Price Target Changed • Oct 03
Price target decreased by 7.3% to €69.26 Down from €74.72, the current price target is an average from 5 analysts. New target price is 31% above last closing price of €52.90. The company is forecast to post earnings per share of €5.44 next year compared to a net loss per share of €2.41 last year. Announcement • Oct 02
Schaeffler AG (XTRA:SHA) completed the acquisition of additional 11.18649% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC). Schaeffler AG (XTRA:SHA) reached preliminarily agreement to acquire additional 11.18649% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) for approximately €320 million on February 26, 2024. Vitesco Technologies has preliminarily agreed with Schaeffler on an exchange ratio between Vitesco Technologies shares and Schaeffler shares of 11.4 Schaeffler shares for 1 Vitesco Technologies share in the context of the intended merger with Vitesco Technologies as the transferring entity into Schaeffler as the acquiring entity. IHO, the management holding of the Schaeffler family, continues to hold approximately 49.94% the shares in Vitesco. Together with the IHO Holding, Schaeffler now holds approximately 88.81% of the share capital and voting rights in Vitesco. This agreement is subject to the condition that the joint valuation expert appointed by both parties and the court-appointed merger auditor confirm the exchange ratio as appropriate. In addition, the agreement is also subject to the approval of the supervisory boards of Vitesco Technologies and Schaeffler. The effectiveness of the merger agreement is subject to the approval of the respective Annual General Meetings of both companies, which are scheduled for April 24, 2024 (Vitesco Technologies) and April 25, 2024 (Schaeffler), as well as the subsequent registration in the respective commercial registers. The completion of the transaction continues to be expected in the fourth quarter of 2024. As of March 13, 2024. Schaeffler and Vitesco Technologies entered into a merger agreement, following the approval of their respective Supervisory Boards. Lazard & Co. GmbH acted as financial advisor to Vitesco Technologies. BofA Securities, Inc. acted as financial advisor to Schaeffler AG. As on April 25, 2024, The Annual General Meeting of Schaeffler AG approved the merger of Vitesco Technologies. After Vitesco shareholders at their Annual General Meeting had already voted in favour of the merger agreement the day before, the Annual General Meeting of Schaeffler has also given the green light for the merger. Today’s Annual General Meeting also approved all other resolutions proposed by the management.
Schaeffler AG (XTRA:SHA) completed the acquisition of additional 11.18649% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) on October 1, 2024. Listing of and trading in the new Schaeffler shares with full voting rights will commence on October 2, 2024. J.P. Morgan Securities plc acted as financial advisor and fairness opinion provider to Vitesco Technologies Group Aktiengesellschaft. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: €0.86 (vs €0.34 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.86 (up from €0.34 loss in 2Q 2023). Revenue: €2.02b (down 17% from 2Q 2023). Net income: €34.3m (up €48.1m from 2Q 2023). Profit margin: 1.7% (up from net loss in 2Q 2023). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Auto Components industry in Germany. Price Target Changed • Aug 09
Price target decreased by 7.7% to €71.69 Down from €77.66, the current price target is an average from 8 analysts. New target price is 36% above last closing price of €52.55. The company is forecast to post earnings per share of €5.69 next year compared to a net loss per share of €2.41 last year. Price Target Changed • May 21
Price target decreased by 9.2% to €72.94 Down from €80.33, the current price target is an average from 7 analysts. New target price is 5.0% above last closing price of €69.45. The company is forecast to post earnings per share of €6.76 next year compared to a net loss per share of €2.41 last year. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: €0.57 (vs €1.27 loss in 1Q 2023) First quarter 2024 results: EPS: €0.57 (up from €1.27 loss in 1Q 2023). Revenue: €1.99b (down 14% from 1Q 2023). Net income: €22.7m (up €73.4m from 1Q 2023). Profit margin: 1.1% (up from net loss in 1Q 2023). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Auto Components industry in Germany. Price Target Changed • Apr 17
Price target decreased by 9.7% to €80.33 Down from €88.96, the current price target is an average from 8 analysts. New target price is 23% above last closing price of €65.15. The company is forecast to post earnings per share of €6.26 next year compared to a net loss per share of €2.41 last year. Reported Earnings • Mar 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: €2.41 loss per share (down from €0.59 profit in FY 2022). Revenue: €9.23b (up 1.8% from FY 2022). Net loss: €96.4m (down €120.0m from profit in FY 2022). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Auto Components industry in Germany. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: €0.76 (up from €0.34 loss in 3Q 2022). Revenue: €2.20b (down 4.4% from 3Q 2022). Net income: €30.3m (up €44.1m from 3Q 2022). Profit margin: 1.4% (up from net loss in 3Q 2022). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Auto Components industry in Germany. Announcement • Oct 11
Schaeffler AG (XTRA:SHA) made a bid to acquire 50.1% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) for €1.8 billion. Schaeffler AG (XTRA:SHA) made a bid to acquire 50.1% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) for €1.8 billion on October 9, 2023. Vitesco shareholders are offered a cash consideration in the amount of €91 per share. The tender offer will not be subject to a minimum acceptance threshold but to other customary conditions, including the receipt of potentially applicable foreign direct investment approval. The transaction should be wrapped up in the fourth quarter of 2024, subject to shareholder approval. IHO Holding does not tender because they have entered into a non-tender agreement. So the offer is for the remaining outstanding shares approximately 20 million shares. Schaeffler has arranged a comprehensive financing package including an acquisition bridge facility to finance the tender offer. The financing package is fully underwritten by Bank of America, BNP Paribas and Citigroup, which act as financial advisors to Schaeffler. The acceptance period is expected to last until mid-December 2023. Schaeffler expects the tender offer to be closed in January 2024. The completion of the overall transaction is expected to take place in the fourth quarter of 2024. New Risk • Oct 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Sep 15
Vitesco Technologies Develops Innovative Power Module Vitesco Technologies is developing a power module which will be manufactured using transfer molding process. During this process the power electronics are sealed under a dielectric material that protects the components extremely well. The result is a very robust, cost effective and reliable electronic. The power module consists of three overmolded half-bridges and forms the core of an inverter system, which controls both the drive energy and the energy recovery (recuperation) in high-voltage electric vehicles. Manufactured at the Nuremberg electronics plant, the power modules will be delivered to a large global car maker from mid-2025 onwards. Vitesco Technologies has been adapting and utilizing transfer molding technology since 2020, first applying it to compact Transmission Control Units designed for full integration inside a gear box. The overmold power modules now combine highly efficient silicon carbide (SiC) chip technology with overmolding to facilitate a particularly robust product with increased power density, lower cost and reduced weight. Vitesco Technologies has extensive expertise in power electronics and is already on the market with its fourth generation. The newly developed overmold power module expands the company's strategic portfolio. Vitesco Technologies will continue to use this strength to bring further electronic sub- modules to the market. The lead plant for these modules is Vitesco Technologies' Nuremberg site. With its existing competencies and experience, the plant offers a high degree of automation as well as the focus on electronics and e-mobility required for the power modules. This is a further step forward into the "Plant of the Future" concept, defined for the Nuremberg plant to maintain its international competitiveness. Reported Earnings • Aug 13
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: €0.34 loss per share (down from €0.92 profit in 2Q 2022). Revenue: €2.44b (up 13% from 2Q 2022). Net loss: €13.8m (down 138% from profit in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Auto Components industry in Germany. Price Target Changed • Apr 11
Price target increased by 9.5% to €80.44 Up from €73.47, the current price target is an average from 16 analysts. New target price is 22% above last closing price of €65.80. Stock is up 89% over the past year. The company is forecast to post earnings per share of €4.54 for next year compared to €0.59 last year. Reported Earnings • Mar 27
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.59 (up from €3.05 loss in FY 2021). Revenue: €9.07b (up 8.6% from FY 2021). Net income: €23.6m (up €145.6m from FY 2021). Profit margin: 0.3% (up from net loss in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 63%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Auto Components industry in Germany. Major Estimate Revision • Feb 24
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from €1.37 to €1.58. Revenue forecast steady at €9.07b. Net income forecast to grow 1,157% next year vs 23% growth forecast for Auto Components industry in Germany. Consensus price target of €73.40 unchanged from last update. Share price was steady at €66.80 over the past week. Major Estimate Revision • Jan 26
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from €1.30 to €1.44. Revenue forecast steady at €9.08b. Net income forecast to grow 1,106% next year vs 31% growth forecast for Auto Components industry in Germany. Consensus price target up from €70.40 to €72.00. Share price was steady at €61.50 over the past week. Price Target Changed • Jan 20
Price target increased to €70.73 Up from €65.80, the current price target is an average from 15 analysts. New target price is 18% above last closing price of €59.70. Stock is up 25% over the past year. The company is forecast to post earnings per share of €1.30 next year compared to a net loss per share of €3.05 last year. Price Target Changed • Jan 16
Price target increased to €70.40 Up from €64.73, the current price target is an average from 15 analysts. New target price is 10% above last closing price of €63.85. Stock is up 28% over the past year. The company is forecast to post earnings per share of €1.38 next year compared to a net loss per share of €3.05 last year. Major Estimate Revision • Dec 08
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €8.98b to €9.08b. EPS estimate increased from €0.76 to €0.96 per share. Net income forecast to grow 1,135% next year vs 30% growth forecast for Auto Components industry in Germany. Consensus price target broadly unchanged at €64.33. Share price rose 12% to €57.05 over the past week. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: €0.92. Revenue: €2.17b (up 3.3% from 2Q 2021). Net income: €36.7m (up €36.5m from 2Q 2021). Profit margin: 1.7% (up from 0% in 2Q 2021). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 133%. Over the next year, revenue is forecast to grow 6.9%, compared to a 9.6% growth forecast for the industry in Germany. Reported Earnings • May 14
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: €0.28 loss per share. Revenue: €2.26b (down 1.9% from 1Q 2021). Net loss: €11.3m (loss narrowed 64% from 1Q 2021). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 6.9%, compared to a 9.5% growth forecast for the industry in Germany. Reported Earnings • Mar 28
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: €3.05 loss per share. Revenue: €8.35b (up 4.0% from FY 2020). Net loss: €122.0m (loss narrowed 68% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 5.0%, compared to a 8.2% growth forecast for the industry in Germany. Reported Earnings • Nov 17
Third quarter 2021 earnings released: €2.29 loss per share The company reported a soft third quarter result with weaker control over costs, although losses were stable and revenues were flat. Third quarter 2021 results: Revenue: €1.91b (flat on 3Q 2020). Net loss: €91.5m (flat on 3Q 2020).