KSB (1K) | Buy | Macro-related estimates cut ahead of H1

研报英文原文证据摘录

KSB (1K) | Buy | Macro-related estimates cut ahead of H1

#EarningsPreview #TPchange

Release date: 22 July 2026

Company research

ESG profile BuyKSB

Germany | Capital goods Beta Profile: MCap: EUR1.5bn

Target Price: EUR1,134.00 (1199.00) Change in TP: -5.4 % Bloomberg: KSBG AV Reuters: KSBG_p.DE

Current Price: EUR811.00 Change in Sales: -2.7% 26E/-3.5% 27E Free float 47%

Up/downside: 39.8% Change in Adj EBIT: -7.1% 26E/-4.7% 27E Avg. daily volume (EURm) 3.2

YTD abs performance -15.3% Market data: 21 July 2026 Change in Adj. EPS: -8.3% 26E/-5.4% 27E

52-week high/low (EUR) 1245.00/776.00

Macro-related estimates cut ahead of H1 Price performance

Why this report?

We expect KSB to deliver resilient Q2 results and reaffirm our Buy rating,

although we lower our target price to EUR1,134 (from EUR1,199) following

estimate cuts reflecting weaker industrial activity, project delays and

temporary service mix pressure. Despite these near-term headwinds, we

expect management to reiterate its 2026 guidance. KSB continues to benefit

from a strong balance sheet, resilient aftermarket exposure and an attractive

valuation. Our revised target price remains based on a conservative 6x 2027E

EV/EBITDA, leaving meaningful upside versus global flow-control peers.

Key findings

We expect KSB to report a resilient Q2 despite a weak macro backdrop. Sales are

forecast at EUR755m, flat YOY and up 6% QOQ, while order intake should rise 2% FY to 31/12 (EUR) 12/26E 12/27E 12/28E

YOY to EUR840m, despite a 17% QOQ decline following a strong Q1 supported by a Sales 3,070 3,226 3,437

large energy contract. EBIT is estimated at EUR51m (-18% YOY), although EBITDA adj. 348 384 417

underlying profitability should improve sequentially after adjusting for the EBIT adj. 270 299 298

Net profit adj.