SAF-Holland’s latest narrative update leaves its fair value estimate steady at about €20.40 per share, while a slightly lower discount rate hints at reduced perceived risk in the current environment. With revenue growth expectations effectively unchanged, analysts indicate that sentiment, rather than fundamentals, is driving the modest recalibration of the price outlook. Read on to see how you can stay on top of these subtle shifts and keep updated on the evolving story around SAF-Holland.

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🐂 Bullish Takeaways

• Berenberg maintains a Buy rating with a revised target of €18, signaling that, despite trimming expectations, it still sees notable upside relative to the current fair value framework.

• The Buy stance suggests Berenberg continues to reward SAF-Holland for its execution and ability to manage through a more challenging backdrop, even as it acknowledges a slightly less generous valuation backdrop.

• Across the recent updates, bullish leaning commentary implies that while some upside may already be reflected in the share price, analysts still view the risk reward as attractive for investors comfortable with near term volatility.

🐻 Bearish Takeaways

• Deutsche Bank cuts its target to €15 from €16 and stays at Hold, underscoring a more cautious stance on upside relative to Berenberg and the existing fair value estimate.

• The lower Deutsche Bank target points to concerns that near term risks and existing valuation may limit meaningful additional upside, even if the company continues to execute reasonably well.

• The combination of a Hold rating and downward target revision highlights a view that growth prospects are more balanced by execution and macro risks, leading to a more neutral risk reward profile for SAF-Holland.

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• Deutsche Bank cut its SAF-Holland price target to €15 from €16 while reiterating a Hold rating, pointing to a more cautious stance on valuation without signaling a change in its view of the company’s fundamentals.

• Management lowered 2025 group sales guidance to a range of €1,700 million to €1,750 million from about €1,800 million, indicating a more conservative expectation for demand in the near term.

• SAF-Holland announced a share repurchase program of up to 2,269,715 shares, or 5% of issued share capital, with a total volume of up to €40 million running through December 31, 2026, highlighting ongoing confidence in its valuation and balance sheet.

• The Board of Directors formally authorized the new buyback plan on November 11, 2025, clearing the way for management to execute the program over the coming years.