Voestalpine Cuts Guidance Ceiling as JPMorgan and Deutsche Bank Rework Their Models
Published on 11/14/2026 at 14:41 | Editorial boerse-global.de
Voestalpine has trimmed the top end of its full-year EBITDA guidance, prompting two of the brokers covering the stock to adjust their numbers — though neither has walked away from its bullish stance.
The Linz-based steel group now expects EBITDA of EUR 1.60 to 1.70 billion for fiscal 2026/27, down from a prior range of EUR 1.60 to 1.85 billion. Management pointed to the ongoing war in the Middle East, higher energy and logistics costs, and additional provisional US tariffs. Delayed energy projects in the Middle East also weighed on the revision, which was announced on Wednesday alongside half-year figures.
JPMorgan's Dominic O'Kane cut his price target to EUR 52.50 from EUR 56.80 on Thursday, according to media reports, while keeping an Overweight rating on the shares. Deutsche Bank Research took a different route: it left its EUR 63.00 target and Buy recommendation untouched but lowered EBITDA estimates for the 2027 to 2029 fiscal years by 3–7%. UBS also reaffirmed its Buy rating and EUR 64.00 target on Thursday, though an APA report said the bank viewed the half-year results as negative for the stock given the reduced guidance.
Should investors sell immediately? Or is it worth buying Voestalpine?
Half-Year Profits Flattered by One-Offs
The results themselves showed solid momentum. Revenue for the first half of 2026/27 came in at EUR 7.7 billion, up 0.8%. EBITDA climbed 17.1% to EUR 846 million, while EBIT rose 36% to EUR 470 million. Net profit after tax advanced 46% to EUR 290 million. Voestalpine noted that EBITDA and EBIT both included positive one-off effects of roughly EUR 100 million.
The tariff headwinds are already shaping decisions on the ground. At the Kindberg site, the company plans to cut around 150 jobs by the end of March 2027, citing the impact of the additional US duties on its seamless tube business and difficult conditions in key alternative markets in the Middle East. Talks with the works council over a social plan are underway, with a proposal expected by the end of November.
Investors took the news poorly. The stock fell 2.0% to close at EUR 36.94, although no specific trigger for the session's decline was identified in the closing market report.
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