Company Announcements

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

Strengthening mission-critical positioning

Steyr Motors has announced the acquisition of BUKH, a Denmark-based marine engine specialist, in a strategically clean bolt-on that broadens the offering without diluting Steyr’s core identity as a mission-critical propulsion specialist. The transaction is selectively expanding the addressable envelope in the same high reliability, regulated and defence adjacent niches where Steyr’s competitive quality is already strongest.

In 2025, BUKH is expected to have achieved € 10m in sales at a 10% EBIT margin (eNuW), which should improve going forward thanks to cross-selling potential, operating leverage and cost synergies (e.g. in purchasing). The purchase price is said to be in the mid-seven-figure range (eNuW: roughly € 4-7m), implying an EV/EBITDA of c.5-8x (eNuW), which is partly to be paid in shares (worth slightly more than € 2m, c. 1% of shares outstanding), cash consideration and an earnout component. At this valuation, it would be accretive (eNuW).

The transaction should improve Steyr Motors’ participation rates in tenders, where customers require a wider power spectrum across vessel classes and mission profiles. Thanks to BUKH, Steyr Motors is seen to expand its marine power range to 24-700hp (previously: 120-300hp). Unmanned surface vessels (USVs), in particular, seem to present direct opportunities. Ongoing sales to USbased USV producers are expected in H1 26e. Also within Europe, especially Denmark, there are some USV opportunities, according to our understanding, supported by BUKH’s defence activities (eNuW, incl. coast guards c. 50% of sales).

Moreover, BUKH adds scale to Steyr’s SOLAS activities. SOLAS sets “must start, must run” requirements for lifeboat engines (e.g. cold-start down to -15°C and operability under flooded conditions), a prerequisite for this niche with only a narrow supplier set (eNuW: single digit number of suppliers in Europe). The resulting installed base is certified and typically serviced with OEM spare parts and configurations, supporting recurring aftermarket revenues.

Next to a high installed base and >100 years of experience, BUKH also brings established distribution and service reach, increasing customer access to lifecycle support and improving Steyr Motors’ market access, particularly in Asia and South America.

In sum, the acquisition represents a high quality, strategically consistent extension of Steyr Motors’ specialist positioning in mission-critical marine and defence propulsion.

While the transaction is not yet reflected in estimates, pending further details (e.g. purchase price and closing date), it should materially support Steyr Motors’ FY growth ambitions.

BUY, unchanged PT of € 59, based on DCF

You can download the research here: steyr-motors-ag-2026-02-26-update-en-f211a
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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