Quirin Privatbank keeps Buy on Vossloh, cuts target price to EUR 76

what happened

According to Quirin Privatbank Kapitalmarktgeschäft, distributed via EQS, analysts kept their Buy rating on Vossloh AG and reduced the target price to EUR 76 from EUR 80. The valuation is based on an ROE/COE approach.

Vossloh's third-quarter 2026 revenue rose 15.6% year on year to EUR 376.6 million, but excluding Sateba it fell about 5%. EBIT dropped 22.8% to EUR 24.2 million, while EBITDA held at the prior-year level of EUR 47.6 million. The trailing twelve-month book-to-bill ratio stood at 1.05.

Analysts said reaching the 2026 guidance will require a strong fourth quarter. Management expects progress on delayed projects in Morocco and Italy and higher customer call-offs, including from Deutsche Bahn. Sales are seen around the midpoint of the EUR 1.51–1.61 billion range, while EBITDA and EBIT are expected at the lower ends of their ranges.

why it matters

For investors in the railway equipment sector, two factors matter most: the timing of delayed projects and the trend at Sateba, whose sales the analysts estimate fell roughly 12% over nine months. Keeping the rating while cutting the target reflects a long-term view on demand for infrastructure modernization and replacement.

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