Jost Werke: Strong start to the year - Q1 review

研报英文原文证据摘录

Jost Werke: Strong start to the year - Q1 review

Deutsche Bank

Research

Rating Company Date

Buy Jost Werke 13 May 2026

Results

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (EUR) 52.00

JST.DE JST GR GER JST

Price Target (EUR) 76.00

Autos

52-week range (EUR) 67.30 - 47.20

Auto Parts

Strong start to the year - Q1 review

Valuation & Risks

Nicolai Kempf

10% earnings beat makes guidance appear cautious Research Analyst

Jost reported a strong start to the year with 9% organic growth and earnings that +49-162-5168792

surpassed consensus estimates by 10%. Profitability has returned to the strategic

Tim Rokossa

corridor of 10-12%, driven by synergy realization and improved fixed cost Head of Research

absorption. Given the very strong US truck orders, we anticipate accelerating +49-69-910-31998

momentum in this region, which makes the current guidance appear rather

Christoph Laskawi

cautious. We maintain our Buy rating and raise our target price to €76.

Research Analyst

+49-69-910-31924

Region in detail

Nikita Papaccio

Group revenues increased by 12% y/y (ow 9% organic) to €417m versus cons at

€397m, while adj. EBIT reached €44.1m which was 10% ahead of cons. This implies +49-69-910-48637

a strong margin of 10.6% (19% operating leverage) versus SAF at 9.4%.

Mira Wiegratz

Research Associate

n EMEA, Jost's largest region accounting for 48% of the revenues in Q1,

benefitted from growth in all segments and reported solid order intake with +49-69-9103-1733

no signs of the Middle East conflict. Revenues grew by 8% y/y whereas the

adj. EBIT increased by 37%, resulting in a margin of 7.7% versus SAF at Key changes

8.1% TP 74.00 to 76.00 ↑ 2.7%

Source: Deutsche Bank

n Americas reported 5% y/y organic growth supported by the agriculture and