$4X0 (+7.17%)
$MUX (+3.1%)

Mutares seems to have floated Steyr at exactly the right time. I really like the strategy of taking subsidiaries public.

The Mutares package is now worth a good 120 million, which is about 20% of Mutares' market capitalization.

The whole portfolio is falling. All the way? No, a small intruder is successfully resisting: $4X0 (+7.17%)

Special motors are always booming, despite or because of the electric boom

Steyr Motors $4X0 (+7.17%) is expanding its presence in Asia with the opening of a new office in Jakarta, Indonesia. At the same time, the company, which is also majority-owned by the listed Mutares Group $MUX (+3.1%) announced a secondary listing of its shares in the direct market plus segment of the Vienna Stock Exchange. The listing is scheduled to take place on February 10, 2025, according to the report.

According to Steyr, the opening of the new site in Jakarta is part of its strategic expansion in the region. In this context, Steyr Motors has signed agreements with two new dealers to strengthen the distribution of its engine technology in Indonesia and improve service availability. "It is another important step to expand our distribution network throughout the ASEAN region," said Julian Cassutti, CEO of Steyr Motors.

In parallel, the company is preparing for its secondary listing on the Vienna Stock Exchange. Steyr Motors' shares are already listed in Germany, the secondary listing is intended to increase awareness in Austria and provide additional access to investors. Hauck Aufhäuser Lampe Privatbank AG is accompanying this step as capital market coach and market maker.

"We already fulfill the necessary transparency obligations through our listing in the Scale segment of Deutsche Börse, so the secondary listing in Vienna does not involve any significant additional effort," says Cassutti.

Steyr Motors AG $4X0 (+7.17%)an investment company from the Mutares portfolio $MUX (+3.1%) and listed on the stock exchange since the end of October, can score points today with an "exclusive supply agreement".

Even if the share price has tended to move sideways since the listing, such news may well form the basis for future price surprises.

PALFINGER $PAL (-2.67%) has secured the supply of engines from the Steyr portfolio as part of a two-year supply agreement. For Steyr Motors, this is proof of its "leading position" in the field of maritime propulsion solutions. Or in the words of the CEO of Steyr Motors AG, Julian Cassutti: "The cooperation with PALFINGER underpins our commitment and our leading market position for innovative and reliable propulsion solutions. The partnership with PALFINGER enables us to further expand our service network and at the same time increase the competitiveness of our partners in the global maritime market."

What is the Steyer Palfinger contract about?

PALFINGER's marine business includes cranes, winches, lifting and handling solutions, slipway systems, boats, davits and fenders, providing solutions for all major maritime segments, including offshore, oil and gas, trade and transport, cruise and passenger vessels, governmental organizations, wind and aquaculture. PALFINGER also has its own service centers worldwide. An important aspect of the partnership is the close cooperation between the two companies, particularly in the area of the service network.

Steyer Motors can do more than just "defensive"

The contract covers the supply of engines that will be used in various applications in PALFINGER's maritime product range, such as fast rescue boats and free-fall lifeboats. Steyr Motors stands for the development and production of special high-performance engines with high power density and durability. And this is of course a particularly good fit for the currently booming main target market: the company's engines are mainly used in special defense vehicles, boats (both defense and civilian) and as auxiliary power units ("APU") for battle tanks and locomotives. And sales of EUR 41 to 45 million and adjusted EBIT of between EUR 9 and 11 million are expected for 2024 as a whole.

This would put Steyr well on the way to laying a strong foundation for the 2025 targets. This is because Steyr Motors is aiming for year-on-year sales growth of over 40% in 2025. In addition, an adjusted EBIT margin of over 20% and a production volume of more than 1,250 units. As already mentioned, Steyr operates in a booming market and meets the high quality and durability requirements of defense customers.

New major order for Mutares subsidiary
$MUX (+3.1%)

Recently listed on the stock exchange, the Austrian company Steyr Motors AG
$4X0 (+7.17%) has received a major order from Amphibious Marine to build engines for the commercial hovercraft Explorer 24.

The vehicle, which was developed for tourism, rescue operations and leisure, is used worldwide and a well-known customer is e.g. SpaceX.

"The vehicle is typically used by tourism companies, search and rescue services, government agencies and private users," says Steyr Motors.