Voestalpine: Q1 preview – off to a good start (and a cash windfall)

研报英文原文证据摘录

Voestalpine: Q1 preview – off to a good start (and a cash windfall)

Deutsche Bank

Research

Rating Company Date

Buy Voestalpine 9 July 2026

Forecast Change

Europe

Austria

Reuters Bloomberg Exchange Ticker Price at 8 Jul 2026 (EUR) 41.48

VOES.VI VOE AV VIE VOES

Price Target (EUR) 60.00

Steel

ADR ISIN 52-week range (EUR) 49.02 - 23.28

VLPNY US9285781038

Q1 preview – off to a good start (and a

Valuation & Risks cash windfall)

Bastian Synagowitz

Strong cash generation and quality angle yet to be reflected - Buy Research Analyst

Voestalpine is due to report its Q1 FY26/27 results and we expect a solid start to the +41-44-227-3377

year supported by a good underlying performance as well as the gain and cash-in

Liam Fitzpatrick

from the sale of the Böhler Profil business. Operationally, we expect cost-cutting Research Analyst

measures to help HPM and MF and although the performance in strip steels should +44-20-754-13233

improve, we expect lower project-driven contributions from plate to Steel. We have

made minor changes to our numbers, leaving us 3-18% ahead of street EBITDA Key changes

expectations for FY27-2029 (ending March) and keeping our PT unchanged at E60. DB EPS (EUR) 3.92 to 3.89 ↓ -0.8%

Although plate exposure and contracts mean Voest is running a later-cycle Source: Deutsche Bank

business model in Steel, the company still benefits from strong policy tailwinds in

Steel. In addition, Voest has good growth prospects in a number of areas (rails,

warehousing, energy, aerospace, etc) and, together with internal cost-cutting

measures, management aims to lift mid-cycle earnings capability to EBITDA of

c.E2.8bn over the next few years, c.38% above the Street (2028-29E). At 3.7-4.8x

EV/EBITDA 2027-28E we view the shares as very attractive give the premium nature