Original-Research: Vossloh AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
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Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Vossloh AG
Despite short-term volatility, the growth trajectory remains intact Vossloh delivered robust full-year 2025 results, with revenue advancing 11.0% to EUR 1,343.2m against a demanding comparable. Adjusted EBIT grew 13.7% yoy to EUR 119.6m, maintaining the group EBIT margin at solid 8.9% (8.7%). The group generated Free Cash Flow of EUR 98.8m (+15% yoy), demonstrating healthy cash conversion despite the step-up in working capital that accompanies Sateba's integration. Management's 2026 guidance implies revenue growth of 16-24% yoy and EBITDA margin improvement up to 114bps. We view this as achievable and potentially conservative if Sateba integration proceeds on schedule and the German Sondervermögen spending accelerates as anticipated. Our 2026e revenue estimate of EUR 1,605m and adjusted EBIT of EUR 124.5m sit at the mid-point of the guidance. The investment case for Vossloh in 2026 and beyond is as compelling as at any point in the company's history. Three convergent forces a) Europe's most ambitious rail infrastructure program in a generation, b) the structural underinvestment in track maintenance that creates a secular demand floor, and c) Vossloh's newly complete product portfolio spanning the entire track lifecycle combine to create a multi-year earnings growth trajectory that we believe is materially underpriced at current valuations. We maintain our Buy rating with a reduced TP of EUR 86 (94), applied by our ROE/COE valuation approach. You can download the research here: VOSSLOH_AG_202603240 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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2296746 24.03.2026 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 869,70 | 942,80 | 1.046,10 | 1.214,30 | 1.209,60 | 1.343,20 | 1.600,00 | |
| EBITDA1,2 | 133,90 | 124,20 | 131,20 | 157,50 | 154,90 | 181,00 | 223,00 | |
| EBITDA-Margin3 | 15,40 | 13,17 | 12,54 | 12,97 | 12,81 | 13,48 | 13,94 | |
| EBIT1,4 | 73,10 | 72,30 | 78,10 | 98,50 | 99,70 | 111,90 | 124,00 | |
| EBIT-Margin5 | 8,41 | 7,67 | 7,47 | 8,11 | 8,24 | 8,33 | 7,75 | |
| Net Profit (Loss)1 | 20,80 | 35,90 | 56,00 | 55,30 | 76,50 | 79,90 | 75,00 | |
| Net-Margin6 | 2,39 | 3,81 | 5,35 | 4,55 | 6,32 | 5,95 | 4,69 | |
| Cashflow1,7 | 56,10 | 81,30 | 71,60 | 137,30 | 136,40 | 167,20 | 0,00 | |
| Earnings per share8 | 0,98 | 1,31 | 2,38 | 2,21 | 3,56 | 3,24 | 3,70 | |
| Dividend per share8 | 1,00 | 1,00 | 1,00 | 1,05 | 1,10 | 1,15 | 1,15 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Deloitte
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Vossloh | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 766710 | DE0007667107 | AG | 1.384,32 Mio € | 13.06.1990 | Kaufen | 9F397Q65+5R |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 16,47 | 25,54 | 0,64 | 34,83 | 1,88 | 8,28 | 1,03 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,05 | 1,10 | 1,15 | 1,61% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 06.05.2026 | 23.04.2026 | 23.07.2026 | 22.10.2026 | 19.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -6,55% | -10,93% | -6,22% | +5,68% | +0,00% |
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