Traton SE "2Q26 Pre: Orders beat with cost dynamics focus" (Buy) Bhundia

研报英文原文证据摘录

Traton SE "2Q26 Pre: Orders beat with cost dynamics focus" (Buy) Bhundia

Global Research

13 July 2026ab

Traton SE Equities

Germany2Q26 Pre: Orders beat with cost dynamics focus

Industrial, Diversified

12-month rating Buy

Key focus: Price-cost dynamics, Scania's margin drivers & International margins

We expect a solid order intake for Traton in 2Q26, with order trends largely intact as 12m price target €39.00

shown by the recent ACT prints, the Move Brazil program and read-acrosses showing Prior : €38.00

that European truck demand remains robust. This drives our 2Q26 orders forecasts

Price (13 Jul 2026) €34.62

c9% ahead of company cons at 86.2k. We expect price-cost dynamics to be in

greater focus following recent geopolitical events. Traton noted that the initial effects of RIC: 8TRA.DE BBG: 8TRA GR

higher input costs from the Middle East conflict are already being seen in MAN. We

Trading data and key metrics

expect cost headwinds, including raw materials, to weigh in H2 for the other brands. For

52-wk range €37.04-25.88

Scania, we see the focus on the regional adj. op profit contribution to the EBIT bridge

and specifically the potential headwinds from China, given the noted slower ramp up in Market cap. €17.3b/US$19.7b

light of higher diesel prices. We expect a positive South American (via Move Brazil) and Shares o/s 500m (ORD)

European performance to boost Scania's margins to 11.4%. For International, we Free float 12%

expect the debate to remain on section 232 and now on how it plans to adapt to the Avg. daily volume ('000) 153

proposed EPA27 changes. We expect the net tariff impact for International to be broadly Avg. daily value (m) €5.1

offset by the tariff refund catch up effect in Q2, which we believe is not yet reflected in Common s/h equity (12/26E) €20.1b