Deutsche Bank Slashes Lenzing Target to EUR 12.70 While Backing Restructuring Story
Published on 11/08/2026 at 17:31 | Editorial boerse-global.de
Deutsche Bank cut its price target on Lenzing from EUR 22 to EUR 12.70 on 28 October, yet left its "Hold" rating untouched — a split that tells its own story about how the market is reading the fibre maker's turnaround. The Austrian company is simultaneously shrinking its European footprint, absorbing restructuring costs and digesting a capital increase completed roughly three weeks ago.
Margins Improve Beneath the Noise
For the first nine months of 2026, Lenzing posted revenue of EUR 1.93 billion and an adjusted EBITDA of EUR 353.0 million. Restructuring charges of EUR 36.6 million pulled reported EBITDA down to EUR 316.4 million — the gap between the two figures being precisely those one-off effects.
The underlying trend is brighter than the headline number suggests. The adjusted EBITDA margin climbed to 18.3 percent from 17.9 percent a year earlier. In the third quarter alone it reached 17.3 percent, a sharp rebound from 13.3 percent in the same period of 2025.
Management's full-year guidance for 2026 points to adjusted EBITDA of between EUR 430 million and EUR 460 million. That forecast is anchored to the adjusted metric, not the reported figure weighed down by restructuring.
Should investors sell immediately? Or is it worth buying Lenzing?
Heiligenkreuz Deadline Takes Shape
Two plants are being wound down. Production at Heiligenkreuz is scheduled to end by the close of the first quarter of 2027, while Grimsby will run until the end of 2027. Sale options are being explored for both sites.
Heiligenkreuz has drawn roughly 30 interested buyers, according to media reports. A shortlist is due in mid-November, and by year-end it should be clear whether a purchaser will keep the operation running or the plant will be shut. The supervisory board is expected to rule on a sale or closure by the same deadline.
Share Count and Ownership After the Raise
The capital increase, wrapped up just over three weeks ago, lifted total voting rights to around 73.4 million and raised share capital to approximately EUR 76.2 million.
The syndicate of B&C-Gruppe and Suzano S.A. continues to hold about 52.25 percent of voting rights, Lenzing confirmed on 29 October. Suzano Holding S.A. picked up a direct stake of roughly 0.80 percent through the capital measure.
Lenzing at a turning point? This analysis reveals what investors need to know now.
A voting rights notification corrected about two weeks ago draws a line between ownership and the exercise of votes: Goldman Sachs Asset Management B.V. exercises the voting rights attached to the reported 4.27 percent holding, while legal title rests with NN Group N.V. through its subsidiaries.
Investors will get the full 2026 results on 18 March 2027.
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