Original-Research: Schaeffler AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Schaeffler AG
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: SCHAEFFLER_AG_20260806 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. | ||||||||||||||||||
2378620 06.08.2026 CET/CEST
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