Aumovio: An opportunity presents. Upgrading to Outperform, €54 target price (45% upside)

研报英文原文证据摘录

10 August 2026

Rating Upgrade

Harry Martin, CFA

European Automobiles & Components

AUMOVIO SE

Steve Pereira Fernandes, CFA

Rating

Outperform (Market-Perform OLD)

Stephen Reitman

Price Target

AMV0.GR

Specialist Sales

54.00 EUR (38.00 OLD)

James Brady

Aumovio: An opportunity presents. Upgrading to Outperform,

€54 target price (45% upside)

We initiated coverage on Aumovio in 2025 after its spinoff from Continental arguing that it

had too many structural issues to fix margins & cash generation by cost-cutting alone. These

issues plus the overhang on a warranty settlement with BMW meant its discounted valuation

also looked warranted. In six months as a public company, it has clearly proven it can cut

costs ahead of expectations & has also agreed a BMW settlement below embedded in the

valuation discount. Yet the stock is still down since IPO. We see Q2 as a clearing event (setting

a beatable floor to 2027 expectations and leaving room to improve communication of cash

return timing). We upgrade to Outperform on entirely self-help driven earnings upside & a

valuation rerating backed by real FCF and a very strong balance sheet.

Real cost savings ahead of plan, right to the bottom line... a rare thing in German

autos. Headcount reductions have focused on R&D and central functions, and are now

delivering €200m annual savings, a 50bps margin boost this year. Next year will see another

€150m R&D savings, >100bps margin uplift on flat revenues. Delivery continues to run

ahead of promises, giving us conviction in 2027 and beyond.

Close Date

6 Aug 2026

AMV0.GR Close Price (EUR)

36.90

Price Target (EUR)

54.00

Upside/(Downside)

46%

52-Week Range

47.02/31.66

EDME

1,638.96

FYE

Dec

Div Yield

NA

Market Cap (EUR) (M)

3,737

EV (EUR) (M)

3,361

Performance

YTD

1M

6M

Absolute (%)

(13.0)

(1.3)

(9.3)

12M

NA

EDME (%)

11.5

2.9

6.5

21.3

Relative (%)

(24.5)

(4.2)

(15.8)

NA

Source: Bloomberg, Bernstein estimates and analysis.

Meaningful EBIT & FCF expansion on unheroic assumptions. Assuming no revenue

growth, simply the non-repeat of the BMW settlement plus R&D saving gets close to €900m Price Performance, 1YR

EBIT in 2027 (above consensus).…