Report
Steyrs Motors : From turnaround to takeoff – capitalizing on the defence super-cycle
We initiate coverage with an Outperform rating and a DCF-based target price of € 75. A peer group analysis of defence contractors and a blue-sky scenario indicate significantly higher potential upside of € 100–122. As a niche supplier of highly customised diesel engines for defence and other mission-critical applications, Steyr Motors is well positioned to benefit from the upcoming defence super-cycle, as evidenced by a strong increase in order intake and high visibility on potential major order wins. Combined with the company’s significant operating leverage and procurement-related cost savings potential, this should quadruple EBIT to € 40m in 2027e, compared to 2024, and provide a profitable long-term growth trajectory thereafter.
Underlying
STEYR MOTORS AG
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Patrick Steiner
Other Reports on these Companies
Other Reports from Oddo BHF
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.