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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 EQ

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 previou

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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