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

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Original-Research: Schaeffler AG - from Quirin Privatbank
Kapitalmarktgeschäft

22.09.2025 / 16:28 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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:                       22.09.2025
     Target price:               7.50
     Last rating change:
     Analyst:                    Daniel Kukalj, CIIA, CEFA

2028 goals; Need to increase volume

At its Capital Markets Day (16 September), Schaeffler presented new
medium-term targets for 2028 and clearly focused on operational
implementation. With an order backlog of EUR 74bn in the promising areas of
e-mobility and powertrain & chassis, the company has a strong starting
position. The planned integration of Vitesco and structural measures are
expected to deliver annual synergies of EUR 815m from 2029 onwards. The
targets are an adj. EBIT margin of 6-8% (2024: 3.5%). The strategic
portfolio optimization (âEURearn the right to growâEUR) underscores the focus
on capital discipline. The outlook to 2028 presented at the CMD was well
received by the market and had a noticeable supportive effect on the
valuation. Historically, investors have always responded constructively to
strategies that combine organic growth with margin expansion âEUR" as the
current share price performance underscores. At the same time, the
consistent implementation of the communicated targets remains central.
Management now has a responsibility to demonstrate progress transparently
and step by step. Only in this way can the new confidence be sustainably
anchored and the positive re-rating process continue. At the same time, the
path to a higher valuation is not only a question of operational
implementation âEUR" structural conditions must also be addressed. The current
free float and weekly trading volumes (see chart below) represent a barrier
to entry, especially for larger institutional investors. In order to further
increase the attractiveness of the stock, the majority shareholder will also
need to play an active role in the future, for example through measures to
increase liquidity. We confirm our BUY rating and TP of EUR 7.50.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=93796c944047c990b8d3dc8e3d56f69f
For additional information visit our website:
https://research.quirinprivatbank.de/

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

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2201638 22.09.2025 CET/CEST

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