Märkte & Kurse

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Original-Research: HORNBACH Holding AG & Co. KGaA - from Quirin Privatbank
Kapitalmarktgeschäft

20.05.2026 / 16:14 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 HORNBACH Holding
AG & Co. KGaA

     Company Name:               HORNBACH Holding AG & Co. KGaA
     ISIN:                       DE0006083405

     Reason for the research:    update
     Recommendation:             Buy
     from:                       20.05.2026
     Target price:               110.00
     Last rating change:
     Analyst:                    Ralf Marinoni

Still No.1 in sales productivity

HORNBACH Group delivered a solid set of figures for the past business year.
However, beyond mere financial metrics, two things stand out for the
company: 1) HORNBACH was again able to increase market share in Germany and
across Europe. And 2) the company achieved again the highest sales
productivity among its German competitors as in the past. The outlook for
the current fiscal year includes capital expenditures that significantly
exceed the level of the previous fiscal year (EUR 220m). This underscores:
HORNBACH will continue to grow profitably; a key focus is expansion in other
European countries, where higher margins can be achieved. We therefore
confirm our Buy recommendation and the EUR 110 TP.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d16e3273fcf3b8330f17444ac40aa1ea
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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2330876 20.05.2026 CET/CEST

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