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Steyr Motors AG (von NuWays AG): HOLD 11.11.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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Name Aktuell Diff. Börse
Steyr Motors 35,52 EUR +0,08 % Lang & Schwarz
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Original-Research: Steyr Motors AG - from NuWays AG

11.11.2026 / 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: HOLD
Target price: EUR 39
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller

Takeover reshapes the investment case; down to HOLD

We downgrade Steyr Motors from BUY to HOLD and set a technical PT of € 39 (prev. € 49), in line with Red Cat's cash offer. We continue to see long-term standalone value above the offer price. However, Red Cat intends to initiate a delisting after settlement, subject to the applicable withdrawal and exit-offer requirements. The expected reduction in free float also points to lower trading liquidity. With the offer still subject to completion risk and limited visibility on shareholders' ability to realise the standalone upside, we no longer see a compelling case for new investment.

Key shareholder support strengthens the deal. Regulatory clearance remains a hurdle. Both Steyr boards unanimously recommend acceptance, and B&C's commitment to tender its c. 15% stake provides a solid starting point towards the 50% plus one share threshold. Completion requires clearance from the foreign investment authorities in Austria, Australia, Italy and the UK. The deadline for obtaining these regulatory clearances is 30 June 2027, well beyond the initial acceptance deadline of 18 December 2026. We view the remaining spread to € 39 as compensation for completion risk and an uncertain settlement timetable, limiting its appeal as a reason to buy (eNuW).

We expect Red Cat to accelerate growth in Steyr's marine engine business. Steyr's specialised engines fit Red Cat's expansion into unmanned surface vessels (USVs). Broader defence customer access and closer involvement in platform development should help Steyr secure engine positions on future USV programmes, supported by additional development and production resources. These growth opportunities reinforce our positive view of Steyr's operating potential.

Q3 showed a recovery in adj. earnings. Sales rose 11.2% yoy and 13.4% qoq to € 12.5m as deliveries under the KNDS framework started in September. Gross margin improved by 3.1pp yoy to 46.6%, helping lift adj. EBIT to € 1.4m from € 0.9m in Q3 25 and the corresponding margin to 11.4% (+3.3pp yoy). Reported EBIT fell to € 0.4m from € 0.6m, with adjustments mainly relating to consulting expenses.

We expect a stronger finish to the year. KNDS deliveries and call-offs under the US Navy SEALs tender support the acceleration embedded in our forecasts. Our FY26 estimates remain close to the midpoints of management's confirmed guidance of 15-25% sales growth and an 8-12% EBIT margin. Nonetheless, the delays seen earlier this year leave some uncertainty over the timing of individual project revenues (eNuW).

HOLD (old: BUY), new technical PT of € 39 (old: € 49), based on the takeover offer price, which represents a c. 29% premium to the last Xetra closing price before the announcement.

You can download the research here: steyr-motors-ag-2026-11-11-update-en-0e5d8
For additional information visit our website: https://www.nuways-ag.com/research

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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2432300  11.11.2026 CET/CEST

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Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer