EDAG: TP cut to EUR4 on share dilution after capital increase

研报英文原文证据摘录

EDAG: TP cut to EUR4 on share dilution after capital increase

Deutsche Bank

Research

Rating Company Date

Hold EDAG 16 June 2026

Europe Reuters Bloomberg Rating Hold

Switzerland ED4.DE ED4 GR Price target (EUR) 4.00 Price at 12 Jun 26 3.30

52-week range 7.14 – 2.98

Autos

Auto Parts Valuation & Risks

TP cut to EUR4 on share dilution after capital

increase OliviaResearchPulvermacherAnalyst

+49-69-910-31944

Capital increase drives technical target price adjustment

Tim Rokossa EDAG announced EUR75m of capital measures, comprising a EUR50m capital Head of European Equity Research

increase and a EUR25m mandatory convertible loan, both fully subscribed by +49-69-910-31998

majority shareholder ATON Austria Holding GmbH with pre-emptive rights

excluded. The transaction is aimed at reducing leverage, addressing near-term Christoph Laskawi

Research Analyst refinancing needs, and strengthening the balance sheet. In addition, it enhances

+49-69-910-31924

financial flexibility to support strategic priorities, including the expansion into

higher-margin defence and industrial activities as well as a broader global delivery Nicolai Kempf

footprint. While balance sheet supportive, the resulting increase in diluted shares Research Analyst

outstanding to 43.75m leads to a technical adjustment of our target price to EUR4 +49-162-5168792

from EUR5. We maintain our Hold rating, with no change to our underlying Mengxian Sun, CFA

operating estimates. Research Analyst

+49-69-910-41701

Transaction structure and terms

The transaction consists of a direct capital increase of 12.5m new shares at EUR4

per share, a 34% premium to the prior day’s close, highlighting ATON’s

commitment. The mandatory convertible loan, also convertible at EUR4 per Key changes