伟尔集团 | 风险回报更新

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M

Update

August 18, 2026 04:22 PM GMT

Morgan Stanley & Co. International plc+

Weir Group PLC | Europe

Max R Yates

Equity Analyst

Risk Reward Update

Weir Group PLC (WEIR.L, WEIR LN)

What’s Changed

Capital Goods | United Kingdom

Weir Group PLC (WEIR.L)

From

To

Price Target

2,700p

2,750p

Base Case

2,700p

2,750p

Updated Components

EPS

Bull Base Bear Scenarios

Risk Reward for Weir Group PLC (WEIR.L) has been updated

Reason for change

Stock Rating

Industry View

Price target

Shr price, close (Aug 18, 2026)

52-Week Range

Equal-weight

In-Line

2,750p

2,586p

3,580-2,254p

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS (p)**

Prior EPS (p)**

123.8

130.5

129.2

144.6

145.3

159.3

158.7

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

We make adjustments to our 2026/27/28 EPS of +1.0%/-0.4%/+0.4%. In 2026, EPS

is benefitting from slightly higher H2 ramp up in Group EBITA margins driven by an

improving mix and the unwinding of production transfer delays in the margin bridge.

However, there is a small unwind in 2027 resulting from lower Minerals EBITA

margin (-20bps vs prev) and higher net interest costs. Our target price increases to

2,750p (prev 2,700p) on a higher 2026 EBITA and Adj. EPS. Our bull case (2,150p)

and bear case (3,200p) remain unchanged given small decreases in 2027 EBITA

margin estimates.

We remain EW on Weir, and OW on Epiroc. We see limited upside to near-term Weir

consensus estimates given there is already a significant implied 2H26 ramp up in

profitability. This limits the scope for a re-rating in the near-term. We continue to

prefer Eprioc's balance of growth / margin expansion (14% 2026-29e EPS CAGR). On

valuation, we see Weir’s 13.3x 2027e EV/EBITA and 18.4x PE as broadly fair.

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companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

…