GEA Group (G1AG.DE) Pre-2Q26 Barometer update

研报英文原文证据摘录

GEA Group (G1AG.DE) Pre-2Q26 Barometer update

Goldman Sachs GEA Group (G1AG.DE)

Exhibit 10: We expect GEA’s cash return to shareholders to Exhibit 11: ...and we forecast a FCF yield in line with sector

be above sector median, and model a buyback in line with peers

the past five year median as a % of FCF generated... FCF yield, 2026E

Dividend and buyback yield, 2026E

8% 16.0%

14.0%

6%

12.0%

10.0%

4%

Median: 2.3% 8.0%

2% 6.0%

Median: 3.8%

4.0%

0%

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Dividend yield 2026E Special dividend yield 2026E

Buyback yield 2026E Median FCF Yield 2026E Median

Source: Factset, Goldman Sachs Global Investment Research, Company data Source: Factset, Goldman Sachs Global Investment Research

Valuation and key risks

We are Neutral-rated on GEA with a 12-month price target of €60 (from €56) (3pp

driven by estimates changes and 4pp driven by an implied multiple increase on

EV/EBIT (from c.12x previously) to be in line with the 10-year median, reflecting a

slightly improved growth profile). This remains based on our 12-month rolling

sector-relative EV/IC to ROIC/WACC methodology using 9m 2027/ 3m 2028 estimates.