Aumovio Review Q2‘26 and Model Update Post Earnings Call

研报英文原文证据摘录

J P M O R G A N

Europe Equity Research

06 August 2026

Aumovio

Overweight

AMV0.DE, AMV0 GR

Price (05 Aug 26):€38.60

Review Q2’26 and Model Update Post Earnings Call

Price Target (Dec-27):€62.00

Post Q2 earnings we have taken down our earnings estimates by ~14% in FY27/28

to reflect the slower earnings group progression than initially expected across

divisions such as UAX and ACM. For FY26, we are reflecting a margin of 3.8%,

close to the upper end of the company's margin range guidance at 4%. Our rating

and PT remain unchanged.

European Autos & Auto Parts

Jose M Asumendi AC

(44-20) 7742-5315

J.P. Morgan Securities plc

Piyush Singla

Figure 1: Key Estimate Change Table New vs. Old

Revenues

Adj. EBIT

% Adj. EBIT Margin

FY25A

18,550

717

3.9%

FY26e

17,326

661

3.8%

New JPMe

FY27e

16,490

689

4.2%

FY28e

16,490

737

4.5%

FY26e

17,661

705

4.0%

Old JPMe

FY27e

17,482

809

4.6%

FY28e

17,309

853

4.9%

FY26e

-1.9%

-6.2%

% Change

FY27e

-5.7%

-14.9%

FY28e

-4.7%

-13.6%

Source: JPM

Figure 2: Company guidance

(91-22) 6157-3324

J.P. Morgan India Private Limited

Specialist Sales contact details:

Sam Edmunds - Specialist Sales European Industrials

(44-20) 7742-8733

Key Changes (FYE Dec)

Revenue - 27E (€ mn)

Adj. EBIT - 26E (€ mn)

Adj. EBIT - 27E (€ mn)

Prev

Cur Δ

17,482 16,490 -5.7%

705

661 -6.2%

809

689 -14.9%

Style Exposure

Source: Company

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