DEUTZ：股份发行触发FFG追加认购权；调整后股本增至2.395亿股

研报英文原文证据摘录

15 September 2026

Pal Skirta

European Capital Goods

DEUTZ AG

Rating

Outperform

Price Target

MIDCAPS

DEZ.GR

12.40 EUR (12.56 OLD)

DEUTZ: Placement triggers FFG top-up right; pro forma share

count rises to 239.5m

DEUTZ announced a 10% cash capital increase after Monday’s close, raising an estimated

€177m gross. The less obvious consequence: it activates the FFG sellers’ Maximum

Shareholding Right, allowing them to take up to 6.5m additional shares to preserve their

29.9% stake. Existing shareholders are diluted twice - once for cash proceeds, and again

with nothing incremental received in return.

Close Date

11.87

Price Target (EUR)

12.40

Upside/(Downside)

EDME

Total funding relief is larger than the proceeds alone at approximately €234m, since the FFG

cash component falls by around €57m to €973m as more of the consideration settles in

paper.

Our DCF gives €12.40 per share. We maintain our Outperform rating. Our FFG assumptions

reflect the limited disclosure available on a business that has never reported separately, and

the 7.4x EV/EBIT 2028e implied by the transaction against 11.2x for MRO franchise peers

and 10.6x for defense peers suggests the acquisition should prove value-accretive.

4%

52-Week Range

Pro-forma share count rises to 239.5m from 217.7m in the no-placement case, taking

existing holders from 70.1% to 63.7%. The mechanical effect on our estimates is an EPS

reduction of 9.3%, 9.4%, and 8.7% for FY26e, FY27e and FY28e respectively.

We read the raise as opportunistic rather than defensive, with proceeds likely earmarked for

bolt-ons in Energy and smaller defence acquisitions.

14 Sep 2026

DEZ.GR Close Price (EUR)

13.40/7.30

1,577.08

FYE

Dec

Div Yield

1.5%

Market Cap (EUR) (M)

1,812

EV (EUR) (M)

2,337

Performance

YTD

1M

6M

12M

Absolute (%)

39.6

16.6

20.6

22.2

EDME (%)

7.2

(3.4)

6.6

14.2

Relative (%)

32.4

20.0

14.0

8.0

Source: Bloomberg, Bernstein estimates and analysis.

Price Performance, 1YR

€14

1800

€13

1700

€12

1600

€11

1500

Investment Implications

€10

We rate DEUTZ Outperform with a €12.40 price target based on our base-case DCF

valuation. Our bull and bear cases imply values of €20.57 and €6.32 per share, respectively.

1400

€9

1300

€8

09/25

12/25

…