Original-Research: FRIWO AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Original-Research: FRIWO AG - from Quirin Privatbank Kapitalmarktgeschäft



26.10.2026 / 17:48 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



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Classification of Quirin Privatbank Kapitalmarktgeschäft to FRIWO AG



     Company Name:               FRIWO AG
     ISIN:                       DE0006201106



     Reason for the research:
     Recommendation:             Buy
     from:                       26.10.2026
     Target price:               4.80
     Last rating change:
     Analyst:                    Sebastian Droste



Stronger foundation for earnings recovery
FRIWO AG develops and manufactures power supplies and charging solutions for
medical, industrial and other demanding applications. Following several
years of restructuring, the 2025 disposals of its E-Drives and DIN-rail
activities strengthened the balance sheet and allowed management to
concentrate on the core business. We see FRIWO entering a new phase in which
established engineering expertise and customer relationships can translate
into renewed growth and a recovery in profitability. Its combination of
German development capabilities and production in Vietnam provides a
competitive base. New customer programmes and broader sales coverage in
Europe and the US should increase volumes, while higher utilisation and
production efficiencies improve fixed-cost absorption. We forecast revenue
to rise from EUR 58.00m in 2026 to EUR 79.11m in 2030, with positive EBIT
from 2028 and a 4.8% EBIT margin in 2030. Further operational progress
supports a margin above 5% from 2031, consistent with the direction of
management's medium-term objective. We initiate FRIWO AG with a Buy
recommendation and a target price of EUR 4.80.




You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=2020bdbb093a9843d3f9e7f831647f63
For additional information visit our website:
https://research.quirinprivatbank.de/



Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/



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2422510 26.10.2026 CET/CEST