Dürr: Efficiency programme announced; positive view confirmed

研报英文原文证据摘录

Dürr: Efficiency programme announced; positive view confirmed

Philippe Lorrain +33 1 42 14 75 16 philippe.lorrain@bernsteinsg.com 23 July 2026

DETAILS

Investment implications

As headwinds from lower estimates more than offset the tailwind from rolling over our valuation by one quarter, we cut our PT to

€35.00 (from €37.00). More details are provided in Exhibit 7 and Exhibit 8 on page 6. With significant potential upside of c.90%

to our PT, we maintain our Outperform rating.

CHANGES TO OUR ESTIMATES; BERNSTEIN ESTIMATES VS GUIDANCE AND CONSENSUS

CHANGES TO OUR ESTIMATES

Following the publication of preliminary 2Q26 results and the announcement of the ‘Vector’ efficiency programme in the Industrial

Automation (IA) division, we revisit our assumptions for the various divisions as follows.

• Automotive division (which largely consists of the paintshop activities to which the Li-Ion battery manufacturing

systems business was added at the end of FY25). Here, we merely reflect the incorporation of the 2Q26 results, which

delivered beats at the order intake, sales and adjusted EBIT levels. We leave our estimates for 3Q and 4Q26 unchanged, which

results in a c.3% increase in our FY26 order intake forecast and in 1% increases to our sales and adjusted EBIT forecasts for

FY26. For FY27 and FY28, we leave our forecasts unchanged.

• Woodworking division (HOMAG). Here, we reflect the lower-then-expected order intake figure for 2Q26 and take a slightly

more cautious view on FY27 order intake, as we model a less significant recovery for the furniture manufacturing machinery

activities. Meanwhile, we reduce our sales and adjusted EBIT forecasts on the back of the lower order intake even though we