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Friedrich Vorwerk Group SE
(XETRA:VH2)
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Rating:78Outperform
Price Target:
€77.00
▲(11.11% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by strong financial performance (profitability, low leverage, and solid free cash flow) and a positive earnings update with raised 2026 EBITDA guidance and improving margins/cost efficiency. Valuation is supportive at ~12x earnings, while technical indicators remain a drag due to a weaker trend versus key moving averages and slightly negative MACD.
Positive Factors
Strong growth and margin expansion
Higher revenue and materially improved margins indicate stronger execution and operating leverage. If supported by continued project delivery and cost discipline, this can provide a durable earnings base over the next several quarters.
Negative Factors
Lower project volume acquired
Although management attributed the decline to prior-year large joint-venture awards, lower project additions can weaken future workload coverage. Continued dependence on major awards makes medium-term growth and utilization less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong growth and margin expansion
Higher revenue and materially improved margins indicate stronger execution and operating leverage. If supported by continued project delivery and cost discipline, this can provide a durable earnings base over the next several quarters.
Read all positive factors
Friedrich Vorwerk Group SE (VH2) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.43B
Dividend Yield1.03%
Average Volume (3M)56.81K
Price to Earnings (P/E)13.5
Beta (1Y)0.43
Revenue Growth21.61%
EPS Growth98.52%
CountryDE
Employees2,331
SectorIndustrials
Sector Strength72
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)5.41
Shares Outstanding20,000,000
10 Day Avg. Volume116,718
30 Day Avg. Volume56,813
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)5.72
Price to Sales (P/S)2.32
P/FCF Ratio13.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€91.00Price Target Upside31.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)5.55
Revenue Forecast (FY)€773.67M
Friedrich Vorwerk Group SE Business Overview & Revenue Model
Company Description
Friedrich Vorwerk Group SE, established in 1962 and based in Tostedt, Germany, specializes in offering comprehensive energy conversion and transmission services across Germany and the wider European continent. The company's operations are segmente...
How the Company Makes Money
The company primarily makes money by executing project-based contracts for energy infrastructure customers. Revenue is recognized through the delivery of engineering and construction work on awarded projects, including (1) pipeline and plant const...
Friedrich Vorwerk Group SE Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial strengths: strong Q2 revenue growth, record quarterly profitability, a large improvement in production output, enhanced cost efficiency, a materially stronger net cash position, upgraded full-year EBITDA guidance, strategic acquisitions (meterQ) and scalable growth initiatives (5C-Tech). Challenges were acknowledged but appear manageable: total project volume acquired declined year-on-year due to timing effects of large JV awards in the prior period, clean hydrogen revenue was weak in H1 but expected to ramp later, an A-Nord contractual adjustment is pending (to be reflected by Q4), and there is medium-term regulatory uncertainty around underground vs overhead lines. On balance, the positive operational momentum, cash strength, and margin improvements outweigh the transitory and structural headwinds.Positive Updates
Strong Q2 Revenue and Monthly Record
Q2 revenue of EUR 198 million, up 17% year-on-year; June achieved a record monthly revenue of EUR 73 million.
Negative Updates
Decline in Total Project Volume Acquired
Total project volume acquired (including JV share) fell 25% to EUR 470 million versus the prior year period, attributed to very large JV project awards in Q2 2025 that are not repeated this year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 Revenue and Monthly Record
Q2 revenue of EUR 198 million, up 17% year-on-year; June achieved a record monthly revenue of EUR 73 million.
Read all positive updates
Company Guidance
Management raised full‑year 2026 guidance to EBITDA EUR 180–200m (previously EUR 160–180m) and revenue EUR 730–780m (organic only), noting net cash of EUR 212m as of June (up EUR 128m vs Q2 2025) and room for inorganic options; at the upper end the implied H2 EBITDA would be ~EUR 107m versus ~EUR 93m in H1. In H1 production output rose 35% to EUR 448m while Q2 revenue was EUR 198m (+17% YoY) with June a record EUR 73m; H1 EBITDA was EUR 92.6m (27.4% margin), Q2 EBITDA EUR 60.8m (30.7% margin) and Q2 EBIT EUR 52.8m (26.7%); group EBIT H1 EUR 67.9m. Profitability improvements were driven by a EUR 10.7m reduction in cost of materials (ratio improved from 46.4% to 38.6%) and JV earnings more than tripling to EUR 12.8m in Q2. Order intake (conventional) rose ~50% to EUR 321m, total project volume acquired was EUR 470m (‑25% YoY), book‑to‑bill >1, and the order book is ~45% electricity / 30% gas / 14% hydrogen; headcount exceeds 2,400 (7% YTD growth, >160 net hires in H1 = 15% avg increase vs H1 2025).Friedrich Vorwerk Group SE Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
91
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 738.55M | 704.33M | 498.35M | 373.36M | 368.16M | 279.07M |
| Gross Profit | 253.74M | 170.52M | 261.61M | 167.97M | 164.34M | 158.73M |
| EBITDA | 171.76M | 135.56M | 75.20M | 31.91M | 48.08M | 51.10M |
| Net Income | 108.20M | 86.50M | 35.77M | 10.15M | 17.14M | 26.77M |
Balance Sheet | ||||||
| Total Assets | 624.15M | 578.03M | 437.56M | 311.28M | 308.08M | 290.46M |
| Cash, Cash Equivalents and Short-Term Investments | 204.07M | 273.61M | 174.65M | 56.53M | 45.88M | 108.28M |
| Total Debt | 15.54M | 17.80M | 22.37M | 16.53M | 21.19M | 27.99M |
| Total Liabilities | 310.71M | 292.78M | 232.55M | 139.73M | 144.90M | 137.99M |
| Stockholders Equity | 314.25M | 285.86M | 205.04M | 171.50M | 162.81M | 151.41M |
Cash Flow | ||||||
| Free Cash Flow | 155.78M | 119.56M | 119.75M | 19.35M | -42.37M | 8.27M |
| Operating Cash Flow | 208.57M | 171.18M | 155.58M | 50.42M | -10.26M | 29.82M |
| Investing Cash Flow | -75.56M | -65.68M | -35.60M | -29.47M | -32.56M | -28.46M |
| Financing Cash Flow | -30.52M | -14.11M | -1.87M | -10.31M | -19.58M | 61.66M |
Friedrich Vorwerk Group SE Technical Analysis
Positive
69.30
Price Trends
67.75
Positive
68.63
Positive
74.76
Negative
Market Momentum
0.65
Negative
62.24
Neutral
76.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:VH2, the sentiment is Positive. The current price of 69.3 is above the 20-day moving average (MA) of 67.62, above the 50-day MA of 67.75, and below the 200-day MA of 74.76, indicating a neutral trend. The MACD of 0.65 indicates Negative momentum. The RSI at 62.24 is Neutral, neither overbought nor oversold. The STOCH value of 76.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:VH2.
Friedrich Vorwerk Group SE Peers Comparison
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.