Schaeffler AG Maintains Growth Despite Revised Targets

On August 6, 2026, Quirin Privatbank Kapitalmarktgeschäft classified Schaeffler AG with a "BUY" recommendation, setting a target price of EUR 9.20. The updated research follows Schaeffler's downward revision of its 2028 targets announced on July 31. Despite solid Q2 results, the market reacted negatively, with a significant sell-off deemed excessive by analysts.

Schaeffler's management adjusted the 2028 targets, reducing group sales expectations to EUR 24-26bn from the previous EUR 27-29bn, and E-Mobility sales to EUR 6.25-7.25bn from EUR 8.25-9bn. The EBIT-margin and free cash flow (FCF) corridors were maintained, with some improvements in certain target corridors. The equity story remains intact, with a focus on E-Mobility turnaround execution. Achieving ~4-6pp of annual margin improvement could make the 6-8% EBIT corridor achievable. However, if the EV market and order book remain weak, outcomes may align with lower corridor estimates.