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
The next increase of FY 2025 guidance According to preliminary figures, MBB achieved an adjusted EBITDA of EUR 67.4m in the third quarter of 2025, exceeding the previous year's figure of EUR 37.4m by 80%. Revenue rose by 6.5% to EUR 316.8m in the same period. The adjusted EBITDA margin increased significantly by 8.7 percentage points to ~ 21.2%. The main reasons of this development were once again the strong operating performance at Friedrich Vorwerk and DTS. In the first nine months of FY 2025, MBB’s adjusted EBITDA grew by 54% yoy to EUR 143.7m, outpacing revenue development, which rose by 12.8% to EUR 862.3m. The adjusted EBITDA margin thus reached 16.7%. In addition, MBB's net liquidity at the end of the third quarter was EUR 526.9m (31 December 2024: EUR 553.9m), of which EUR 317.6m was attributable to the holding company MBB SE (31 December 2024: EUR 280.8m). Following this strong performance, MBB is raising its forecast to revenue of EUR 1.1bn to EUR 1.2bn (previously: EUR 1.0bn to EUR 1.1bn) with an adjusted EBITDA margin of between 15 and 17% (previously: 11 to 14%). As a result, we have increased our estimates and confirm our Buy recommendation with a new EUR 285.90 TP, based on a sum-of-the-parts approach. You can download the research here: MBB20251021kurz 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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2216988 22.10.2025 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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