New Risk • May 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.7% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: €0.45 (vs €0.93 in 1Q 2025) First quarter 2026 results: EPS: €0.45 (down from €0.93 in 1Q 2025). Revenue: €10.2b (down 3.5% from 1Q 2025). Net income: €225.0m (down 52% from 1Q 2025). Profit margin: 2.2% (down from 4.4% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Annonce • Apr 02
TRATON GROUP and Applied Intuition Announces TRATON ONE OS, a Unified Software Platform for Improved Fleet Uptime Across TRATON's Four Global Brands The TRATON GROUP and Applied Intuition, Inc. announced TRATON ONE OS, a next-generation software-defined vehicle platform that will power all new vehicles across TRATON's four brands: Scania, MAN, International and Volkswagen Truck & Bus. Building on more than a year of co-development, the two companies are deploying a single unified platform that's at the forefront of innovation to deliver benefits to customers: Prevent costly downtime: The system's unified data access is designed to enable predictive maintenance capabilities that allow fleet operators to identify and address potential mechanical issues before they lead to breakdowns, service recalls or unplanned downtime. Future-proof fleets: Customers will be able to receive new applications, features and full-cabin user-interface upgrades via over-the-air software updates, eliminating many workshop visits and allowing vehicles to improve throughout their operational life. Unlock the autonomous future: The platform's adaptive middleware is designed to serve as a foundation for autonomous driving systems, enabling TRATON to layer autonomous capabilities onto the same architecture over time. Designed to bring the speed, flexibility and continuous update cycles of modern software development to the commercial vehicle industry, TRATON ONE OS will operate on all high-performance computers (HPCs) in TRATON's new vehicle architecture. The platform supports multiple hardware chipsets and global regulatory environments while giving TRATON teams a common foundation to build on — all without compromising each brand's distinct customer experience. Testing of the first integrated ECU hardware will begin in April 2026, with rollout across new trucks targeted for 2028. The platform is being co-developed as a white-box modular architecture that combines TRATON's internal development with Applied Intuition's Vehicle OS for trucking, as well as trusted third-party and open-source components. This modular approach allows TRATON to replace or consolidate compute units over time without fragmenting the software stack or rewriting the platform or applications, supporting the company's long-term ambition to move toward fewer, more powerful high-performance computers. New Risk • Mar 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.5% Last year net profit margin: 5.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (3.4% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: €3.09 (vs €5.61 in FY 2024) Full year 2025 results: EPS: €3.09 (down from €5.61 in FY 2024). Revenue: €44.1b (down 7.2% from FY 2024). Net income: €1.55b (down 45% from FY 2024). Profit margin: 3.5% (down from 5.9% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 13
Now 21% undervalued Over the last 90 days, the stock has risen 26% to €35.62. The fair value is estimated to be €45.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Annonce • Jan 30
Traton SE to Report Nine Months, 2026 Results on Oct 28, 2026 Traton SE announced that they will report nine months, 2026 results on Oct 28, 2026 Annonce • Jan 29
Traton SE to Report Q2, 2026 Results on Jul 23, 2026 Traton SE announced that they will report Q2, 2026 results on Jul 23, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: €0.65 (vs €1.45 in 3Q 2024) Third quarter 2025 results: EPS: €0.65 (down from €1.45 in 3Q 2024). Revenue: €10.4b (down 12% from 3Q 2024). Net income: €324.0m (down 55% from 3Q 2024). Profit margin: 3.1% (down from 6.1% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 29% per year. Reported Earnings • Jul 27
Second quarter 2025 earnings released: EPS: €0.49 (vs €1.17 in 2Q 2024) Second quarter 2025 results: EPS: €0.49 (down from €1.17 in 2Q 2024). Revenue: €11.3b (down 2.5% from 2Q 2024). Net income: €246.0m (down 58% from 2Q 2024). Profit margin: 2.2% (down from 5.0% in 2Q 2024). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Annonce • Jul 25
Traton SE Updates Earnings Guidance for the Full Year 2025 Traton SE updated earnings guidance for the full year 2025. For the period, the company now expects a range of negative 10% to 0% (previously negative 5% to positive 5%) for unit sales and sales revenue. Upcoming Dividend • May 08
Upcoming dividend of €1.70 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 19 May 2025. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.5%). Reported Earnings • Apr 28
First quarter 2025 earnings released First quarter 2025 results: Revenue: €10.6b (down 10% from 1Q 2024). Net income: €466.0m (down 38% from 1Q 2024). Profit margin: 4.4% (down from 6.4% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €25.41, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 16x in the Machinery industry in the United Kingdom. Total returns to shareholders of 89% over the past three years. Annonce • Mar 28
Traton SE, Annual General Meeting, May 14, 2025 Traton SE, Annual General Meeting, May 14, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 10
Full year 2024 earnings released: EPS: €5.61 (vs €4.90 in FY 2023) Full year 2024 results: EPS: €5.61 (up from €4.90 in FY 2023). Revenue: €47.5b (up 1.3% from FY 2023). Net income: €2.80b (up 14% from FY 2023). Profit margin: 5.9% (up from 5.2% in FY 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Annonce • Mar 10
Traton SE to Report Q1, 2025 Results on Apr 28, 2025 Traton SE announced that they will report Q1, 2025 results at 9:00 AM, Central European Standard Time on Apr 28, 2025 Annonce • Jan 24
Volkswagen Reportedly Plans to Lower Traton Stake Volkswagen AG (XTRA:VOW3) intends to divest a 15% stake in its truck subsidiary Traton SE (XTRA:8TRA), pursuing proceeds of around EUR 2 billion (USD 2.08 billion), local magazine Manager Magazin reported on Wednesday. The potential deal is expected to take place in the first half of 2025, the magazine said, citing unnamed sources. Volkswagen currently holds 89.72% of Traton after selling a 10.28% stake in an initial public offering (IPO) in 2019. In May 2024, however, Volkwagen CEO Oliver Blume indicated intentions to reduce the shareholding to 75% plus one share in the medium-term. Annonce • Nov 28
Traton SE to Report First Half, 2025 Results on Jul 25, 2025 Traton SE announced that they will report first half, 2025 results on Jul 25, 2025 Reported Earnings • Oct 28
Third quarter 2024 earnings released: EPS: €1.45 (vs €1.40 in 3Q 2023) Third quarter 2024 results: EPS: €1.45 (up from €1.40 in 3Q 2023). Revenue: €11.9b (up 4.8% from 3Q 2023). Net income: €724.0m (up 3.1% from 3Q 2023). Profit margin: 6.1% (down from 6.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Annonce • Oct 28
Traton SE to Report Q4, 2024 Results on Mar 10, 2025 Traton SE announced that they will report Q4, 2024 results on Mar 10, 2025 New Risk • Jul 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Jul 27
Second quarter 2024 earnings released: EPS: €1.17 (vs €1.37 in 2Q 2023) Second quarter 2024 results: EPS: €1.17 (down from €1.37 in 2Q 2023). Revenue: €11.6b (flat on 2Q 2023). Net income: €585.0m (down 14% from 2Q 2023). Profit margin: 5.0% (down from 5.9% in 2Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in the United Kingdom. Annonce • Jun 26
Traton SE(XTRA:8TRA) dropped from Germany SDAX (Total Return) Index Traton SE has been Dropped from SDAX (Total Return) Index Upcoming Dividend • Jun 07
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 18 June 2024. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (5.6%). Higher than average of industry peers (2.1%). Annonce • May 14
Volkswagen Reportedly Explores Stock Sale in Traton Volkswagen AG (XTRA:VOW3) is exploring the sale of as much as €1 billion ($1.1 billion) of stock in Traton SE (XTRA:8TRA), people familiar with the matter said, taking advantage of the truckmaker’s surging price to increase the number of shares available for trading. VW, which owns about 90% of Traton, has been talking to potential advisers about a sale to institutional investors via an accelerated bookbuilding transaction as soon as the next few weeks, the people said. The size of the offering could be about €500 million to €1 billion depending on market conditions, according to the people. Declared Dividend • Apr 29
Dividend increased to €1.50 Dividend of €1.50 is 114% higher than last year. Ex-date: 14th June 2024 Payment date: 18th June 2024 Dividend yield will be 4.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but not covered by cash flows (266% cash payout ratio). The dividend has increased by an average of 11% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: €1.50 (vs €1.11 in 1Q 2023) First quarter 2024 results: EPS: €1.50 (up from €1.11 in 1Q 2023). Revenue: €11.8b (up 5.5% from 1Q 2023). Net income: €752.0m (up 36% from 1Q 2023). Profit margin: 6.4% (up from 5.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €32.40, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 17x in the Machinery industry in the United Kingdom. Total returns to shareholders of 95% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €41.49 per share. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: €4.90 (vs €2.28 in FY 2022) Full year 2023 results: EPS: €4.90 (up from €2.28 in FY 2022). Revenue: €46.9b (up 16% from FY 2022). Net income: €2.45b (up 115% from FY 2022). Profit margin: 5.2% (up from 2.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Machinery industry in the United Kingdom. Annonce • Oct 26
Traton SE Provides Revenue Guidance for the Full Year 2023 Traton SE provided revenue guidance for the full year 2023. for the year, the company expects unit sales and sales revenue to increase by 5% to 15% each. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: €1.40 (vs €0.065 loss in 3Q 2022) Third quarter 2023 results: EPS: €1.40 (up from €0.065 loss in 3Q 2022). Revenue: €11.3b (up 7.2% from 3Q 2022). Net income: €702.0m (up €734.0m from 3Q 2022). Profit margin: 6.2% (up from net loss in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Machinery industry in the United Kingdom. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €1.37 (vs €0.54 in 2Q 2022) Second quarter 2023 results: EPS: €1.37 (up from €0.54 in 2Q 2022). Revenue: €11.7b (up 23% from 2Q 2022). Net income: €683.0m (up 155% from 2Q 2022). Profit margin: 5.9% (up from 2.8% in 2Q 2022). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery industry in the United Kingdom. Upcoming Dividend • May 26
Upcoming dividend of €0.70 per share at 3.6% yield Eligible shareholders must have bought the stock before 02 June 2023. Payment date: 06 June 2023. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.6%). Reported Earnings • May 03
First quarter 2023 earnings released: EPS: €1.11 (vs €0.84 in 1Q 2022) First quarter 2023 results: EPS: €1.11 (up from €0.84 in 1Q 2022). Revenue: €11.2b (up 31% from 1Q 2022). Net income: €555.0m (up 32% from 1Q 2022). Profit margin: 5.0% (in line with 1Q 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Machinery industry in the United Kingdom. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €20.66, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 17x in the Machinery industry in the United Kingdom. Total returns to shareholders of 42% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €31.53 per share. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: €2.28 (vs €0.91 in FY 2021) Full year 2022 results: EPS: €2.28 (up from €0.91 in FY 2021). Revenue: €40.3b (up 32% from FY 2021). Net income: €1.14b (up 150% from FY 2021). Profit margin: 2.8% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Machinery industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €17.98, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 18x in the Machinery industry in the United Kingdom. Total returns to shareholders of 13% over the past year. Annonce • Dec 09
Traton SE, Annual General Meeting, Jun 01, 2023 Traton SE, Annual General Meeting, Jun 01, 2023. Reported Earnings • Oct 28
Third quarter 2022 earnings released: €0.065 loss per share (vs €0.64 profit in 3Q 2021) Third quarter 2022 results: €0.065 loss per share (down from €0.64 profit in 3Q 2021). Revenue: €10.6b (up 31% from 3Q 2021). Net loss: €32.0m (down 110% from profit in 3Q 2021). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Machinery industry in the United Kingdom. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: €0.54 (vs €0.43 in 2Q 2021) Second quarter 2022 results: EPS: €0.54 (up from €0.43 in 2Q 2021). Revenue: €9.46b (up 34% from 2Q 2021). Net income: €268.0m (up 24% from 2Q 2021). Profit margin: 2.8% (down from 3.1% in 2Q 2021). Over the next year, revenue is forecast to grow 7.2%, compared to a 11% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €15.03, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 16x in the Machinery industry in the United Kingdom. Reported Earnings • May 05
First quarter 2022 earnings released: EPS: €0.84 (vs €0.26 in 1Q 2021) First quarter 2022 results: EPS: €0.84 (up from €0.26 in 1Q 2021). Revenue: €8.53b (up 30% from 1Q 2021). Net income: €422.0m (up 227% from 1Q 2021). Profit margin: 5.0% (up from 2.0% in 1Q 2021). Over the next year, revenue is forecast to grow 11%, compared to a 9.3% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €15.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Machinery industry in the United Kingdom. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.91 (up from €0.20 loss in FY 2020). Revenue: €30.6b (up 36% from FY 2020). Net income: €457.0m (up €558.0m from FY 2020). Profit margin: 1.5% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 14%, compared to a 12% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €16.87, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 19x in the Machinery industry in the United Kingdom. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS €0.65 (vs €0.26 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €8.05b (up 42% from 3Q 2020). Net income: €326.0m (up 153% from 3Q 2020). Profit margin: 4.1% (up from 2.3% in 3Q 2020).