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Original-Research: Bechtle AG - from Quirin Privatbank Kapitalmarktgeschäft

21.11.2025 / 17:05 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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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 it

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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