Kontron (Q+A) | Buy | What are you actually buying when you buy Kontron at 7x EBITDA?

研报英文原文证据摘录

Kontron (Q+A) | Buy | What are you actually buying when you buy Kontron at 7x EBITDA?

Release date: 26 June 2026Kontron Market data as of: 25 June 2026

Austria | IT services & software Beta Profile: MCap: EUR1.5bn

Buy

What are you actually buying when you buy Kontron

at 7x EBITDA? Target Price: EUR30.00

Current Price: EUR23.44

At c. 7.3x forward EV/EBITDA, the market is currently pricing Kontron as a cyclical Up/downside: 28.0%

embedded-hardware conglomerate, weighed down by its GreenTec/EMS troubles Change in TP: none

and three consecutive profit warnings in FY 2025. However, we believe this single Change in Adj. EPS: -52.9% 26E/-11.0% 27E

blended multiple obscures the quality of the underlying businesses: Europe’s

FRMCS rail franchise with a c. 50% market share and c. 25% margins; an ITAR-

certified defence supplier growing at double-digit rates with c. 20% margins; and a

regulation-mandated cybersecurity SaaS option that appears to be priced at zero.

With a record EUR2.5bn backlog, restructuring set to conclude in 2026, and

Ennoconn’s EUR23.50 offer providing downside protection, the question is whether

a 7x EBITDA multiple reflects Kontron’s true asset mix or instead represents a

Hugo Paternoster, CFA

structural mispricing. The answer will determine whether the shares are a value trap Equity Research Analyst

or a re-rating opportunity awaiting the right catalyst. +33 1 53 65 35 34

See our answer inside… IT services & software research team

Biographies at the end of this document

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