Original-Research: DEUTZ AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
Summary by AI BETAClose X
Quirin Privatbank has reiterated its BUY recommendation for DEUTZ AG with a price target of EUR 14, citing strong first-half performance and positive mid-term outlook. The company reported a significant increase in order intake to EUR 1,331.3 million and revenue to EUR 1,115.3 million, with adjusted EBIT rising 43.1% to EUR 79.7 million, achieving a 7.1% margin. Second-quarter results also showed robust growth. The 2026 guidance remains confirmed, and mid-term targets for 2028 are gaining traction, supported by strategic acquisitions and structural improvements in key business segments. The pending EUR 1.6 billion acquisition of FFG is a significant factor alongside cash flow and leverage dynamics.
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Original-Research: DEUTZ AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to DEUTZ AG
New mid-term guidance around the corner DEUTZ delivered a strong first half: order intake +28.7% to EUR 1,331.3m, revenue +10.7% yoy to EUR 1,115.3m, adjusted EBIT +43.1% yoy to EUR 79.7m for an adjusted EBIT margin of 7.1% (H1 2025: 5.5%). Q2 alone confirms the run-rate: revenue EUR 585.3m (+13.0%) and adjusted EBIT EUR 42.4m (+40.9%) at a 7.2% margin. The 2026 guidance (revenue EUR 2.3-2.5bn, adjusted EBIT margin 6.5-8.0%) was confirmed and, with H1 already at 7.1%, looks set to land in the upper half of the corridor. More importantly, the mid-term targets for 2028 (revenue EUR 3.2-3.4bn, EBIT margin 8-9%) continue to gain operational substance: Engines has swung decisively above breakeven, Energy has been structurally enlarged by Frerk (and now Maxi Trust Power), and Defense is being built into a stand-alone pillar via the pending FFG acquisition. Two things now dominate the equity story alongside the operations: the EUR 1.6bn takeover of FFG Flensburger Fahrzeugbau (EGM vote on 24 August) and a sharp swing in cash flow and leverage. We confirm our Buy rating and our EUR 14 price target, derived from our ROE/COE valuation approach. You can download the research here: DEUTZ_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/
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2378728 06.08.2026 CET/CEST
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