Dürr (AO) | Buy | CFO succession finally clarified

研报英文原文证据摘录

Dürr (AO) | Buy | CFO succession finally clarified

Dürr Buy | Target Price: EUR28.00

Company description Management

Duerr is a play on automation capex. In the future, the group will focus on Dr Jochen Weyrauch, CEO

automation of production processes via three pillars: Automotive, Industrial Dietmar Heinrich, CFO

Automation, and Homag (woodworking). While the group will still be a

conglomerate, albeit a streamlined one, this new structure will enable cost and Key shareholders

sales synergies, streamlined structures, and enhanced transparency, while also Free float 70.30%

providing additional financial leeway to support the remaining divisions through Heinz Dürr GmbH 26.20% Heinz & Heide Dürr Stiftung 3.50%

both M&A and a step-up in R&D.

Investment case Valuation methodology

Duerr shares are well below 2017 peak levels, driven by a very Our DCF (50% weight) yields a fair value per share of EUR30,

mixed operational performance. However, with the measures with a WACC of 9.7% and 2026-35E sales and EBITDA CAGRs of

taken, we believe an inflection point could be nearer. 4.6% and 5.6%.

Optimisation measures are starting to become effective and Due to a bottoming out of markets and the measures taken, we

Duerr is set to use its own global presence to exploit secular believe a 2027E target multiple of 5.0x is justified, which yields a

drivers like sustainability and the need for automation as a FVpS of EUR25.

niche market leader with a best-in-class portfolio driven by Short-term investors might focus on the multiple mix method.

innovation and digitalisation. Longer-term investors with might instead consider the DCF.

Duerr shares appear to be suffering from negative sentiment Risks to our rating

toward the automotive supplier space.