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On Tuesday, Deutsche Bank (ETR:DBKGn) analysts adjusted their valuation of Duerr (ETR:DUEG) AG (DUE:GR) (OTC: DURYY), raising the price target from EUR25.00 to EUR27.00 while maintaining a Hold rating on the stock. The revision follows the company’s preliminary Q4-24 results and its outlook for 2025, which were both reported last week to have fallen short of market expectations in terms of profitability.
Duerr’s Q4 revenues were affected by slower-than-expected project execution from OEM customers, a trend that is anticipated to continue into 2025 due to market volatility. However, the company does not foresee an increase in order cancellations. For the upcoming year, Duerr is expecting a margin improvement, primarily in the second half, driven by a recovery in demand within the Woodworking and Industrial Application segments. Additionally, cost savings at its Homag division are projected to contribute to margin stabilization.
The guidance for 2025’s margins, however, is 6% below market expectations, which likely contributed to the decline in share price observed yesterday. Despite management’s confidence in reaching a mid-term margin target exceeding 8%, Deutsche Bank analysts have chosen to remain cautious, citing the company’s dependence on various cyclical end markets.
The new price target reflects the analyst’s rolled valuation to the year 2025, taking into account the current outlook and market conditions. Duerr’s management remains optimistic about improving margins and demand, yet the external market factors and the recent performance have led to a conservative stance from Deutsche Bank.
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