Discount 6 2026/03: Basiswert Schaeffler

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Original-Research: Schaeffler AG - from Quirin Privatbank

KapitalmarktgeschÀft

22.09.2025 / 16:28 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

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Classification of Quirin Privatbank KapitalmarktgeschÀft 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 (âEURœearn 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

Schillerstraße 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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