Reviewed listing: XETR:AAG · Analysis dated Nov 04, 2026
How does the company make money?
Aumann builds machines and production lines that automakers use to manufacture, among other things, electric motors and battery systems. The company also sells automation equipment for areas such as clean technologies, aviation, and life sciences.
What supports the business?
In the first half of 2026, new orders in the automation business outside electric mobility rose by 72.1 percent to 37.7 million euros. This is a concrete strength, even though the other business figures fell significantly.
What could improve?
If Aumann turns the sharply increased orders in its other automation business into delivered equipment and earnings, that business could partly offset weakness in the automotive business. This is a possibility, not a recovery in the overall business that has already been achieved.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 14.00 euros per share, the price seems reasonable but not clearly cheap: even after cautious deductions for the buyback and dividend, substantial cash reserves remain by calculation, while profit has recently fallen sharply. The calculation depends on the cash position not having deteriorated significantly since the last report.
What is the main risk?
In the automotive business, new orders plunged by 59.4 percent in the first half; at the same time, the total order backlog was 29 percent smaller than a year earlier. This could weigh on future revenue and profits.
What is the overall assessment?
Aumann is profitable and, after the known share buyback and dividend payments, still has substantial net cash by calculation. At the specified share price, the valuation looks conditionally positive: growth in the automation business outside the automotive sector and the resulting limited value assigned to the business support that view, but the sharp declines in revenue, profit, and orders remain significant counterpoints. The next quarterly update is scheduled for November 12, 2026.
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