Original-Research: Mister Spex SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: Mister Spex SE - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Mister Spex SE
Q2-25: Gross margin increase of 504 basis points to 53.7% Mister Spex significantly increased its profitability in Q2-25. Despite a sales decline of 22% yoy to EUR 53m due to fewer discount campaigns in the online business and the resulting lower demand in the sunglasses segment; the more profitable product mix increased the gross margin by 504 basis points to 53.7%. The decline in sales reflects a deliberate strategic prioritization of profitability and cost efficiency over volume-driven growth. The main drivers of improved profitability were a consistent pricing policy, strict cost control, and an improved product mix with prescription eyewear accounting for 38% of sales, compared to 32% in the same quarter of the previous year, particularly due to the growing business with the high-margin premium private label “SpexPro.” As a result, EBIT improved by EUR 3m to EUR -4.3m. This development underlines the progress made by the “SpexFocus” transformation program, which was launched in August 2024 to sustainably increase the company's profitability. The company confirmed its FY 2025 guidance. Mister Spex has started initiatives that clearly focus on sustainable growth and profitability; we therefore confirm our Buy recommendation and the EUR 5.00 TP. You can download the research here: MISTER_SPEX_20250828k 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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2190748 29.08.2025 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 | 139,28 | 164,20 | 194,25 | 210,07 | 223,53 | 216,75 | 185,00 | |
| EBITDA1,2 | 3,29 | 5,81 | -8,24 | -11,97 | -4,69 | -24,72 | 17,00 | |
| EBITDA-Margin3 | 2,36 | 3,54 | -4,24 | -5,70 | -2,10 | -11,41 | 9,19 | |
| EBIT1,4 | -4,99 | -5,12 | -23,45 | -41,82 | -47,72 | -85,16 | -23,50 | |
| EBIT-Margin5 | -3,58 | -3,12 | -12,07 | -19,91 | -21,35 | -39,29 | -12,70 | |
| Net Profit (Loss)1 | -9,31 | -10,26 | -31,52 | -44,93 | -47,88 | -84,86 | -26,00 | |
| Net-Margin6 | -6,68 | -6,25 | -16,23 | -21,39 | -21,42 | -39,15 | -14,05 | |
| Cashflow1,7 | 1,16 | -1,55 | -27,82 | -20,84 | 6,04 | -16,30 | -11,00 | |
| Earnings per share8 | -0,27 | -0,30 | -1,11 | -1,33 | -1,45 | -2,56 | -0,63 | |
| 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: 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 | ||||||
| Mister Spex | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3CSAE | DE000A3CSAE2 | SE | 44,69 Mio € | 02.07.2021 | Halten | 9F4MGFG5+47 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -6,71 | 0,00 | 0,00 | -1,46 | 0,78 | -2,74 | 0,21 |
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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 |
| 05.06.2025 | 08.05.2025 | 28.08.2025 | 13.11.2025 | 26.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -15,11% | -18,74% | -18,53% | -24,33% | -94,90% |
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