Wacker Neuson (1K) | Reduce | Incorporating guidance increase

研报英文原文证据摘录

Wacker Neuson (1K) | Reduce | Incorporating guidance increase

sensus EPS 1.5 2.0 2.3

challenging but is more stable than in recent years. Net dividend 0.78 0.86 0.92

Following Wacker Neuson's guidance upgrade, we raise our FY26 estimates to FY to 31/12 (EUR) 12/26E 12/27E 12/28E

reflect a better-than-expected market environment in construction equipment, a P/E adj and ful. dil. 13.1 12.0 11.1

EV/EBITDA 4.9 4.4 3.9

favourable product mix and continued tight cost control. We increase our FY26 EV/EBIT 9.1 8.0 7.0

sales forecast by 2%, while raising EBIT by 11% and EPS by 9%, with more modest FCF yield 5.5% 8.3% 10.9%

upgrades of 1–3% on sales and 3–5% on EBIT/EPS for FY27–28 as we carry forward Dividend yield 3.8% 4.2% 4.5%

the improved margin profile. ND(F+IFRS16)/EBITDA 0.4 0.2 -0.1 Gearing 8.2% 3.6% -2.4%

Deconstructing the forecasts ROIC 8.5% 9.0% 9.5%

EV/IC 1.1 1.0 1.0

Wacker Neuson generates around 76% of sales in Europe and 21% in the

Americas. The company continues to execute its Strategy 2030, with an already Sector Most Pref. Sector Least Pref.

GEA Group Autostorelowered revenue target to EUR 3.5bn while reaffirming its focus on profitability, Halma Krones

targeting an EBIT margin above 11% through stronger execution and margin Lagercrantz NKT

discipline. Spirax Group Siemens

Valuation and investment conclusion

We see the gradual market recovery expected already more than reflected in the

current share price. Standalone, Wacker Neuson continues to face significant

challenges.

Hans-Joachim Heimbuerger

We reiterate our Reduce rating and raise our TP to EUR18 (EUR17) due to 2026-27E Equity Research Analyst

adjusted EBIT up by 11% and 5%, respectively. +49 69 7569 6121

hheimburger@keplercheuvreux.com