q4 revenue of EUR
~423.2m (~-2.6% yoy), EBITDA of EUR ~66.5m (~15.5% yoy) and EBIT of EUR
~43.4m (~21.6% yoy) would be required to reach the lower ends of the FY 2026
guidance ranges. Sateba is running below its implied prior-year revenue
level. Based on Vossloh's FY25 acquisition disclosure, we calculate Sateba
sales of ~EUR 248m for 9M 2025, compared with ~EUR 218m in 9M 2026, implying
a decline of roughly 12% yoy. For Q4, management expects a significant
acceleration in earnings, supported by healthy-margin machine deliveries in
Lifecycle Solutions, the expected realization of delayed projects in Morocco
and Italy, and higher customer call-offs, including from the Deutsche Bahn.
Improved volume absorption and UK capacity adjustments should provide
additional margin support. Furthermore, the company confirmed and specified
its 2026 guidance. Sales are now expected to be around the midpoint of the
range (EUR 1.51-1.61bn), while EBITDA (EUR 195-210m) and EBIT (EUR 100-110m)
are anticipated to be at the lower parts of their respective ranges. We
maintain our Buy rating with a reduced TP of EUR 76 (80), based on our
ROE/COE approach, underpinned by Vossloh's favorable long-term growth
prospects and structurally recurring replacement and modernization demand.





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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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2422286 26.10.2026 CET/CEST