Original-Research: Vossloh AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY

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Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft

25.07.2025 / 14:00 CET/CEST

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Vossloh AG

Company Name: Vossloh AG

ISIN: DE0007667107

Reason for the research: Update

Recommendation: BUY

from: 25.07.2025

Target price: 102

Last rating change:

Analyst: Daniel Kukalj, CIIA, CEFA

On Track for Profitable Growth

Based on Vossloh AG's solid Q2 2025 results, high order backlog and

confirmed full-year guidance, we maintain our Buy rating and TP of EUR 102,

applied by our ROE/COE valuation approach. The company was able to increase

its TTM sales by 4.8% yoy or 3.3% qoq. TTM order intake fell by 6.1% yoy or

10.0% qoq, the TTM book-to-bill ratio fell slightly below the important

threshold of 1.0x, but management is confident of generating further orders

in the coming months, so in our view the gap to 1.0x should be closed. The

TTM net income margin rose by 18 basis points yoy, but fell by 43 basis

points qoq. TTM net income amounted to EUR 57.7m, a gap to our FY 2025 net

income forecast (QPe: EUR 70.2m) of EUR 12.5m, in the prior year period the

gap to FY 2024 was EUR 10.3m, a stronger second half business should make

our estimate realistic. Overall, Vossloh's resilient order book, solid

operating performance, and strategic growth initiatives position the company

well for sustained profitable growth and enhanced shareholder value.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=a6345d7dc071b36ce76c1b670c82859f

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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2174866 25.07.2025 CET/CEST

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