Original-Research: Schaeffler AG (von Quirin Privatbank Kapitalmarktgeschäft...

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Original-Research: Schaeffler AG - from Quirin Privatbank
Kapitalmarktgeschäft

06.08.2026 / 10:24 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Schaeffler AG

Company Name: Schaeffler AG
ISIN: DE000SHA0100

Reason for the research: Update
Recommendation: BUY
from: 06.08.2026
Target price: 9.20
Last rating change:
Analyst: Daniel Kukalj, CIIA,CEFA

The growth path has been reduced, but it is still intact

Despite the solid Q2 results, the downward revision of the 2028 targets
announced on Friday (July 31) continues to reverberate. We consider Friday's
sell-off to have been excessive. Management re-based the 2028 mid-term
targets alongside Q2 figures: Group sales cut to EUR 24-26bn (prior 27-29bn)
and E-Mobility to EUR 6.25-7.25bn (prior 8.25-9bn), while the EBIT-margin
and FCF corridors were confirmed - and the PTC (10.5-12.5%) and VLS (14-16%)
corridors were even nudged up. The read-through is decisive: The equity
story (2028) is still intact but has been re-based, not simply reconfirmed.
By trimming sales ambition and holding - or raising - the margin corridors,
management shifted the risk profile away from a market recovery and onto
execution of the E-Mobility turnaround. Three of four divisions already
deliver at or near target. If E-Mobility can sustain ~4-6pp of annual margin
improvement (net of one-offs) over the next 6-8 quarters, the adjusted group
EBIT corridor of 6-8% is operationally achievable. If the EV market stays
soft and the order book keeps sliding, the lower half of every corridor is
the realistic landing zone. We confirm our BUY rating with a lower PT of EUR
9.20 (9.80) based on our ROE/COE valuation approach.

You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=cd39aa8f2e7883d492b390b4d4f0ec51
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2378620 06.08.2026 CET/CEST

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Quelle: dpa-AFX