First Read: GEA Group "Investing in Europe Conference 2026 - Feedback" (Buy)

研报英文原文证据摘录

First Read: GEA Group "Investing in Europe Conference 2026 - Feedback" (Buy)

Global Research

19 May 2026ab

First Read

EquitiesGEA Group

Investing in Europe Conference 2026 - Feedback Germany

Industrial, Diversified

12-month rating Buy

GEA at the Investing in Europe Conference 2026

We hosted Alexander Kocherscheidt, Chief Financial Officer, Kai Becker, Division Chief 12m price target €74.00

Executive Officer Pure Flow Processing, and Oliver Luckenbach, Head of Investor

Relations, today for group meetings.

Price (19 May 2026) €55.75

Key Takeaways RIC: G1AG.DE BBG: G1A GR

Trading data and key metrics

Addressing current market concerns: it sees two major reasons for the negative 52-wk range €66.45-54.20

share price reaction to the Q1 results: the negative Q1 FCF but which is explainable by Market cap. €9.08b/US$10.5b

record low working capital in Q4. It still feels very confident in the 7-9% working capital/

Shares o/s 163m (ORD)

sales guidance range where it typically aims for the lower end. The other FCF impact was

Free float 82%

driven by higher bonus payments due to good earnings. It still feels confident in

Avg. daily volume ('000) 357

achieving a level of €500m FCF for the full year with the usual H2 weighting. The weak

margin in the plant engineering business was another reason mentioned but this was Avg. daily value (m) €21.8

only due to lower revenues while the outlook is positive for the full year. Common s/h equity (12/26E) €2.71b

P/BV (12/26E) 3.3x

Net debt to EBITDA (12/26E) NM

Confident in achieving the full year guidance of 5-7% organic growth due to the

backlog coverage and good current project execution. It sees a good order funnel in all EPS (UBS, diluted) (EUR)

regions and products and does not see any slowing currently especially in the most UBS Cons.