Original-Research: Schaeffler AG (von Quirin Privatbank Kapitalmarktgeschäft)
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Original-Research: Schaeffler AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Schaeffler AG
2028 goals; Need to increase volume At its Capital Markets Day (16 September), Schaeffler presented new medium-term targets for 2028 and clearly focused on operational implementation. With an order backlog of EUR 74bn in the promising areas of e-mobility and powertrain & chassis, the company has a strong starting position. The planned integration of Vitesco and structural measures are expected to deliver annual synergies of EUR 815m from 2029 onwards. The targets are an adj. EBIT margin of 6-8% (2024: 3.5%). The strategic portfolio optimization (“earn the right to grow”) underscores the focus on capital discipline. The outlook to 2028 presented at the CMD was well received by the market and had a noticeable supportive effect on the valuation. Historically, investors have always responded constructively to strategies that combine organic growth with margin expansion – as the current share price performance underscores. At the same time, the consistent implementation of the communicated targets remains central. Management now has a responsibility to demonstrate progress transparently and step by step. Only in this way can the new confidence be sustainably anchored and the positive re-rating process continue. At the same time, the path to a higher valuation is not only a question of operational implementation – structural conditions must also be addressed. The current free float and weekly trading volumes (see chart below) represent a barrier to entry, especially for larger institutional investors. In order to further increase the attractiveness of the stock, the majority shareholder will also need to play an active role in the future, for example through measures to increase liquidity. We confirm our BUY rating and TP of EUR 7.50. You can download the research here: SCHAEFFLER_AG_20250922 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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