Original-Research: Bechtle AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: Bechtle AG - from Quirin Privatbank Kapitalmarktgeschäft
21.11.2025 / 17:05 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Bechtle AG
Company Name: Bechtle AG
ISIN: DE0005158703
Reason for the research: Update
Recommendation: Buy
from: 21.11.2025
Target price: 45.50
Last rating change:
Analyst: Sebastian Droste
International strength, domestic drag
On 14 November 2025, Bechtle released its Q3 results and confirmed its
guidance for 2025. Revenue growth was stable (+5.1% yoy) and in line with
our expectation, supported by strong international performance, particularly
in Benelux, Spain and the UK. However, Germany remained weak and IT System
House & Managed Services declined, while IT E-commerce was the main growth
driver. The EBT margin slightly declined from 5.2% to 5.1%, in line with our
estimate, as cost discipline helped but higher depreciation from
acquisitions weighed on profitability.
Management reiterated the need for a strong Q4 to meet EBT targets and
pointed to early positive signs from October. The guidance from March
remains unchanged, implying modest business volume growth and an EBT range
of -5% yoy to +5% yoy. International demand and structural IT trends support
the investment case, although domestic market weakness and macro uncertainty
remain key risks. We decrease our target price to EUR 45.50 (previously EUR
57) and confirm our Buy recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=767f7e65aaafba508d478bc79741712d
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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2234470 21.11.2025 CET/CEST
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