Original-Research: HORNBACH HOLDING AG & Co KGaA (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: HORNBACH HOLDING AG & Co KGaA - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to HORNBACH HOLDING AG & Co KGaA
Q2-25/26 very solid development; full year guidance confirmed HORNBACH continued its profitable growth path: Q2-25/26 sales rose by 3.0% yoy to EUR 1,689.9m, mainly on the back of continued higher customer frequency, and despite 2 fewer business days compared to Q2 last year. Its half-year 2025/26 net sales were up by 4.4% yoy at EUR 3,599.1m based on a successful spring season in its first quarter. The adjusted EBIT in Q2 came in at EUR 110.5m (-7.2% yoy). This was primarily driven by inflation-related salary adjustments and a slightly higher headcount due to upcoming store openings; therefore, development was as expected. The group’s half-year adjusted EBIT increased by 2.5% to EUR 272.2m, in line with guidance, which remains unchanged: HORNBACH confirms the guidance given on May 21, 2025. The group continues to expect net sales in the financial year 2025/26 at or slightly above (i.e. -2% to +6%) the previous year’s level (EUR 6,200m) and adjusted EBIT at the level (i.e. -5% to +5%) of the 2024/25 financial year (EUR 269.5m). Given the good earnings performance in the first half 2025/26, an adjusted EBIT in the upper half of the projected range currently appears likely. Its development in Q2/H1 was in line with expectations, we therefore confirm our Buy recommendation and the EUR 110 TP. You can download the research here: HORNBACH20250930 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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2206172 30.09.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 4.729,22 | 5.456,18 | 5.874,96 | 6.263,13 | 6.160,89 | 6.199,99 | 6.240,00 | |
| EBITDA1,2 | 419,80 | 516,30 | 564,90 | 505,40 | 473,80 | 489,80 | 492,00 | |
| EBITDA-Margin3 | 8,88 | 9,46 | 9,62 | 8,07 | 7,69 | 7,90 | 7,89 | |
| EBIT1,4 | 213,80 | 311,89 | 354,97 | 258,50 | 225,77 | 252,68 | 256,00 | |
| EBIT-Margin5 | 4,52 | 5,72 | 6,04 | 4,13 | 3,67 | 4,08 | 4,10 | |
| Net Profit (Loss)1 | 123,34 | 201,44 | 244,51 | 167,83 | 131,68 | 147,17 | 149,50 | |
| Net-Margin6 | 2,61 | 3,69 | 4,16 | 2,68 | 2,14 | 2,37 | 2,40 | |
| Cashflow1,7 | 324,45 | 346,50 | 344,95 | 425,45 | 454,91 | 318,42 | 385,00 | |
| Earnings per share8 | 6,56 | 10,33 | 12,48 | 9,83 | 7,83 | 8,80 | 9,00 | |
| Dividend per share8 | 1,50 | 2,00 | 2,40 | 2,40 | 2,40 | 2,40 | 2,40 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Deloitte
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| Hornbach Holding | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 608340 | DE0006083405 | AG & Co. KGaA | 1.417,60 Mio € | 03.07.1987 | Kaufen | 8FXC85R8+4G |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 9,23 | 10,00 | 0,92 | 11,24 | 0,74 | 4,45 | 0,23 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 2,40 | 2,40 | 2,40 | 2,71% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 11.07.2025 | 24.06.2025 | 30.09.2025 | 22.12.2025 | 21.05.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -2,80% | -6,23% | +22,18% | +8,83% | +891,06% |
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