4 models fit Knorr-Bremse AG and they disagree: 1 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze42
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionKnorr-Bremse AG (KBX.DE)
Fair value (4 models)
€57.97
ACCE price target
€103
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €95.80 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
65.3% above
-39.5% to fair value
ACCE score
60
out of 100
P/E
26.3x
forward 17.7x
1-year return
+19.8%
Dividend yield
1.92%
Knorr-Bremse AG in four questions
Plain answers, details below
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Overview
ACCE thesis
Knorr-Bremse makes braking systems, air supply and door systems for rail vehicles and commercial trucks, and it is the market leader in rail brakes, a business where switching costs and safety certification keep incumbents entrenched. Revenue growth of 7.0% and a 13.5% operating margin reflect that position, with a 53.3% gross margin and a 19.8% return on equity showing the franchise converts into real profit. The near-term driver is the rail and truck replacement cycle, which supports order books across both segments as operators renew aging fleets. At 17.8 times forward earnings against 26.4 times trailing, the market is pricing in a meaningful step-up in earnings, which makes the forecast delivery the key thing to test before going further.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Elevated valuation multiples
P/E of 27.2 and EV/EBITDA of 13.3 sit well above the forward P/E of 20.0, so the stock prices in earnings growth that has not yet come through. Price is €95.80.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 7.0% year over year, ahead of the 4.9% average annual growth over the past five years.
The company generated EUR 831M of free cash flow over the last twelve months, a 5.2% yield at today's price.
Analysts' mean price target of EUR 119.27 sits 21.3% above the current share price of €95.80.
Why it could disappoint
The latest quarter missed earnings expectations, with EPS of 1.07 against 1.20 expected, a 10.8% shortfall.
Return on invested capital of 7.1% is weak next to a return on equity of 19.8%, suggesting leverage flatters the equity figure.
The diluted share count rose 7.3% last fiscal year, diluting existing shareholders' stake in future earnings and cash flow.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 29, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where KBX.DE's valuation models land
Price
€95.80
Model fair value
€57.97
Model range
€36.49 to €83.09
Fair value €57.97
Price €95.80
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Analysts
Wall Street consensus
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