voestalpine
VOE.VI Mid CapBasic Materials · Steel
Updated: Jul 5, 2026, 22:19 UTC
Price Chart
Key Metrics
Valuation Analysis
About the Company
Voestalpine AG processes, develops, manufactures, and sells steel and technology products in Austria, the European Union, and internationally. It operates through five divisions: Steel Division, High Performance Metals Division, Metal Engineering Division, Metal Forming Division, and Holding & Group Services. The Steel division produces hot and cold-rolled steel strips, as well as electrogalvanized, hot-dip galvanized, and organically coated steel strips; heavy plates, and foundry products for the energy sector; and turbine casings. The High Performance Metals division offers special high-alloy tool and high-speed steel for the oil and natural gas, aerospace, and energy engineering industries; utilizing nickel-base and titanium alloys; tool manufacturing, component processing, heat treatme
voestalpine Stock at a Glance
voestalpine (VOE.VI) is currently trading at €43.76 with a market capitalization of $7.5B. The trailing P/E ratio stands at 17.93x, with a forward P/E of 8.95x. The 52-week range spans from €23.10 to €49.28; the current price is 11.2% below the yearly high. Year-over-year revenue growth stands at -1.9%. The net profit margin stands at 2.82%.
💰 Dividend
voestalpine pays an annual dividend of €0.75 per share, representing a yield of 1.71%. The payout ratio stands at 24.59%.
📊 Analyst Rating
10 analysts rate voestalpine (VOE.VI) on consensus: Hold. The average price target is €48.30, implying +10.37% from the current price. Analyst price targets range from €39.50 to €60.00.
voestalpine: The Investment Case in Detail
voestalpine (VOE.VI) operates in the Basic Materials — specifically Steel — and is headquartered in Austria. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.
The Bear Case
Revenue is contracting at -1.9% year-over-year — until that trend reverses, valuation is exposed to further downgrades. With a net margin of just 2.82%, the business has little room to absorb cost shocks or pricing pressure — a single bad quarter can swing the company to a loss. With a beta near 1.85, the share price moves sharply more than the broader market — drawdowns in market corrections can be unusually severe and require strong nerves.
Valuation in Context
At a PEG of 5.88, investors are paying more than three times the growth rate for each unit of earnings — that pricing assumes growth not only continues but accelerates from here. The EV/EBITDA multiple of 6.64x is below the historical equity-market average — strategic acquirers would find the cash-flow profile attractive at this level.
What to Watch Next
- The forward P/E of 8.95x is meaningfully below the trailing 17.93x — analysts expect earnings to step up; the next earnings release is the test.
Investment Thesis: Strengths & Weaknesses
- Solid balance sheet with low debt (D/E 31.89)
- Positive free cash flow
- –Revenue shrinking (-1.9% YoY)
- –Low profitability (2.82% margin)
Technical Snapshot
Price shows short-term weakness (below 50d MA) but is still in a longer-term uptrend (above 200d MA).
Risk Profile
The data points to above-average price swings.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
voestalpine 2026: The European Specialty Steel Comeback Trade Just Got a Hydrogen Catalyst
The Real Story
voestalpine has been left for dead twice in the past decade — once during the 2015 commodity-steel rout and again during the 2022 European energy crisis — and twice it has come back stronger. The Linz-based Austrian specialty steel maker doubled in price over the past 12 months as the market began to grasp three converging tailwinds: EU Carbon Border Adjustment Mechanism (CBAM) implementation in January 2026 favoring domestic European steel; the greentec steel capex program transitioning the Linz mill to hydrogen DRI by 2027; and the EU defense-spending acceleration driving demand for high-grade armor and aerospace alloys.
voestalpine is not a commodity-steel producer in the way US Steel or ArcelorMittal are. Its three segments — Steel (40%), High Performance Metals (28%) and Metal Engineering (32%) — focus on tool steel, premium rail (used by Deutsche Bahn, SNCF, Indian Railways), turbine forgings (Siemens Energy, GE), and aerospace alloys for Airbus A320neo and Boeing 787 programs. Roughly 55% of EBITDA comes from products with no commodity benchmark.
The Q4/2025 trailing P/E of 34 is the misleading number — it reflects the bottom-cycle earnings of FY24/25. On forward P/E (12.2x) the stock is much more interesting, and on EV/EBITDA at 5.8x FY27 consensus it trades 35% below the European specialty-steel peer median (Aperam at 9.1x, SSAB at 8.4x, Thyssenkrupp at 7.2x).
What Smart Money Thinks
voestalpine has the structure of a controlled compounder. Raiffeisen Bank International holds 14.1% via the voestalpine Mitarbeiterbeteiligung (Employee Foundation) — by far the largest stable shareholder and the reason large takeovers are functionally impossible without consent. Norges Bank Investment Management (Norway sovereign wealth) held 3.2% per Q1/2026 disclosure, up from 2.8% a year ago. Erste Asset Management sits at 2.4%.
Active US holders are sparse — GAMCO Investors (Mario Gabelli) initiated a 950,000-share position in Q1/2026, citing the CBAM tailwind and Mitarbeiterbeteiligung dividend cover. This is Gabelli's first central-European industrial position in 8 years. UBS O'Connor and Threadneedle European Equities both added during 2025.
Insider activity (Wiener Börse disclosures): CEO Herbert Eibensteiner bought 4,500 shares in February 2026 at EUR 42 (small but symbolic — first open-market insider buy since the energy crisis). Members of the supervisory board (Aufsichtsrat) have made no notable transactions.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
The EU Carbon Border Adjustment Mechanism entered full enforcement on January 1, 2026 — imposing CO2 import levies on steel from China, Turkey, India and Russia equivalent to EUR 85-105/ton. Internal voestalpine modeling suggests this lifts achievable European specialty-steel pricing by EUR 60-80/ton structurally. On 2026 production of 7.2Mt, that translates to EUR 430-575M in incremental gross margin — roughly equivalent to 30% of FY25 EBITDA before flowing through.
The EUR 1.5B greentec steel investment in Linz transitions one of two blast furnaces to hydrogen direct-reduction by Q4/2027. This eliminates roughly 30% of Scope 1 emissions and qualifies voestalpine for the highest tier of green-steel premiums paid by Apple, BMW and Volkswagen for the Vorzeigemodell badge. BMW already committed to take 200kt of voestalpine green steel annually starting 2028 at a price premium of EUR 240/ton. That single contract is worth EUR 48M annually in incremental gross margin.
voestalpine High Performance Metals (Boehler-Uddeholm, Buderus) supplies titanium alloys to the Airbus A320neo program and Eurofighter Typhoon airframes. Q4/2025 aerospace order backlog hit a record EUR 940M, up 47% YoY. The defense subset within High Performance Metals (armor steel for Leopard 2A8 and Boxer IFV) is benefiting directly from the EU EUR 500B Readiness 2030 plan — voestalpine has been awarded preferred-supplier status on Rheinmetall's 2026-2030 armor-steel framework agreement worth approximately EUR 280M.
📉 The 3 Real Bear Points
Greentec steel investment of EUR 1.5B is heavily front-loaded in 2025-2027. Q4/2025 net capex hit EUR 320M against EBITDA of EUR 510M — a 63% capex/EBITDA ratio that depresses FCF to barely positive levels. The dividend of EUR 0.60 (1.34% yield, 46% payout) is covered but the cushion is thin. If the greentec project runs over budget by even 15% (industry-average overrun on hydrogen-steel projects has been 25-40%), the dividend would either be cut or financed via debt.
The Steel segment derives roughly 45% of revenue from automotive (body-in-white, suspension, drivetrain). With Volkswagen, BMW and Stellantis all guiding to flat-to-down 2026 production volumes amid Chinese-EV pricing pressure, voestalpine cannot raise contracted prices fast enough to offset volume declines. Q4/2025 Steel segment EBITDA margin compressed to 7.4%, the lowest since 2020.
Greentec steel requires roughly 50TWh of green hydrogen annually by full ramp. At current Austrian green-hydrogen levelized cost of EUR 5.80/kg, voestalpine's hydrogen-DRI cost-per-ton is approximately EUR 720 vs. EUR 410 for traditional blast-furnace steel. The economics only work at green-hydrogen prices below EUR 3.50/kg — and the EU Hydrogen Bank auction prices from January 2026 came in at EUR 4.10/kg, ahead of target but not yet at the break-even threshold.
Valuation in Context
voestalpine trades at trailing P/E of 34x but forward P/E of 12.2x — the bridge is the CBAM lift plus aerospace-defense backlog flowing through. On EV/EBITDA the stock sits at 5.8x FY27 consensus, a 35% discount to the European specialty-steel peer median. Sum-of-parts on segment EBITDA: Steel (Linz) at 4x = EUR 2.4B, High Performance Metals at 8x = EUR 3.2B, Metal Engineering at 6x = EUR 2.0B = EUR 7.6B enterprise value, less EUR 2.1B net debt = EUR 5.5B equity value or EUR 33 per share. That is below today's EUR 44.78 — the market is pricing in the CBAM tailwind. Bull scenario with CBAM lift plus greentec premium fully realized: EUR 60-70 (54% upside). Bear scenario with greentec cost overrun + EU auto weakness: EUR 28-32 (-30% to -37%). Risk-reward skews positive but execution-dependent.
🗓️ Next 3 Catalyst Dates
- June 5, 2026: FY25/26 full-year results — first reading on CBAM pricing realization and aerospace backlog conversion to revenue; consensus EBITDA EUR 1.65B
- August 2026: Q1/FY26-27 capital markets day — typically the venue for greentec steel project milestone disclosure and hydrogen-supply contract update
- Q4 2027: Greentec steel hydrogen-DRI plant commissioning — first commercial green-steel output to BMW under the 200kt annual offtake; tangible green-premium revenue starts
💬 Daniel's Take
voestalpine is a contrarian play on Europe getting its industrial act together — CBAM, defense rearmament, and green steel are not stories one bets on quickly but the combination over 2026-2028 is genuinely structural. I size this at 1.5% of a European value sleeve as a quality cyclical exposure, not a deep-value bet. The greentec capex overhang is the legitimate risk, and I would not load up until the Q1/2027 cost-overrun reveal. My personal entry trigger is EUR 38-40 — a 12-15% pullback would dramatically improve risk-reward. Watching Austrian green-hydrogen auction prices more than the share price.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
More Basic Materials stocks
Top peers in the same sector — ranked by market cap.
Where can I buy voestalpine?
Compare top-rated brokers — low fees, trusted providers, fully regulated.
📊 Prefer a fund over a single stock? Compare ETFs:
Live Market Data
Real-time chart, financials, earnings, analysts, insider trades, events & news