Vossloh AG: Buy Rating Maintained Amidst Sateba Integration

Quirin Privatbank Kapitalmarktgeschäft has reaffirmed its Buy rating on Vossloh AG, with a revised target price of EUR 94. The rating follows Vossloh's robust Q3 2025 financial performance, where sales increased by 9.6% year-on-year. Despite a slight decline in year-on-year order intake, the book-to-bill ratio remained strong at 1.02x.

Vossloh anticipates group sales, including Sateba, in the range of EUR 1.33-1.4 billion for FY 2025. The integration of Sateba is crucial, as initial purchase price allocation effects may negatively impact EBIT. Consequently, net income forecasts have been adjusted downwards for the coming years.

Vossloh's shares have risen approximately 84% year-to-date, buoyed by investor interest in infrastructure. While short-term catalysts are limited, the rail sector's investment demand bodes well for Vossloh's long-term outlook.