Original-Research: MBB SE - from Quirin Privatbank Kapitalmarktgeschäft
14.05.2025 / 11:41 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to MBB SE
Company Name: MBB SE
ISIN: DE000A0ETBQ4
Reason for the research: Update
Recommendation: Buy
from: 14.05.2025
Target price: 200
Last rating change:
Analyst:
Strong start into FY 2025
MBB showed strong Q1-25 results by having increased sales by 27% yoy to EUR 260.0m and EBITDA by 32% to EUR 29.9m. Its subsidiary Friedrich Vorwerk once again was the locomotive for the group and realized a high double-digit sales increase and almost tripled its EBITDA. In addition, this subsidiary announced to have won another engineering contract for a 43 km long section of the SuedLink electricity highway as part of a joint venture with a total award volume of several hundred EUR million.
Despite a seasonal increase in working capital and further share buybacks, MBB's net liquidity at the end of the quarter amounted to EUR 466.6m, of which EUR 262.2 million were attributable to the holding company MBB SE. Following the overall positive development in the first quarter, MBB continues to expect consolidated revenues of EUR 1.0 to EUR 1.1bn with an adjusted EBITDA margin of between 11% and 14% in FY 2025. Based on a sum-of-the-parts approach we confirm our EUR 200 TP and our Buy recommendation.
You can download the research here: http://www.more-ir.de/d/32604.pdf For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/
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2137510 14.05.2025 CET/CEST
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