Dürr Aktiengesellschaft (DUE.DE) | Investment Case

1. Company Snapshot

1.a. Company Description

Dürr Aktiengesellschaft, together with its subsidiaries, operates as a mechanical and plant engineering company worldwide.The company's Paint and Final Assembly Systems segment plans, builds, and updates paint shops and final assembly lines for the automotive industry.It also provides products and systems for various process stages in paint shop technology; supply control and conveyor systems, as well as air supply and exhaust-air systems; DXQ software family, which includes solutions for plant monitoring, manufacturing execution systems, advanced analytics, and other digital solutions; conveyor technology, filling, and testing technology, as well as assembly technology and marriage stations for connecting the car body and power train; consulting services; assembly and test systems for medical devices; test benches for electric and hybrid drives; and injection systems and inhalation devices.

The company's Application Technology segment offers technologies for the automated spray application of primers, and base and clear coats; and systems used for paint supply, quality assurance, and process control and evaluation; sealing technology for sealing seams; and glueing technology.The company's Clean Technology Systems segment offers exhaust-air purification systems, battery electrode coating systems, and noise abatement systems, as well as ORC technology and services.Its Measuring and Process Systems segment provides balancing and diagnostic systems; and filling technology for air conditioning systems and household appliances.

The company's Woodworking Machinery and Systems segment offers woodworking machinery and systems, such as panel dividing saws, through-feed saws and drilling machines, sanders, edge-banding machines, CNC processing centers, and handling and storage systems.Dürr Aktiengesellschaft was founded in 1895 and is headquartered in Bietigheim-Bissingen, Germany.

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1.b. Last Insights on DUE

Dürr Aktiengesellschaft's recent performance was driven by a record order intake in Q4 2024, as reported on March 7, 2025. The company's strong cash flow and operational improvements are positive indicators for future growth. Additionally, Duerr AG's strategic restructuring efforts aim to address challenges with net income and future guidance amid economic uncertainties. A share buyback program, which was announced as part of the restructuring efforts, is also a positive development for shareholders.

1.c. Company Highlights

Last Price	20.45
Change Percentage	2.35%
Open	20
Previous Close	19.98
Market Cap ( Millions)	1415
Volume	103386
Year High	26.68
Year Low	17.32
M A 50	19.81
M A 200	21.58

FCF Yield	18.71%
Dividend Yield	3.42%
ROE	-1.59%
Debt / Equity	111.51%
Net Debt / EBIDTA	168.34%
Price To Book	1.34
Price Earnings Ratio	-75.73
Price To FCF	5.35
Price To sales	0.35
EV / EBITDA	6.16

2. Dürr's Q3 Earnings: A Resilient Performance Amidst Macro Uncertainty

Dürr's financial performance in Q3 2025 demonstrated resilience amidst a challenging macroeconomic environment. The company's EBIT margin before extraordinaries stood at 6.6%, a significant increase of almost 2 percentage points from the previous year. Earnings per share (EPS) came in at €0.38, beating analyst estimates of €0.3149. Revenue growth was modest, with sales accelerating in Q3 and expected to gain more traction in Q4. The company's strong margin performance was driven by all divisions, with the EBIT margin before extraordinaries for the first 9 months increasing to 4.9%, within the full-year target corridor of 4.5% to 5.5%. As Jochen Weyrauch, CEO, noted, "customers are not paralyzed by macro turmoil and are pushing ahead with large investment projects."

Publication Date: Nov -29

                                    📋 Highlights
                                    EBIT Margin Growth:
                                                Q3 EBIT margin before extraordinaries rose to 6.6%, up 2 percentage points YoY.
Strong Free Cash Flow:
                                                Year-to-date free cash flow reached EUR 85 million, driven by Q3 performance.
Net Income Surge:
                                                Net income jumped 50% to EUR 26 million in Q3, excluding last year’s EUR 19 million gain.
EBIT Margin Target Achieved:
                                                9M EBIT margin hit 4.9%, aligning with full-year guidance of 4.5–5.5%.
Order Intake Outlook:
                                                Q4 order intake is expected to improve, with strong backlog in automotive and HOMAG growth near 2%.

                                

Segment Performance

The company's segment performance was mixed, with the automotive business showing confidence in Q4 order intake trends, citing nearly signed orders. However, execution has been slower this year, but is now picking up. The HOMAG segment was up almost 2% compared to last year, indicating the effect of their restructuring program. The battery business remains challenging due to a weak market, but the company is hopeful to collect some orders and doesn't plan to step out of the business yet.

Cash Flow and Debt Reduction

Dürr's free cash flow was strong in Q3, bringing the year-to-date figure to €85 million. The company plans to use the proceeds from the sale of its environmental business for debt reduction, with a convertible bond maturity in January and a Schuldschein in April. The majority of the restructuring cash out is expected to be done in 2026, with some portion potentially done in 2027.

Valuation

At current levels, Dürr's P/E Ratio stands at -72.14, indicating that the market is pricing in significant challenges for the company. However, the P/S Ratio is relatively low at 0.34, suggesting that the stock may be undervalued. The EV/EBITDA ratio is 5.94, which is reasonable given the company's earnings resilience. The Dividend Yield is 3.59%, providing a relatively stable source of return. The Free Cash Flow Yield is 19.64%, indicating that the company's cash generation capabilities are underappreciated by the market.

Outlook

The company confirmed its guidance, expecting a high order intake in Q4, provided that there will be no customer-induced delays in order placement. Analysts estimate next year's revenue growth at 2.7%, which is relatively modest. Given the company's resilient performance in Q3, it remains to be seen whether Dürr can maintain its momentum in the face of ongoing macro uncertainty.

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.93%)

6. Segments

Woodworking Machinery and Systems

Expected Growth: 3.5%

Dürr's woodworking machinery and systems segment growth is driven by increasing demand for automation and digitalization in the woodworking industry, fueled by rising labor costs and a shortage of skilled workers. Additionally, growing trends in sustainable and eco-friendly furniture production, as well as increasing investments in the construction and furniture industries, contribute to the 3.5% growth rate.

Paint and Final Assembly Systems

Expected Growth: 3.8%

The 3.8% growth of Paint and Final Assembly Systems from Dürr Aktiengesellschaft is driven by increasing demand for eco-friendly and sustainable painting technologies, rising adoption of Industry 4.0 solutions, and growing investments in electric vehicle production lines, particularly in Asia and Europe.

Application Technology

Expected Growth: 4.2%

Dürr's Application Technology segment growth of 4.2% is driven by increasing demand for sustainable and efficient paint application systems, particularly in the electric vehicle market. Additionally, the segment benefits from its diversified customer base, including major automotive OEMs and tier-1 suppliers, as well as its strong presence in emerging markets.

Industrial Automation Systems

Expected Growth: 4.5%

Dürr's Industrial Automation Systems' 4.5% growth is driven by increasing demand for efficient production processes, adoption of Industry 4.0 technologies, and rising need for quality and precision in manufacturing. Additionally, growing investments in electric vehicle production and renewable energy infrastructure are boosting demand for automation solutions.

Clean Technology Systems

Expected Growth: 4.8%

Dürr's Clean Technology Systems segment growth is driven by increasing demand for sustainable production processes, stringent environmental regulations, and rising adoption of Industry 4.0 technologies. Additionally, the growing need for energy-efficient solutions, expanding electric vehicle market, and investments in renewable energy sources contribute to the 4.8% growth rate.

Reconciliation

Expected Growth: 3.2%

Dürr Aktiengesellschaft's 3.2% growth is driven by increasing demand for industrial automation, expansion in emerging markets, and strategic acquisitions. The company's focus on digitalization, electrification, and sustainable production solutions also contributes to its growth. Additionally, its diversified customer base across various industries, such as automotive, aerospace, and woodworking, provides a stable revenue stream.

7. Detailed Products

Paint and Final Assembly Systems

Dürr provides paint and final assembly systems for the automotive industry, including paint shops, paint booths, and final assembly lines.

Application Technology

Dürr's application technology segment offers a range of products and services for the application of paints, coatings, and adhesives.

Clean Technology Systems

Dürr's clean technology systems provide solutions for air pollution control, noise reduction, and energy efficiency.

Measuring and Process Systems

Dürr's measuring and process systems provide solutions for quality control, process optimization, and data analysis.

Woodworking Machinery

Dürr's woodworking machinery segment offers a range of products and services for the woodworking industry.

8. Dürr Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

Dürr Aktiengesellschaft's products are specialized and customized, making it difficult for substitutes to emerge.

Bargaining Power Of Customers

Dürr Aktiengesellschaft's customers are largely dependent on the company's products and services, giving them limited bargaining power.

Bargaining Power Of Suppliers

Dürr Aktiengesellschaft has a diverse supplier base, but some suppliers have significant bargaining power due to their size and market share.

Threat Of New Entrants

The capital requirements and technological expertise needed to enter the industry are high, making it difficult for new entrants to emerge.

Intensity Of Rivalry

The industry is highly competitive, with several established players competing for market share, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	55.71%
Debt Cost	5.47%
Equity Weight	44.29%
Equity Cost	12.04%
WACC	8.38%
Leverage	125.76%

11. Quality Control: Dürr Aktiengesellschaft passed 3 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Meier Tobler

A-Score: 5.8/10

Value: 4.4

Growth: 5.9

Quality: 5.5

Yield: 6.9

Momentum: 8.0

Volatility: 4.0

1-Year Total Return ->

Aumann

A-Score: 5.6/10

Value: 8.7

Growth: 7.7

Quality: 6.5

Yield: 1.9

Momentum: 6.0

Volatility: 2.7

1-Year Total Return ->

MAX Automation

A-Score: 5.0/10

Value: 6.9

Growth: 4.4

Quality: 6.8

Yield: 0.0

Momentum: 2.5

Volatility: 9.3

1-Year Total Return ->

Dürr

A-Score: 4.6/10

Value: 8.7

Growth: 4.2

Quality: 2.2

Yield: 3.8

Momentum: 3.5

Volatility: 5.0

1-Year Total Return ->

Concentric

A-Score: 3.5/10

Value: 0.8

Growth: 7.2

Quality: 4.1

Yield: 3.1

Momentum: 5.5

Volatility: 0.3

1-Year Total Return ->

Nilfisk

A-Score: 3.5/10

Value: 7.6

Growth: 3.3

Quality: 2.9

Yield: 0.0

Momentum: 2.0

Volatility: 5.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-7.30%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.38%

Dürr Aktiengesellschaft - DE0005565204

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on DUE

1.c. Company Highlights

Weak Momentum

Lower Quality

Fairly Valued

Earnings Miss

Revenues Beats

Cheaper

Average Yield

Average Quality

Stable Momentum

Earnings Beats

Revenues Miss

Average Growth

2. Dürr's Q3 Earnings: A Resilient Performance Amidst Macro Uncertainty

Segment Performance

Cash Flow and Debt Reduction

Valuation

Outlook

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.93%)

6. Segments

Woodworking Machinery and Systems

Expected Growth: 3.5%

Paint and Final Assembly Systems

Expected Growth: 3.8%

Application Technology

Expected Growth: 4.2%

Industrial Automation Systems

Expected Growth: 4.5%

Clean Technology Systems

Expected Growth: 4.8%

Reconciliation

Expected Growth: 3.2%

7. Detailed Products

Paint and Final Assembly Systems

Application Technology

Clean Technology Systems

Measuring and Process Systems

Woodworking Machinery

8. Dürr Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Dürr Aktiengesellschaft passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

20.45$

Current Price

20.45$

Potential

12.e Scoring ^Insights

12.f DCF ^BETA