Original-Research: FamiCord AG (von Montega AG): Buy
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Original-Research: FamiCord AG - from Montega AG
Classification of Montega AG to FamiCord AG
Preliminary 2025 figures in line with expectations – muted 2026 outlook amid macroeconomic uncertainty FamiCord reported preliminary figures for the full year 2025, which overall came in line with our expectations. However, the outlook is somewhat below our initial projections due to the overall macroeconomic environment and inflationary headwinds weighing on consumer sentiment, leading us to lower our estimates and price target. Overall, we continue to believe that the current valuation does not adequately reflect the cash flow strength of the business model, and that the company retains significant margin expansion potential beyond current levels. [Table] Sales for the full year came in at EUR 88.2m, slightly above our estimates and approximately 7% above last year’s figures. EBITDA slightly exceeded guidance and reached EUR 10.5m, reflecting an overproportional increase of approximately 20% year-on-year. However, when assessing the yoy comparison, it should be considered that the 2025 figures do not reflect discontinued CAR-T activities, which had burdened the 2024 base by approximately EUR 1.5m. Outlook 2026: In the company statement on the preliminary figures, management states that structural and cyclical headwinds are intensifying, driven by persistently low birth rates, weaker new customer momentum in Q1 2026 and elevated geopolitical uncertainty (Ukraine, post-US election policy shifts, Iran). This is feeding through into deteriorating consumer sentiment and limited demand visibility, with rising European energy prices representing an additional downside risk. These dynamics are impacting purchasing power via inflation and energy costs, increasing volatility and reinforcing a more defensive consumer spending pattern. Consequently, management has adopted a very cautious stance and is guiding for FY 2026 revenue of EUR 80–90m and EBITDA of EUR 9.0–11.0m, implying constrained growth and slight margin pressure. Overall, the new outlook is considerably below our initial projections for the year, which had been supported by improving momentum in Eastern European markets in previous quarters, partly driven by the introduction of placenta banking and its planned rollout across additional European markets during the year. Change in estimates: We have lowered both sales and earnings projections for the current and the following year to reflect the macroeconomic headwinds embedded in the company’s updated outlook. Conclusion: The outlook for 2026 is somewhat disappointing and comes at a time when operational momentum had only recently begun to improve. However, we view these headwinds as largely temporary and continue to see the cash flow potential of the business model as not adequately reflected in the recent share price weakness. We therefore reiterate our Buy recommendation with a revised price target of EUR 6.50 (prior: EUR 7.50). +++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS / HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++ Über Montega: Die Montega AG ist eine innovative Investment-Banking-Boutique mit klarem Fokus auf den Mittelstand und agiert als Plattformanbieter für den Austausch zwischen börsennotierten Unternehmen und institutionellen Investoren. Montega erstellt hochwertiges Equity Research, veranstaltet vielfältige Kapitalmarktevents im In- und Ausland und bietet eine umfassende Unterstützung bei Eigen- und Fremdkapitalfinanzierungen. Die Mission: Emittenten und Investoren zusammenbringen und für Transparenz im Börsenumfeld sorgen. Dabei konzentriert sich Montega auf jene Marktteilnehmer, deren Sprache die Mittelstandsexperten am besten beherrschen: Small- und MidCaps auf der einen sowie Vermögensverwalter, Family Offices und Investment-Boutiquen mit einem Anlagefokus im Nebenwertebereich auf der anderen Seite. You can download the research here: Factsheet Contact for questions: Montega AG - Equity Research Tel.: +49 (0)40 41111 37-80 Web: www.montega.de E-Mail: info@montega.de LinkedIn: https://www.linkedin.com/company/montega-ag
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2310514 17.04.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 20,07 | 28,42 | 68,94 | 77,06 | 82,18 | 88,20 | 87,00 | |
| EBITDA1,2 | 5,34 | 0,81 | -3,56 | 5,57 | 8,82 | 10,50 | 10,00 | |
| EBITDA-Margin3 | 26,61 | 2,85 | -5,16 | 7,23 | 10,73 | 11,91 | 11,49 | |
| EBIT1,4 | 2,38 | -3,07 | -27,28 | -3,12 | -9,26 | 0,60 | 0,00 | |
| EBIT-Margin5 | 11,86 | -10,80 | -39,57 | -4,05 | -11,27 | 0,68 | 0,00 | |
| Net Profit (Loss)1 | 1,50 | -3,93 | -27,38 | -2,03 | -12,30 | 0,20 | 0,00 | |
| Net-Margin6 | 7,47 | -13,83 | -39,72 | -2,63 | -14,97 | 0,23 | 0,00 | |
| Cashflow1,7 | 3,98 | 2,73 | -4,49 | 9,15 | 8,66 | 8,80 | 0,00 | |
| Earnings per share8 | 0,37 | -0,63 | -1,71 | -0,12 | -0,70 | 0,07 | 0,06 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
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: PricewaterhouseCoopers
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 | ||||||
| FamiCord | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0BL84 | DE000A0BL849 | AG | 80,79 Mio € | 27.03.2007 | Halten | 9F3J899W+WV |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 45,80 | 33,92 | 1,35 | -19,49 | 6,59 | 9,33 | 0,92 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2026 | 29.05.2026 | 28.08.2026 | 21.11.2025 | 30.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -8,98% | -16,61% | -23,67% | +11,17% | -69,47% |
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