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Original-Research: Steyr Motors AG - from NuWays AG

26.02.2026 / 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 59
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller

Strengthening mission-critical positioning

Steyr Motors has announced the acquisition of BUKH, a Denmark-based marine
engine specialist, in a strategically clean bolt-on that broadens the
offering without diluting Steyr's core identity as a mission-critical
propulsion specialist. The transaction is selectively expanding the
addressable envelope in the same high reliability, regulated and defence
adjacent niches where Steyr's competitive quality is already strongest.

In 2025, BUKH is expected to have achieved EUR 10m in sales at a 10% EBIT
margin (eNuW), which should improve going forward thanks to cross-selling
potential, operating leverage and cost synergies (e.g. in purchasing). The
purchase price is said to be in the mid-seven-figure range (eNuW: roughly EUR
4-7m), implying an EV/EBITDA of c.5-8x (eNuW), which is partly to be paid in
shares (worth slightly more than EUR 2m, c. 1% of shares outstanding), cash
consideration and an earnout component. At this valuation, it would be
accretive (eNuW).

The transaction should improve Steyr Motors' participation rates in tenders,
where customers require a wider power spectrum across vessel classes and
mission profiles. Thanks to BUKH, Steyr Motors is seen to expand its marine
power range to 24-700hp (previously: 120-300hp). Unmanned surface vessels
(USVs), in particular, seem to present direct opportunities. Ongoing sales
to USbased USV producers are expected in H1 26e. Also within Europe,
especially Denmark, there are some USV opportunities, according to our
understanding, supported by BUKH's defence activities (eNuW, incl. coast
guards c. 50% of sales).

Moreover, BUKH adds scale to Steyr's SOLAS activities. SOLAS sets "must
start, must run" requirements for lifeboat engines (e.g. cold-start down to
-15°C and operability under flooded conditions), a prerequisite for this
niche with only a narrow supplier set (eNuW: single digit number of
suppliers in Europe). The resulting installed base is certified and
typically serviced with OEM spare parts and configurations, supporting
recurring aftermarket revenues.

Next to a high installed base and >100 years of experience, BUKH also brings
established distribution and service reach, increasing customer access to
lifecycle support and improving Steyr Motors' market access, particularly in
Asia and South America.

In sum, the acquisition represents a high quality, strategically consistent
extension of Steyr Motors' specialist positioning in mission-critical marine
and defence propulsion.

While the transaction is not yet reflected in estimates, pending further
details (e.g. purchase price and closing date), it should materially support
Steyr Motors' FY growth ambitions.

BUY, unchanged PT of EUR 59, based on DCF

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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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2281896 26.02.2026 CET/CEST

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