Original-Research: Steyr Motors AG (von NuWays AG): BUY

Original-Research: Steyr Motors AG - from NuWays AG



30.07.2026 / 09:00 CET/CEST
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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 53
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Bidder validation, delayed conversion; chg.



Withdrawn Red Cat approach underlines USV as a core growth market. Steyr
Motors had attracted a preliminary, non-binding takeover approach from US
drone and robotics group Red Cat Holdings. Red Cat has since withdrawn its
proposal and states that it has no active proposal outstanding. A leak of
the plans or disagreement over terms could be behind this, though neither
side has given a reason. There are two takeaways, in our view: First, a US
platform player saw enough strategic value in Steyr Motors to move towards a
full takeover, which speaks to the company's standing as a mission-critical
and hard to displace supplier, where owning the asset would create a clear
USP for the acquirer. Second, the USV market confirms itself as a core
growth market for Steyr Motors, given that this is precisely the domain Red
Cat is scaling into.



Red Cat has the balance sheet for a renewed approach. The US drone
manufacturer trades at a market cap slightly above USD 1bn on LTM revenue of
USD 55m as of Q1 26, reflecting triple digit organic growth and leaving it
with highly rated paper as well as cash of c. USD 300-400m following a
recent capital increase (eNuW). Against a current market value for Steyr
Motors of c. EUR 200m, a deal is financially within reach. We regard the
industrial logic as sound, hence takeover speculation should remain a
support for the shares.



At the same time, Steyr Motors near-term visibility, however, remains
limited. While the order backlog stands at EUR >300m on a long-term view, only
EUR 37m are still scheduled for 2026. While this was known earlier this year
already, there is still no news on orders for locomotives, the K2 main
battle tank or any further USVs. Following soft Q1 sales, this lack of
announcements warrants caution, in our view. We read the pattern as
postponement, with orders potentially still landing during the course of
this year, albeit late enough to leave little room to convert them into 2026
revenues. We consequently reduce our estimates below guidance, with a
disproportionate effect on profitability given the operating leverage in the
model (eNuW).



Beyond 2026, the less visible parts of the pipeline carry the case. Urovesa
appears to have won a five year Spanish MoD contract for 1,000 vehicles from
January 2027, offered on Steyr engines. Meanwhile the Austrian MoD is
tendering 800 vehicles over four years with two Steyr customers in the final
round. Both look likely to result in orders for Steyr Motors. Beyond the 500
APU frame contract, KNDS carries a further c. EUR 70m near-term opportunity.
Red Cat's Blue Ops division alone targets production of over 1,000 USVs in
2027 (source: WorkBoat), with Steyr Motors the sole named engine supplier on
the V7, currently the only available model. The M12 power unit further
supports the upside potential, with prototype requests from several MoDs and
tier one OEMs for drone charging and directed energy applications.



Against a weaker 2026 phasing and an intact medium-term ramp, we reiterate
BUY with a new PT of EUR 53 (old: EUR 60), based on DCF.




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For additional information visit our website:
https://www.nuways-ag.com/research



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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++



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