Vossloh AG (VOS.DE) | Investment Case

1. Company Snapshot

1.a. Company Description

Vossloh AG manufactures and markets rail infrastructure products and services worldwide.It operates through three divisions: Core Components, Customized Modules, and Lifecycle Solutions.The Core Components division develops, produces, and markets rail fastening systems for light-rail, heavy-haul, and high-speed lines, as well as urban transport.

This division also manufactures concrete rail ties, switch ties, and concrete low-vibration blocks for slab tracks and crossing panels.The Customized Modules division manufactures, installs, and maintains switches and crossings, as well as related control and monitoring systems for light-rail and high-speed applications.The Lifecycle Solutions division engages in rail trading, long-rail unloading at construction sites, welding new rails, reconditioning old rails, on-site welding, rail replacement, rail grinding/milling, rail inspection, and construction site supervision activities.

This division also organizes and monitors rail shipments to construction sites; and enables on-site availability of the unloading systems.The company was founded in 1883 and is based in Werdohl, Germany.

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1.b. Last Insights on VOS

Vossloh AG's recent performance was driven by solid earnings, with the company beating expectations in its full-year 2024 results. Revenue remained flat at €1.21 billion, while net income surged to €69.2 million. Additionally, the company's estimated fair value is €95.78, indicating a potential upside of 49% based on a 2-stage free cash flow to equity model.

1.c. Company Highlights

Last Price	72.1
Change Percentage	2.12%
Open	70.8
Previous Close	70.6
Market Cap ( Millions)	1393
Volume	52102
Year High	95.1
Year Low	40.65
M A 50	77.3
M A 200	76.92

FCF Yield	3.53%
Dividend Yield	1.53%
ROE	9.08%
Debt / Equity	3.88%
Net Debt / EBIDTA	-39.95%
Price To Book	1.94
Price Earnings Ratio	21.87
Price To FCF	28.31
Price To sales	1.13
EV / EBITDA	8.78

2. Transcript Summary

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3. NewsRoom

3 European Stocks Possibly Undervalued By 28.2% To 37.7%

Nov -20

Source:

Vossloh AG's (ETR:VOS) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?

Oct -28

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European Market Gems: Tikehau Capital And Two More Stocks Estimated Below Intrinsic Value

Oct -14

Source:

At €92.00, Is It Time To Put Vossloh AG (ETR:VOS) On Your Watch List?

Sep -25

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Sep -09

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Vaisala Corporation: Share Repurchase 9.9.2025

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.71%)

6. Segments

Core Components

Expected Growth: 3.5%

Vossloh AG's Core Components segment growth of 3.5% is driven by increasing demand for rail infrastructure, urbanization, and government investments in transportation projects. Additionally, the company's focus on innovation, cost savings, and strategic acquisitions contribute to its growth momentum.

Customized Modules ( Switch Systems )

Expected Growth: 3.8%

Vossloh AG's Customized Modules (Switch Systems) segment growth of 3.8% is driven by increasing demand for rail infrastructure modernization, urbanization, and government investments in transportation projects. Additionally, the company's focus on innovation, quality, and customer satisfaction contributes to its market share expansion.

Lifecycle Solutions ( Rail Services )

Expected Growth: 4.2%

Vossloh AG's Lifecycle Solutions (Rail Services) segment growth of 4.2% is driven by increasing demand for rail infrastructure maintenance, modernization of existing rail networks, and growing need for sustainable and efficient rail transportation solutions. Additionally, the segment benefits from its diversified customer base, strategic partnerships, and continuous innovation in rail technology.

Consolidation

Expected Growth: 3.2%

Consolidation with Vossloh AG driven by strategic acquisitions, expansion into high-growth markets, and increased market share in rail infrastructure. Cost synergies from integration and operational efficiencies also contribute to 3.2% growth. Additionally, investments in digitalization and innovation enhance competitiveness, further fueling growth.

Holding Companies

Expected Growth: 3.0%

Vossloh AG's 3.0% growth in Holding Companies is driven by increasing demand for rail infrastructure, strategic acquisitions, and expansion into emerging markets. Additionally, the company's focus on digitalization, innovation, and cost optimization has improved operational efficiency, contributing to its growth momentum.

7. Detailed Products

Rail Fastening Systems

Vossloh's rail fastening systems are designed to secure rails to the sleepers, ensuring safe and smooth rail traffic. The systems are tailored to meet specific customer requirements and can be adapted to various rail types and gauges.

Switch Systems

Vossloh's switch systems are designed for high-performance and low-maintenance, providing reliable and efficient rail traffic management. The systems are tailored to meet specific customer requirements and can be adapted to various rail types and gauges.

Concrete Sleepers

Vossloh's concrete sleepers are designed for high-performance and durability, providing a stable and reliable rail infrastructure. The sleepers are tailored to meet specific customer requirements and can be adapted to various rail types and gauges.

Rail Services

Vossloh's rail services provide comprehensive maintenance, repair, and overhaul (MRO) solutions for rail infrastructure, ensuring optimal rail performance and extending the lifespan of rail assets.

Electrification Systems

Vossloh's electrification systems provide reliable and efficient power supply solutions for rail networks, ensuring safe and efficient rail operations.

8. Vossloh AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Vossloh AG operates in the rail technology industry, which has a moderate threat of substitutes. While there are alternative modes of transportation, rail remains a dominant player in the industry.

Bargaining Power Of Customers

Vossloh AG's customers are primarily governments and large corporations, which have limited bargaining power due to the specialized nature of the rail industry.

Bargaining Power Of Suppliers

Vossloh AG relies on a diverse supplier base, which reduces the bargaining power of individual suppliers. However, the company still faces some pressure from suppliers of critical components.

Threat Of New Entrants

The rail technology industry has high barriers to entry, including significant capital requirements and regulatory hurdles, which limits the threat of new entrants.

Intensity Of Rivalry

The rail technology industry is highly competitive, with several established players competing for market share. Vossloh AG faces intense rivalry from companies such as Siemens and Bombardier.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	48.44%
Debt Cost	6.96%
Equity Weight	51.56%
Equity Cost	9.16%
WACC	8.09%
Leverage	93.96%

11. Quality Control: Vossloh AG 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

FNM

A-Score: 6.8/10

Value: 9.8

Growth: 8.0

Quality: 5.2

Yield: 5.6

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

FirstGroup

A-Score: 6.6/10

Value: 8.8

Growth: 7.1

Quality: 3.7

Yield: 4.4

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

Jungfraubahn

A-Score: 6.3/10

Value: 3.1

Growth: 6.8

Quality: 6.9

Yield: 3.1

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

BVZ Holding

A-Score: 6.0/10

Value: 7.6

Growth: 5.7

Quality: 4.2

Yield: 1.9

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

Vossloh

A-Score: 5.4/10

Value: 3.4

Growth: 6.6

Quality: 5.5

Yield: 3.8

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

Talgo

A-Score: 3.6/10

Value: 8.4

Growth: 1.6

Quality: 2.8

Yield: 1.2

Momentum: 1.5

Volatility: 6.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

4.96%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.09%

Vossloh AG - DE0007667107

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on VOS

1.c. Company Highlights

Less Volatile

Average Quality

Average Yield

Earnings Beats

Stable Momentum

Fairly Valued

Revenues Beats

Medium Volatility

Strong Momentum

Average Growth

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.71%)

6. Segments

Core Components

Expected Growth: 3.5%

Customized Modules ( Switch Systems )

Expected Growth: 3.8%

Lifecycle Solutions ( Rail Services )

Expected Growth: 4.2%

Consolidation

Expected Growth: 3.2%

Holding Companies

Expected Growth: 3.0%

7. Detailed Products

Rail Fastening Systems

Switch Systems

Concrete Sleepers

Rail Services

Electrification Systems

8. Vossloh AG'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: Vossloh AG 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

72.1$

Current Price

72.1$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA