Märkte & Kurse

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Original-Research: Villeroy & Boch AG - from Quirin Privatbank
Kapitalmarktgeschäft

19.05.2025 / 10:38 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 Villeroy & Boch
AG

     Company Name:               Villeroy & Boch AG
     ISIN:                       DE0007657231

     Reason for the research:    Update
     Recommendation:             Buy
     from:                       19.05.2025
     Target price:               34.50
     Last rating change:
     Analyst:                    Ralf Marinoni

Q1-25 figures reflect Ideal Standard integration

In the first quarter of FY 2025, V&B achieved consolidated sales of EUR
369.1m, which-due to acquisitions-was EUR 92.0m or 33.2% higher than the
previous year's figure (EUR 277.1m). It should be noted that the previous
year's quarter did not include revenue contributions from the acquired
companies of Ideal Standard, which have only been included since March 1,
2024.
Tailwind also in incoming orders: V&B's order intake in Q1-25 led to an
increase in the order backlog of EUR 23.1m to EUR 195.1m compared to
December 31, 2024. The order backlog in the Bad & Wellness business segment
amounted to EUR 156.2m, compared to EUR 150.5m as of December 31, 2024. The
order backlog in the Dining & Lifestyle business segment was EUR 38.9m
(December 31, 2024: EUR 21.5m) and increased due to orders already placed by
its business customers for Christmas merchandise.
Overall, the company was able to improve its operating EBIT by 4.3% yoy to
EUR 24.1m. The operating EBITDA increased even more by 20.0% yoy to EUR
42.6m. Its liquidity amounts to a very solid EUR 74.8m position.
As a result, the company continues to forecast an increase in consolidated
revenue in the high single-digit percentage range and a moderate increase in
operating EBIT for the 2025 financial year. We leave our estimates unchanged
and confirm the EUR 34.50 TP and BUY recommendation.


You can download the research here: http://www.more-ir.de/d/32654.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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2140604 19.05.2025 CET/CEST

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