Voestalpine: Q4 preview – expecting a strong FCF finish

Research evidence excerpt

Voestalpine: Q4 preview – expecting a strong FCF finish

Deutsche Bank

Research

Rating Company Date

Buy Voestalpine 21 May 2026

Forecast Change

Europe

Austria

Reuters Bloomberg Exchange Ticker Price at 20 May 2026 (EUR) 45.68

VOES.VI VOE AV VIE VOES

Price Target (EUR) 57.00

Steel

ADR ISIN 52-week range (EUR) 49.02 - 22.14

VLPNY US9285781038

Q4 preview – expecting a strong FCF

Valuation & Risks finish

Bastian Synagowitz

Solid FCF and earnings growth at attractive valuation - Buy Research Analyst

Voestalpine is due to report its Q4 results and we expect another quarter with strong +41-44-227-3377

cash generation and a significant step up in EBITDA driven by strong performances

Liam Fitzpatrick

in Steel and Metal Engineering. This is supported by starting pricing tailwinds as Research Analyst

well as seasonality and cost cutting driven improvements in MF help as well. We +44-20-754-13233

have made minor changes to our numbers which leaves us 16% ahead of street

EBITDA for the FY2028 (ending March) and keeps our PT unchanged at E57. Key changes

Besides strong policy tailwinds in Steel, Voest has good growth prospects in a DB EPS (EUR) 2.22 to 2.19 ↓ -1.2%

number of areas (rails, warehousing, energy, etc) and, together with internal Source: Deutsche Bank

measures, management aims to lift mid-cycle earnings capability to EBITDA of

c.E2.8bn, c.40% above the Street (2028-29E). Our PT implies a 2yr forward EV/

EBITDA of 5x and 9% adj. FCF yield at target, which continues to leave the railway

infrastructure business underappreciated (peers trade at 9-10x EV/EBITDA 2026-

27E). Hence, we believe Voest offers an attractive set-up for investors seeking

quality with cyclical upside at a attractive valuation - Buy.

Q4-25/26 results due on 3 June