Original-Research: EBRO MOTORS GROUP EV SA (von NuWays AG): BUY

Original-Research: EBRO MOTORS GROUP EV SA - from NuWays AG



12.10.2026 / 09:00 CET/CEST
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Classification of NuWays AG to EBRO MOTORS GROUP EV SA



     Company Name:                EBRO MOTORS GROUP EV SA
     ISIN:                        ES0105725008



     Reason for the research:     Initiation
     Recommendation:              BUY
     Target price:                EUR 14.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Jorge Gonzalez



A Spanish automotive revival gaining scale; INITIATE WITH BUY



EBRO Motors Group EV SA (EBRO) is an emerging Spanish automaker combining
the revival of a historic automotive brand, the reindustrialisation of
Barcelona's Zona Franca and a joint venture with Chinese automaker Chery.
This provides a differentiated route to becoming an automotive OEM: Chery
contributes established vehicle platforms, electrified powertrains and
procurement scale, while EBRO brings Spanish brand heritage, local
manufacturing and a growing distribution network. Built around Nissan's
former Barcelona plant, the partnership gives EBRO access to technology and
industrial infrastructure that would be costly and time-consuming to develop
independently.



An initial Spanish market share of c. 2.2% in 9M'26 demonstrates the appeal
of this proposition. Brand heritage, sustained marketing investment and the
Barcelona reindustrialisation story support consumer recognition and trust,
while competitive pricing, attractive equipment and modern powertrains
underpin the product offering. This penetration has been achieved with a
portfolio limited to SUVs and sales concentrated in private buyers and
rent-a-car customers. Corporate fleets and long-term leasing therefore
represent a sizeable opportunity: the corporate channel accounted for 36.4%
of Spanish passenger-car registrations in 2025.



Portfolio and distribution expansion should sustain growth beyond the
initial launch phase. We forecast a c. 50bps increase in Spanish market
share to c. 2.7% by 2030e, supported by an urban BEV launch in 2027, further
dealership openings and greater corporate-channel penetration. Gradual
international expansion provides an additional growth engine, contributing
c. 10k annual vehicle sales and taking total EBRO-branded sales to c. 42k
vehicles by 2030.



Chery production allocations could unlock the next stage of operating
leverage. We see confirmation of the first additional assembly volumes as a
key potential near-term catalyst. These would improve utilisation of
Barcelona's substantial industrial footprint, spread fixed costs across a
larger production base and accelerate margin expansion. The plant also
offers Chery a strategic platform for strengthening its European industrial
presence, progressively increasing localisation and potentially mitigating
exposure to EU trade barriers. Our forecasts assume combined EBRO and Chery
production reaches c. 90k vehicles by 2030.



We initiate coverage with BUY and a DCF-based PT of EUR 14.50. Our investment
case rests on continued commercial growth and improving factory utilisation
driving profitability. The valuation assumes a terminal EBIT margin of 9.9%,
perpetual growth of 2% and a WACC of c. 10%, and incorporates the additional
equity funding and associated dilution assumed to support the industrial
expansion.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=aaf40b7c226a098aa347e92e82ea994e
For additional information visit our website:
https://www.nuways-ag.com/research



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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2413800 12.10.2026 CET/CEST