施普林格自然 上半年业绩后上调 2027 年 EBITA 2%

研报英文原文证据摘录

J P M O R G A N

Europe Equity Research

05 August 2026

Springer Nature

Overweight

SPGG.DE, SPG GR

Price (05 Aug 26):€18.86

Upgrade 2027 EBITA by 2% after H1 results

▲Price Target (Dec-27):€32.40

Prior (Dec-27):€31.00

Following better than expected H1 results and an upgrade to company guidance,

we upgrade our group organic growth from 5.6% to 6.3% (guidance c6%), and our

margin assumption from 28.2% to 28.3%. After factoring in changes to FX and a

small benefit from the sale of Consumer Media, our 2026 operating profit increases

1% to €564m and by 2% to €607m in 2027 (css FY26 €558m, and FY27 €593m).

Our PT increases from €31 to €32.4. Springer is one of the cheapest stocks in

Media, trading on 10.5x 2027E earnings. Our PT implies a multiple of 17.5x –

broadly c21x for Journals and c10x for books, health and education.

Figure 1: Estimate changes

European Media

Daniel Kerven AC

(44-20) 7134-3057

Mathilde Jorgensen

(44-20) 3493-4360

J.P. Morgan Securities plc

Specialist Sales contact details:

2026E

Old

New

2027E

Old

New

Group

Organic growth

FX

M&A

Group margin

5.6% 6.3% 4.6% 5.5%

-2.7% -2.4% 0.0% 0.7%

0.1% -0.5% 0.0% -0.6%

28.2% 28.3% 28.6% 28.9%

Divisions

Organic growth

Research

Health

Education

6.4%

2.6%

2.9%

Margins

Research

Health

Education

31.8% 32.1% 32.2% 32.6%

19.7% 19.7% 19.9% 19.9%

9.6% 8.8% 9.7% 8.9%

7.3%

1.5%

3.1%

5.1%

2.6%

2.9%

6.3%

2.0%

2.9%

Scott Silver - Specialist Sales European TMT

(44-20) 7134-0412

Key Changes (FYE Dec)

Adj. EPS - 26E (€)

Adj. EPS - 27E (€)

Adj. EBIT - 26E (€ mn)

Adj. EBIT - 27E (€ mn)

Adj. EBITDA - 26E (€ mn)

Adj. EBITDA - 27E (€ mn)

Prev

1.64

1.80

560

595

737

778

Cur

1.65

1.84

564

607

740

792

0.7%

2.4%

0.6%

2.1%

0.5%

1.7%

Style Exposure

Source: J.P. Morgan estimates

Recent research

Strong H1 led by journals, raises FY

guidance. Read here.

Strong results, modest upgrades.

Valuation constrained by liquidity, free

float. Read here.

2026 Media Outlook: Overblown AI fears,

overlooked AI opportunities. Read here.

Springer re-iterates FY guidance.

Read here.

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.