Original-Research: FRIWO AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to FRIWO AG
Stronger foundation for earnings recovery FRIWO AG develops and manufactures power supplies and charging solutions for medical, industrial and other demanding applications. Following several years of restructuring, the 2025 disposals of its E-Drives and DIN-rail activities strengthened the balance sheet and allowed management to concentrate on the core business. We see FRIWO entering a new phase in which established engineering expertise and customer relationships can translate into renewed growth and a recovery in profitability. Its combination of German development capabilities and production in Vietnam provides a competitive base. New customer programmes and broader sales coverage in Europe and the US should increase volumes, while higher utilisation and production efficiencies improve fixed-cost absorption. We forecast revenue to rise from EUR 58.00m in 2026 to EUR 79.11m in 2030, with positive EBIT from 2028 and a 4.8% EBIT margin in 2030. Further operational progress supports a margin above 5% from 2031, consistent with the direction of management's medium-term objective. We initiate FRIWO AG with a Buy recommendation and a target price of EUR 4.80. You can download the research here: FRIWO_AG_20261026 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. | ||||||||||||||||||
2422510 26.10.2026 CET/CEST
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