Original-Research: DEUTZ AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
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Original-Research: DEUTZ AG - from Quirin Privatbank Kapitalmarktgeschäft
06.08.2026 / 14:01 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to DEUTZ AG
Company Name: DEUTZ AG
ISIN: DE0006305006
Reason for the research: Update
Recommendation: BUY
from: 06.08.2026
Target price: 14
Last rating change:
Analyst: Daniel Kukalj, CIIA,CEFA
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:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=8f69248b713f83c62ea83a4078df347f
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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