First Read Traton SE 2Q26 Conf call: Positive call with clear H2 levers

研报英文原文证据摘录

First Read Traton SE 2Q26 Conf call: Positive call with clear H2 levers

Global Research

23 July 2026ab

First Read

EquitiesTraton SE

2Q26 Conf call: Positive call with clear H2 levers Germany

Industrial, Diversified

12-month rating Buy

Bottom line: Solid. Strong order intake with pricing in place to offset costs

We believe management was quietly confident on the call, as despite several headwinds 12m price target €39.00

being highlighted, from tariffs to higher input costs stemming from the Middle East

conflict, these appear to be in the process of being addressed through pricing. Traton

Price (22 Jul 2026) €36.48

was also confident on its H2 delivery following the positive order intake across the

brands in H1. Key topics on the call included: Traton's North American EPA strategy, the RIC: 8TRA.DE BBG: 8TRA GR

latest on Traton's US content discussions following DTG's announcement (here), an Trading data and key metrics

update on Scania's China operations, price-cost dynamics and more. Why the sharp

52-wk range €37.04-25.88

positive share price reaction despite the pre announcement? We are impressed

Market cap. €18.2b/US$20.8b

with both the orders and margin (excluding International) beats and expect this to drive

Shares o/s 500m (ORD)

majority of the very positive reaction. We believe there may also be an element of

positioning at play. UBS Quant data shows that, at the start of July, positioning in Traton Free float 12%

was more negatively skewed than in its peers, which were broadly neutrally positioned. Avg. daily volume ('000) 153

Avg. daily value (m) €5.1

North America developments - Tariffs, EPA27 & Production: Common s/h equity (12/26E) €20.1b

In light of the recent announcement by DTG, management stated that they are still P/BV (12/26E) 0.9x