olivLaw · European equity research
AMAG Austria Metall AG AMAG.VI
Austria · Wiener Börse · ISIN AT00000AMAG3 · Vertical: Listed companies from Austria
AMAG Austria Metall AG produces primary aluminium, casting alloys and rolled aluminium products, with a strong focus on recycling and secondary raw materials. Amid a difficult European market and uncertain tariffs, the company's diversified structure is presented as an advantage.
At the close of 05 Nov 2026, AMAG Austria Metall AG (AMAG.VI) stock was 32.10 EUR (−0.62% on the day), with market capitalisation 1.1 bn EUR, P/E 33.4 on diluted EPS of 0.96 EUR over the last 12 months, dividend yield 3.74%, beta 0.20, 52-week range 23.60–33.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.7
- strong (55–70)
- Bollinger (20, 2)
- 27.45 – 33.64
- in the upper half of the band · %B 0.75 · band width 20.3%
- SMA 50 / 200
- 28.75 / 27.52
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.03 / 0.96
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.1% | +0.4% | +14.7 pp | — |
| 3 months | +14.6% | −3.3% | +17.9 pp | — |
| 6 months | +13.4% | +4.0% | +9.5 pp | — |
| Year to date | +33.2% | +8.1% | +25.1 pp | — |
| 1 year | +32.1% | +10.7% | +21.4 pp | +5.3% |
| 3 years | +15.5% | +50.1% | −34.6 pp | +3.6% |
| 5 years | −18.7% | +43.6% | −62.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 14.2, median 19.5, max 25.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.5 bn | 1.4 bn | 1.5 bn |
| Revenue YoY | unavailable | −0.7% | +2.1% |
| Net income | 66.4 m | 43.2 m | 34.0 m |
| Net income YoY | unavailable | −34.9% | −21.3% |
| Diluted EPS | 1.88 | 1.23 | 0.96 |
| Diluted EPS YoY | unavailable | −34.6% | −22.0% |
| net % | 4.5% | 3.0% | 2.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 276.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 717.1 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 3.55x
- ROE
- 4.7%
- ROA
- 2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.5 bn | 1.4 bn | 1.5 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 1.2 bn | 1.2 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Gross profit | 241.6 m | 226.6 m | 215.5 m | esef· 07 Apr 2026verified |
| Research & development | 22.1 m | 25.2 m | 24.6 m | esef· 07 Apr 2026verified |
| Operating income | 102.4 m | 77.1 m | 56.9 m | esef· 07 Apr 2026verified |
| Pre-tax income | 90.2 m | 66.1 m | 43.4 m | esef· 07 Apr 2026verified |
| Net income | 66.4 m | 43.2 m | 34.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.88 | 1.23 | 0.96 | esef· 07 Apr 2026verified |
| Dividend per share | 1.50 | 1.50 | 1.20 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 168.9 m | 278.8 m | 276.5 m | esef· 07 Apr 2026verified |
| Receivables | 153.9 m | 192.7 m | 174.7 m | esef· 07 Apr 2026verified |
| Inventories | 433.1 m | 454.2 m | 412.3 m | esef· 07 Apr 2026verified |
| Current assets | 846.0 m | 996.9 m | 929.0 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 723.3 m | 713.7 m | 670.3 m | esef· 07 Apr 2026verified |
| Total assets | 1.6 bn | 1.8 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Current liabilities | 285.6 m | 420.3 m | 261.3 m | esef· 07 Apr 2026verified |
| Equity | 746.3 m | 740.9 m | 717.1 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 35.3 m | 35.1 m | 35.4 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 180.9 m | 119.0 m | 168.1 m | esef· 07 Apr 2026verified |
| Investing cash flow | -93.8 m | -87.2 m | -52.8 m | esef· 07 Apr 2026verified |
| Financing cash flow | -200.6 m | 72.3 m | -106.4 m | esef· 07 Apr 2026verified |
| Dividends paid | 52.9 m | 52.9 m | 42.3 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 10.99 – 22.25 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E10.99 – 19.28 (Mid 16.07)24 companies used · median multiple 16.7x · quartiles 11.4x – 20.1x1AST.VI, ACAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)16.32 – 22.25 (Mid 18.83)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.3% | 41 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 33.4x | 8 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.7% | 53 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial41/100 · 1/3 factors with a value
- Returns· partial53/100 · 1/2 factors with a value
- Valuation· partial8/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AMAG Austria Metall AG (AMAG.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.5 bn EUR in 2025; YoY growth 2.1%; net margin 2.3%; ROE 4.7%.
The estimated value range is 13.65–20.77 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 17.45 EUR, the price of 32.10 EUR leaves a potential of -45.6% (value / price − 1) and a margin of safety of -84.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.6x
What contradicts it
- P/E (TTM): 33.4x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for AMAG.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.51 Total return -40% · Per year -40% | 32.76 Total return 5% · Per year 5% | 49.40 Total return 58% · Per year 58% |
| 3 years | 17.09 Total return -40% · Per year -16% | 34.12 Total return 16% · Per year 5% | 56.61 Total return 88% · Per year 23% |
| 5 years | 15.78 Total return -40% · Per year -10% | 35.53 Total return 27% · Per year 5% | 64.87 Total return 123% · Per year 17% |
- Exit P/E± 8.53
- Net margin± 5.97
- Annual revenue growth± 5.02
- Annual dilution± 0.50
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AMAG Austria Metall AG produces primary aluminium, casting alloys and rolled aluminium products, with a strong focus on recycling and secondary raw materials. Amid a difficult European market and uncertain tariffs, the company's diversified structure is presented as an advantage.
SWOT
Strengths
- The company has an integrated production model with recycling and high scrap use, supporting quality and operational flexibility.
- Diversification across products, regions and customers reduces reliance on a single sector.
- The focus on premium products and sustainability could support positioning with industrial customers.
Weaknesses
- The Casting segment depends heavily on European car production, exposing the company to sector fluctuations.
- Price pressure in the second half of 2025 weakened the quality of financial results.
- Some environmental targets, such as waste reduction, were delayed compared with their goals.
Opportunities
- Forecast growth in demand for rolled aluminium, especially in transport and packaging, could support volumes.
- Demand for recycled and lower-carbon materials could create opportunities for AMAG products.
- Quickly capturing market opportunities could partly offset weaknesses in the car industry.
Threats
- Tariffs and trade uncertainty can change aluminium flows and cause demand fluctuations.
- Competition from outside Europe for recycled alloys could reduce margins.
- Volatile energy and scrap prices could affect production costs.
Risks
- Weak car demandhigh
If car production in Europe falls further than estimated, demand for casting alloys could stay below expectations.
- Price pressurehigh
Rising competition in and beyond Europe could force price cuts and reduce margins.
- Trade tariffsmedium
Tariff measures could disrupt aluminium flows and cause rapid demand swings across several sectors.
- Energy and scrap costsmedium
Higher energy or scrap prices could compress margins, especially in the Casting segment.
- Overcapacity in rollingmedium
If overcapacity in Western Europe persists, price pressure in the Rolling segment could remain high.
Investment thesis
What would need to be true (bull case)
- If demand for rolled products keeps growing, the Rolling segment could benefit from higher volumes and better diversification.
- The integrated model with high recycling could offer an advantage if customers increasingly demand sustainable materials.
- Stabilisation and efficiency measures applied in 2025 could continue to cushion the effects of price pressure.
What would break the thesis
- If European car production declines, the Casting segment could face weaker demand than expected.
- Competitive and price pressure could limit margin improvement even if volumes grow.
- Uncertainty around tariffs and energy prices could make precise earnings estimates difficult.
What to watch
- Development of volumes and margins in the Casting segment relative to European car production2026
- Impact of tariffs on aluminium imports and on prices2026
- Whether overcapacity in Western European rolling eases2026
- Progress on waste reduction and emission reduction targets2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AMAG is an integrated aluminium producer at Ranshofen, covering melting, casting and rolling. The group sells primary aluminium as well as alloys and semi-finished products for the automotive, packaging, construction and aerospace industries. According to the annual report, its products are fully recyclable and the company aims for a high scrap input rate in production 1.
Activities are split into two main segments: Casting, focused on recycled casting alloys for the automotive industry, and Rolling, which supplies sheets, plates and foils for packaging, transport, industry and construction. The company has no direct business-to-consumer relationships and sells semi-finished products and components to industrial customers 1.
The company positions itself as a premium producer, emphasising quality, operational flexibility and sustainability strategies, including a decarbonisation roadmap. The annual report states that diversification across products, regions and customers remains central to planning for 2026 1.
Segments
Casting
The Casting segment produces recycled casting alloys with a high scrap input rate. Demand is closely tied to European car production, and the annual report indicates demand for recycled alloys remains tight amid rising competition from outside Europe 1.
Rolling
The Rolling segment supplies rolled products for transport, packaging, construction, sports, architecture and aerospace. The company pursues broad diversification, and the annual report expects positive demand for rolled products in 2026, with overcapacity anticipated in Western Europe 1.
Market context
CRU forecasts cited in the annual report show global rolled aluminium demand growing to 2030 faster than primary aluminium demand. Transport and packaging are the sectors with the highest estimated growth, while Europe faces overcapacity in rolling 1.
The European market remains under pressure from the automotive industry and shifts in international trade. The report also notes that tariffs on aluminium imports into the US can influence trade flows and prices 1.
Trends
- Rising demand for rolled aluminiumtailwind
CRU forecasts point to growing global demand for rolled products to 2030, faster than for primary aluminium. This could support volumes in the Rolling segment if the trend holds.
- Pressure from the European car industryheadwind
Car production in Europe remains a source of uncertainty for the Casting segment. The annual report indicates a moderate decline in car production in Germany in 2026.
- Tariffs and international trademixed
Tariffs on aluminium imports into the US and other trade measures can change global flows and price pressure. The company notes that tariff uncertainty can cause demand fluctuations.
- Recycling and decarbonisationtailwind
Demand for recycled aluminium and for products with a lower carbon footprint is rising, and the company has set emission reduction goals. If customer demand for sustainable materials continues, the advantage of scrap-based production could grow.
Competitive position
The annual report mentions growing competition from outside Europe, especially in recycled alloys. Price pressure increased in the second half of 2025, affecting margin quality 1.
The company differentiates itself through diversification across products, regions and customers and through its focus on premium products. The report does not list individual competitors, so no specific competitors can be identified from official sources.
- Non-European competitors
The report mentions intensifying external competition for recycled alloys without naming companies.
- European rolling producers
The report points to overcapacity in Western Europe for rolling without naming competitors.
- Aluminium importers
Imports are affected by tariffs, which shifts competitive pressure in the European market.
- Automotive manufacturers and suppliers
Automotive customers influence demand and prices but are not direct competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AMAG Austria Metall AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.