Original-Research: Vossloh AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
Summary by AI BETAClose X
Quirin Privatbank maintains a BUY recommendation for Vossloh AG with a target price of EUR 86, citing a record order backlog of EUR 1,137 million and a book-to-bill ratio of 1.34x, indicating robust revenue growth potential driven by Sateba consolidation. While Q1 saw seasonally weak margins, a sequential normalization is expected from Q2, with the market closely watching for easing margin pressure in Customized Modules. The analyst emphasizes the successful integration of Sateba and the strong long-term demand for rail sector investments, supporting Vossloh's business development and 2030 targets.
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Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Vossloh AG
Record backlog, book-to-bill above one, robust revenue growth Vossloh is positioned for material reported revenue growth in 2026 driven by the Sateba consolidation with a sequential margin normalization from Q2 onwards relative to the seasonally weak Q1, albeit at a structurally lower margin level than in 2025. A book-to-bill of 1.34x and an all-time-high order backlog of EUR 1,137m are the real leading indicators. New orders in Q1 came from Tanzania, Poland, Italy, Algeria, Sweden, China, and Germany. The Deutsche Bahn framework agreement alone has potential exceeding EUR 100m. The next two reporting events are likely to be central to the market's reassessment of the Q1 result. Q2 should provide an initial view on whether the margin pressure observed in Customized Modules which management has attributed to project mix and additional risk provisioning eases sequentially, as suggested by the Q1 commentary, or whether it reflects a more persistent set of factors. A margin recovery broadly in line with management's expectations would, in our view, be supportive of the full-year guidance and consistent with the divisional order book, which stood at a record level at the end of Q1. We maintain our Buy rating with a TP of EUR 86, applied by our ROE/COE valuation approach. Our focus is unchanged on the successful integration of Sateba. In the medium to long term, there is enormous demand for investment in the rail sector, so we expect a very positive environment for Vossloh's further business development, also with regard to achieving its 2030 targets. You can download the research here: VOSSLOH_AG_20260427 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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2315854 27.04.2026 CET/CEST
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