TRATON: Orders beat, shares surge

研报英文原文证据摘录

TRATON: Orders beat, shares surge

Deutsche Bank

Research

Rating Company Date

Buy TRATON 23 July 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (EUR) 36.48

8TRA.DE 8TRA GR GER 8TRA

Price Target (EUR) 43.00

Capital Goods

52-week range (EUR) 37.04 - 25.88

Trucks

Orders beat, shares surge

Valuation & Risks

Nicolai Kempf

Double-digit orders beat and guidance narrowed in the upper half Research Analyst

TRATON has reported its full Q2 results today, following last week's pre-release. We +49-162-5168792

attribute the very strong share price reaction to a significant beat on orders, the

Tim Rokossa

narrowing of guidance towards the upper half of the range, and likely also to Head of European Equity Research

investor positioning. Underlying profitability at Scania remains robust, and price +49-69-910-31998

increases at MAN are expected to help offset rising freight and input costs. We note

Christoph Laskawi

that the EU truck market continues to demonstrate strong resilience, despite higher

Research Analyst

fuel prices. The sector also benefited from Daimler Truck's guidance upgrade, see

+49-69-910-31924

here, driven by lower tariff costs and a stronger U.S. market.

Nikita Papaccio

Overall, a book-to-bill ratio of 1.1x points to sustained growth across all regions over Research Analyst

+49-69-910-48637

the coming quarters. Furthermore, the impact of U.S. tariffs could prove to be less

severe than initially anticipated. We remain on buy and lift our TP to €43. Mira Wiegratz

Research Associate

+49-69-9103-1733

Book to bill above 1.1x

Orders came in at 94k which is a 18% beat versus the company compiled consensus

Key changes

and we appreciate that this was driven by Scania (+41% y/y) which points towards

TP 40.00 to 43.00 ↑ 7.5%