Fuchs: Conservative 2031 Growth Plan and Strong Cash Returns Support Buy Rating

Constantin Hesse, an analyst from Jefferies, maintained the Buy rating on Fuchs Petrolub. The associated price target is €46.00.

Constantin Hesse has given his Buy rating due to a combination of factors that point to solid, realistic growth and attractive shareholder returns. The new FUCHS100 plan sets 2031 targets for revenue and EBIT that translate into steady mid‑single‑digit compound growth, while assuming stable FX, input costs, and pricing, which makes the plan credible rather than overly aggressive.

Although the guidance may appear modest versus prior ambitions, it essentially matches Jefferies’ own projections and is consistent with Fuchs’ historically conservative communication style. Importantly, management confirms its commitment to annual dividend increases and strong cash conversion, which underpins a supportive total‑return profile and justifies maintaining a positive stance on the shares.