Original-Research: MBB SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: MBB SE - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to MBB SE
Strong start into FY 2025 MBB showed strong Q1-25 results by having increased sales by 27% yoy to EUR 260.0m and EBITDA by 32% to EUR 29.9m. Its subsidiary Friedrich Vorwerk once again was the locomotive for the group and realized a high double-digit sales increase and almost tripled its EBITDA. In addition, this subsidiary announced to have won another engineering contract for a 43 km long section of the SuedLink electricity highway as part of a joint venture with a total award volume of several hundred EUR million. Despite a seasonal increase in working capital and further share buybacks, MBB's net liquidity at the end of the quarter amounted to EUR 466.6m, of which EUR 262.2 million were attributable to the holding company MBB SE. Following the overall positive development in the first quarter, MBB continues to expect consolidated revenues of EUR 1.0 to EUR 1.1bn with an adjusted EBITDA margin of between 11% and 14% in FY 2025. Based on a sum-of-the-parts approach we confirm our EUR 200 TP and our Buy recommendation. You can download the research here: http://www.more-ir.de/d/32604.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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2137510 14.05.2025 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 | 592,06 | 689,24 | 680,33 | 896,45 | 954,62 | 1.068,38 | 1.170,00 | |
| EBITDA1,2 | 80,97 | 85,73 | 55,90 | 87,98 | 78,19 | 149,05 | 152,00 | |
| EBITDA-Margin3 | 13,68 | 12,44 | 8,22 | 9,81 | 8,19 | 13,95 | 12,99 | |
| EBIT1,4 | 54,39 | 56,16 | 19,00 | 44,57 | 33,92 | 99,04 | 140,00 | |
| EBIT-Margin5 | 9,19 | 8,15 | 2,79 | 4,97 | 3,55 | 9,27 | 11,97 | |
| Net Profit (Loss)1 | 34,60 | 10,72 | -11,57 | 24,15 | 24,25 | 66,73 | 86,00 | |
| Net-Margin6 | 5,84 | 1,56 | -1,70 | 2,69 | 2,54 | 6,25 | 7,35 | |
| Cashflow1,7 | 69,23 | 56,00 | 59,12 | 35,37 | 126,36 | 194,19 | 160,00 | |
| Earnings per share8 | 4,44 | 2,14 | -1,61 | 2,00 | 2,10 | 6,93 | 8,50 | |
| Dividend per share8 | 0,70 | 1,76 | 1,98 | 1,00 | 1,01 | 3,33 | 1,50 | |
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: Nexia
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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| MBB | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A0ETBQ | DE000A0ETBQ4 | SE | 969,81 Mio € | 23.06.2008 | Kaufen | 9F4MG83J+2H |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 21,49 | 29,27 | 0,73 | 66,54 | 1,78 | 4,99 | 0,91 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 1,01 | 3,33 | 1,50 | 0,81% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 17.06.2025 | 13.05.2025 | 14.08.2025 | 13.11.2025 | 31.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -0,49% | +13,13% | +86,39% | +85,46% | +1.860,00% |
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