Traton

Traton shares trade around €36.58 and look fundamentally cheap (P/E ~7.5, P/B 0.9), while the market prices in structural risks. A T&E study warns that Chinese and US manufacturers could take a quarter of the European electric truck market by 2030, with Chinese models up to 12% cheaper. The next catalyst is the IAA Transportation on September 14, where MAN and Scania will present model updates, testing the credibility of Traton’s response to the price pressure. Analyst consensus: neutral (avg. target €38.82); UBS has cut its rating to neutral but raised its target to €41. » Mere på de.investing.com

Dealers, service partners and importers of MAN are investing around €400 million more, bringing the total for expanding the sales and service network to about €700 million by 2030. MAN had previously pledged €300 million; the money will go into new hubs, modernizations and, about one third, into e-mobility and digitization. The aim is for nearly 80% of customers to be able to reach a workshop within 30 minutes in the future. » Mere på finanzen.net

UBS downgraded Traton from buy to neutral and at the same time raised the price target from 39 to 41 euros. The bank calls the margin target conservative, but sees persistently weak demand at the commercial vehicle manufacturer and signals that the market consensus already partly takes this into account. The stock is reacting noticeably weaker. » Mere på finanzen.net