Quirin Privatbank Kapitalmarktgeschäft: Villeroy & Boch AG | Rating: Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Villeroy & Boch AG

Company Name:	Villeroy & Boch AG
ISIN:	DE0007657231
Reason for the research:	Update
Recommendation:	Buy
from:	19.05.2025
Target price:	34.50
Last rating change:
Analyst:	Ralf Marinoni

Q1-25 figures reflect Ideal Standard integration

In the first quarter of FY 2025, V&B achieved consolidated sales of EUR 369.1m, which—due to acquisitions—was EUR 92.0m or 33.2% higher than the previous year's figure (EUR 277.1m). It should be noted that the previous year's quarter did not include revenue contributions from the acquired companies of Ideal Standard, which have only been included since March 1, 2024.
Tailwind also in incoming orders: V&B’s order intake in Q1-25 led to an increase in the order backlog of EUR 23.1m to EUR 195.1m compared to December 31, 2024. The order backlog in the Bad & Wellness business segment amounted to EUR 156.2m, compared to EUR 150.5m as of December 31, 2024. The order backlog in the Dining & Lifestyle business segment was EUR 38.9m (December 31, 2024: EUR 21.5m) and increased due to orders already placed by its business customers for Christmas merchandise.
Overall, the company was able to improve its operating EBIT by 4.3% yoy to EUR 24.1m. The operating EBITDA increased even more by 20.0% yoy to EUR 42.6m. Its liquidity amounts to a very solid EUR 74.8m position.
As a result, the company continues to forecast an increase in consolidated revenue in the high single-digit percentage range and a moderate increase in operating EBIT for the 2025 financial year. We leave our estimates unchanged and confirm the EUR 34.50 TP and BUY recommendation.
 

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Quirin Privatbank AG
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research@quirinprivatbank.de
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