First Read: Duerr "Investing in Europe Conference 2026 - Feedback" (Neutral)

研报英文原文证据摘录

First Read: Duerr "Investing in Europe Conference 2026 - Feedback" (Neutral)

Global Research

19 May 2026ab

First Read

EquitiesDuerr

Investing in Europe Conference 2026 - Feedback Germany

Industrial, Diversified

12-month rating Neutral

Duerr at the Investing in Europe Conference 2026

We hosted Bjoern Voss, Vice President Investor Relations, and Mathias Christen, Senior 12m price target €22.50

Manager Investor Relations, today for group meetings.

Price (19 May 2026) €20.95

Key Takeaways

RIC: DUEG.DE BBG: DUE GR

The automotive pipeline is better than last year. Timing of the order conversion is the Trading data and key metrics

uncertainty factor but 2026 should be a good year. Regional project examples include 52-wk range €25.10-18.02

India, South Korea and US localisation and it also won Chinese OEM projects in China. Market cap. €1.45b/US$1.68b

The energy efficiency improvement delivered by the newest paintshop is an important Shares o/s 69.2m (ORD)

factor also for German OEMs in their decision making. Free float 70%

Avg. daily volume ('000) 138

Woodworking business/Homag: the furniture business is still soft but the wooden Avg. daily value (m) €2.8

house related business is performing well and benefits from wooden house cost Common s/h equity (12/26E) €1.38b

competitiveness, modularity and climate benefits. P/BV (12/26E) 1.0x

Net debt to EBITDA (12/26E) 0.5x

Industrial Automation. the balancing business is performing well while management

EPS (UBS, diluted) (EUR)

will consider action in the automation business (BBS) given the weak market backdrop.

UBS Cons.

The CEO who successfully lead the Homag restructuring is now in charge of the unit.

12/26E 2.03 1.92

Dürr reiterated that a weaker than originally expected outlook can be compensated by

12/27E 2.42 2.33