Märkte & Kurse

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Original-Research: MBB SE - from Quirin Privatbank Kapitalmarktgeschäft

14.05.2025 / 11:41 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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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