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Steyr Motors AG (von NuWays AG): BUY 04.02.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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Steyr Motors 41,55 EUR +0,48 % Lang & Schwarz

Original-Research: Steyr Motors AG - from NuWays AG

04.02.2026 / 09:00 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 NuWays AG to Steyr Motors AG

Company Name: Steyr Motors AG
ISIN: AT0000A3FW25
 
Reason for the research: Update
Recommendation: BUY
Target price: EUR 59
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller

Prelims confirm growth acceleration, chg.

Steyr Motors reported 2025 prelims, confirming the step-up in growth, in line with the guidance:

Q4 25 sales grew 20% yoy to € 14.1m (eNuW: €14.1m), sequentially increasing the rate vs. +15% yoy in 9M 25. On a FY basis, sales grew 16% yoy to € 48.5m, with civil sales up c.22% yoy and defence-related sales up c.13% yoy. Q4 EBIT increased 30% yoy to € 1.8m, below our expectations due to one-off costs (e.g. M&A-related), and remained flat on an adjusted basis at € 3m (eNuW: € 2.8m). On a FY basis, the adj. margin thus arrived at 14.4%, a 9.8pp yoy decline due to ramp-up costs as well as the postponement of high-margin engineering orders e.g., related to the K2 MBT.

Looking into 2026e, the guidance targets sales of € 75-95m, reflecting a growth acceleration to 55-96% yoy. It is seen to be driven by backlog conversion (c.€ 45m covered) as well as additional expected framework contracts, incl. a potential new Leopard 2 related agreement, and appears to include M&A. Our sales estimate sits at € 71m organically (+46% yoy), seemingly rather conservative at this point in light of the news momentum, although delays in defence procurements or frame contract call-offs remain possible. The EBIT margin is targeted at >15% (eNuW: 15.5%), reflecting an increase of >0.5pp yoy, thanks to operating leverage.

Breaking into Singapore’s defence ecosystem: we expect ST Engineering (c.€ 21bn market cap) to be the unnamed customer that has awarded Steyr Motors the contract to design and supply its 4-cylinder engine to a new future-oriented all-terrain vehicle concept (eNuW: similar to modernised HumVee). Typically, such projects start with an initial small engineering revenue contribution (eNuW: € 0.5m in 2026, high margin). The resulting tailor-made concept of a high-power density engine is also what usually makes Steyr Motors the long-term single-source supplier, supporting visibility. Beyond an expected total order intake of € 20m by 2030e, the selection of Steyr Motors as the engine supplier provides a tangible proof point that Steyr’s proposition resonates with further international tier-1 platform primes.

Intensified collaboration with Tryson to tackle the civilian China potential: Steyr has signed a five year framework agreement with Tryson securing a binding minimum of >750 engines through 2030 (€ >30m sales). Units are manufactured in Austria and exported to China, supporting near-term visibility without relying on a local ramp. In parallel, Steyr has set up a JV with Tryson to enable staged localisation. The JV is designed as a capex-light growth lever to unlock incremental business beyond the secured minimum volume.

In sum, the investment case remains more than a pure defence budget beta. It is about platform penetration and internationalisation on the back of Steyr Motors unique high power density, mission critical diesel engine. BUY, PT € 59, based on DCF.
 

You can download the research here: steyr-motors-ag-2026-02-04-previewreview-en-cbfd1
For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2270948  04.02.2026 CET/CEST

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