Wienerberger AG: Earnings Risk - Downgrade to Underweight

研报英文原文证据摘录

Wienerberger AG: Earnings Risk - Downgrade to Underweight

Idea

June 10, 2026 04:01 AM GMT

Morgan Stanley & Co. International plc+MWienerberger AG | Europe Daniel Khajenouri

Equity Analyst

Earnings Risk - Downgrade to Daniel.Khajenouri@morganstanley.comCedar Ekblom, CFA +44 20 7425-3065

Cedar.Ekblom@morganstanley.com +44 20 7425-4623

Underweight Nicolas J Mora

What’s Changed Nicolas.Mora@morganstanley.com +44 20 7677-5376

Peter Ajose-Adeogun

Wienerberger AG (WBSV.VI) From To Equity Analyst

Price Target €29.00 €23.00 Peter.Ajose-Adeogun@morganstanley.com +44 20 7677-1618

Rating Equal-weight Underweight Oscar P Smyth

Research Associate

We downgrade Wienerberger to Underweight given exposure to Oscar.Smyth@morganstanley.com +44 20 7425-6567

new-build resi market which faces long-term structural Wienerberger AG (WBSV.VI, WIE AV)

challenges in Europe and weak pricing power. While the Building & Construction | Germany

Stock Rating Underweight

business is stronger than pre-GFC, a resi construction recovery is Industry View In-Line

needed to unlock meaningful earnings upside. PriceShr price,targetclose (Jun 9, 2026) €23.00€23.02

52-Week Range €33.50-20.86

Mkt cap, curr (mn) €2,521

Key Takeaways Net debt (12/26e) (mn)* €1,897

EV, curr (mn)* €4,522

EU New-Build market we expect to be challenged over the long-term given

* = GAAP or approximated based on GAAP

slowing and negative population growth.

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

The housing recovery continues to be pushed to the right, while leaving limited Sales / Revenue 4,566 4,916 5,140 5,256

benefit to be “paid to wait” in Wienerberger. (€mn)**

EBITDA (€mn)** 721 764 837 872

Relative Underweight: Price Target 0% vs Spot, 12x EV/EBIT, MSe FY26/27 EBIT (€mn)** 345 378 434 459

EPS (€)** 1.64 1.85 2.34 2.60