Original-Research: Villeroy & Boch (von Quirin Privatbank Kapitalmarktgeschäft): Buy
|
Original-Research: Villeroy & Boch - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Villeroy & Boch
H1-25 development: no major surprise In the H1-25 period, Villeroy & Boch's sales grew by 12.1% to EUR 725.8m as a result of acquisitions. At EUR 47.8m, the operating EBIT was up +3.2% on the previous year. However, due to reduced non-operating effects, the reported EBIT significantly improved to EUR 38.5m, more than doubling the EUR 14.4m reported in H1-24. After accounting for income taxes of EUR 9.6m (compared to EUR 1.7m in the first half of 2024), the company achieved a net income of EUR 13.8m, substantially higher than the EUR 3.8m earned in the first half of 2024. Sale of two brands: Villeroy & Boch announced on July 11, 2025 that it had sold the Gustavsberg and Vatette brands. In 2024, net sales of the Gustavsberg and Vatette brands amounted to EUR 93m. The transaction is expected to be completed during the third quarter of 2025. The parties have agreed not to disclose the purchase price. In our opinion, the margin of the two subsidiaries was below group level; the divestment is therefore a sensible measure to achieve the medium-term EBIT margin target of around 10%. According to our estimates, the sale should lead to a slight decline in group revenues in FY 2026. FY 2025 guidance: Due to the agreement reached on July 11, 2025 on the sale of the Northern European business of the Gustavsberg and Vatette brands to the Finnish sanitary fittings manufacturer Oras Group and in light of the current environment and the associated uncertainties in the markets, the Management Board of Villeroy & Boch AG is adjusting its forecast for FY 2025 and expects consolidated revenue to increase by a low to mid-single-digit percentage in the current financial year and operating EBIT to remain at the previous year's level. The previous forecast was an increase in consolidated revenue in the high single-digit percentage range and a moderate increase in operating EBIT. However, this adjustment is marginal and hardly surprising, which is why we confirm our Buy recommendation and the price target of EUR 34.50. You can download the research here: VILLEROY20250804 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/
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
2179004 04.08.2025 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 | 833,30 | 800,90 | 945,00 | 994,50 | 901,90 | 1.421,00 | 1.478,00 | |
| EBITDA1,2 | 92,70 | 86,20 | 130,80 | 138,20 | 129,20 | 112,30 | 114,00 | |
| EBITDA-Margin3 | 11,12 | 10,76 | 13,84 | 13,90 | 14,33 | 7,90 | 7,71 | |
| EBIT1,4 | 51,00 | 40,70 | 90,50 | 96,80 | 89,00 | 38,60 | 39,50 | |
| EBIT-Margin5 | 6,12 | 5,08 | 9,58 | 9,73 | 9,87 | 2,72 | 2,67 | |
| Net Profit (Loss)1 | 80,40 | 22,90 | 60,50 | 71,50 | 61,00 | 6,60 | 7,50 | |
| Net-Margin6 | 9,65 | 2,86 | 6,40 | 7,19 | 6,76 | 0,46 | 0,51 | |
| Cashflow1,7 | 46,30 | 136,50 | 73,80 | 54,10 | 67,60 | 58,40 | 62,00 | |
| Earnings per share8 | 3,06 | 0,88 | 2,30 | 2,72 | 2,31 | 0,25 | 0,27 | |
| Dividend per share8 | 0,55 | 0,55 | 1,00 | 1,20 | 1,05 | 0,90 | 0,90 | |
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 | ||||||
| ©boersengefluester.de | ||||||
| Villeroy & Boch VZ | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 765723 | DE0007657231 | AG | 449,43 Mio € | 08.06.1990 | Halten | 8FX8FHVV+JJ |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 20,00 | 10,63 | 1,88 | 10,38 | 1,40 | 7,70 | 0,32 |
|
Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,05 | 0,90 | 0,90 | 5,63% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 08.05.2026 | 29.04.2025 | 31.07.2025 | 24.10.2024 | 19.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -0,67% | -4,60% | +5,96% | +6,67% | -46,04% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
