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Original-Research: Steyr Motors AG - from NuWays AG
04.02.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Steyr Motors AG
Company Name: Steyr Motors AG
ISIN: AT0000A3FW25
Reason for the research: Update
Recommendation: BUY
Target price: EUR 59
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller
Prelims confirm growth acceleration, chg.
Steyr Motors reported 2025 prelims, confirming the step-up in growth, in
line with the guidance:
Q4 25 sales grew 20% yoy to EUR 14.1m (eNuW: EUR14.1m), sequentially increasing
the rate vs. +15% yoy in 9M 25. On a FY basis, sales grew 16% yoy to EUR
48.5m, with civil sales up c.22% yoy and defence-related sales up c.13% yoy.
Q4 EBIT increased 30% yoy to EUR 1.8m, below our expectations due to one-off
costs (e.g. M&A-related), and remained flat on an adjusted basis at EUR 3m
(eNuW: EUR 2.8m). On a FY basis, the adj. margin thus arrived at 14.4%, a
9.8pp yoy decline due to ramp-up costs as well as the postponement of
high-margin engineering orders e.g., related to the K2 MBT.
Looking into 2026e, the guidance targets sales of EUR 75-95m, reflecting a
growth acceleration to 55-96% yoy. It is seen to be driven by backlog
conversion (c.EUR 45m covered) as well as additional expected framework
contracts, incl. a potential new Leopard 2 related agreement, and appears to
include M&A. Our sales estimate sits at EUR 71m organically (+46% yoy),
seemingly rather conservative at this point in light of the news momentum,
although delays in defence procurements or frame contract call-offs remain
possible. The EBIT margin is targeted at >15% (eNuW: 15.5%), reflecting an
increase of >0.5pp yoy, thanks to operating leverage.
Breaking into Singapore's defence ecosystem: we expect ST Engineering (c.EUR
21bn market cap) to be the unnamed customer that has awarded Steyr Motors
the contract to design and supply its 4-cylinder engine to a new
future-oriented all-terrain vehicle concept (eNuW: similar to modernised
HumVee). Typically, such projects start with an initial small engineering
revenue contribution (eNuW: EUR 0.5m in 2026, high margin). The resulting
tailor-made concept of a high-power density engine is also what usually
makes Steyr Motors the long-term single-source supplier, supporting
visibility. Beyond an expected total order intake of EUR 20m by 2030e, the
selection of Steyr Motors as the engine supplier provides a tangible proof
point that Steyr's proposition resonates with further international tier-1
platform primes.
Intensified collaboration with Tryson to tackle the civilian China potential:
Steyr has signed a five year framework agreement with Tryson securing a
binding minimum of >750 engines through 2030 (EUR >30m sales). Units are
manufactured in Austria and exported to China, supporting near-term
visibility without relying on a local ramp. In parallel, Steyr has set up a
JV with Tryson to enable staged localisation. The JV is designed as a
capex-light growth lever to unlock incremental business beyond the secured
minimum volume.
In sum, the investment case remains more than a pure defence budget beta. It
is about platform penetration and internationalisation on the back of Steyr
Motors unique high power density, mission critical diesel engine. BUY, PT EUR
59, based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=2ec9d32fdcd2db251503a999c8e66e95
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2270948 04.02.2026 CET/CEST
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