Original-Research: Schaeffler AG (von Quirin Privatbank Kapitalmarktgeschäft): BUY
Quirin Privatbank Kapitalmarktgeschäft reiterated a BUY on Schaeffler AG (DE000SHA0100) after Q2 results and a July 31 update to 2028 targets. Group sales were cut to EUR 24-26bn from 27-29bn, and E-Mobility to EUR 6.25-7.25bn from 8.25-9bn, while EBIT-margin and FCF corridors were confirmed. Target price lowered to EUR 9.20 from EUR 9.80.
How this was made
The 30-second read
Why it matters
The key new trading input is the analyst’s revised valuation stance: BUY maintained but target price lowered to EUR 9.20, with emphasis on margin corridor support and execution of the E-Mobility turnaround.
Market read
Traders may use the note to gauge how sell-side is framing the 2028 target reset, but it does not add new company fundamentals beyond what was announced July 31.
What to watch
The note assumes sustained 4-6pp annual margin improvement over 6-8 quarters; any delay in order book stabilization or one-off normalization could widen the downside corridor.
Background
Quirin Privatbank Kapitalmarktgeschäft issues an original-research update on Schaeffler, reacting to management’s July 31 re-based 2028 mid-term targets alongside Q2 results.
Market effects
Highlights how EV-related turnaround execution risk is being repriced within industrial auto-supply names.
Primarily impacts German industrial sentiment and European auto-supply positioning.
Limited spillover beyond European industrials unless the E-Mobility turnaround narrative spreads to broader EV supply chains.
Counterpoint
The sell-off may not be excessive if the lower sales ranges imply demand softness or slower conversion of the E-Mobility turnaround into revenue.
Key entities
- issuerSchaeffler AG
German auto-supplier whose 2028 targets were re-based, with sales cut but EBIT-margin and FCF corridors confirmed.
- research_firmQuirin Privatbank Kapitalmarktgeschäft
Analyst house maintaining BUY and lowering target price to EUR 9.20 based on ROE/COE valuation.
