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Original-Research: Vossloh AG - from Quirin Privatbank Kapitalmarktgeschäft

25.07.2025 / 14:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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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