Buy
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Original-Research: Schloss Wachenheim AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Schloss Wachenheim AG
First Berlin Equity Research has published a research update on Schloss Wachenheim AG (ISIN: DE0007229007). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 22.00 price target. Abstract: After a volume decline in all segments in Q1 24/25, volume rose in all segments during the crucial Christmas quarter. The overall number of bottles sold grew 3.8%. Group sales, which rose 4.0% to €154.0m (FBe €159.4m; Q2 23/24: €148.1m), were 3.4% below our forecast. But EBIT of €21.6m (FBe €18.2m; Q2 23/24:€16.4m) jumped 31.5%, and was 18.5% above our forecast. EBIT was helped by lower energy costs and the dissolution of restructuring provisions in the France segment, and in the East Central Europe segment by changes in procurement costs as well as the appreciation of the Polish currency. Management now expects sales growth to come in at the lower end of the 5-7% guidance range given in the 2023/24 annual report, but guidance for EBIT and net profit before non-controlling interests stays at €31m-€33m and €20m-€22m respectively. We have made only small changes to our forecasts following the Q2 24/25 results, and we maintain our Buy recommendation and €22 price target. First Berlin Equity Research hat ein Research Update zu Schloss Wachenheim AG (ISIN: DE0007229007) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 22,00. Zusammenfassung: Nach Volumenrückgängen in allen Segmenten in Q1 24/25 stieg das Volumen im entscheidenden Weihnachtsquartal in allen Segmenten. Die Gesamtzahl der verkauften Flaschen stieg um 3,8 %. Der Konzernumsatz stieg um 4,0 % auf €154,0 Mio. (FBe: €159,4 Mio.; Q2 23/24: €148,1 Mio.) und lag damit 3,4 % unter unserer Prognose. Das EBIT stieg jedoch um 31,5% auf €21,6 Mio. (FBe: €18,2 Mio., Q2 23/24: €16,4 Mio.) und lag damit 18,5% über unserer Prognose. Das EBIT wurde durch niedrigere Energiekosten und die Auflösung von Restrukturierungsrückstellungen im Segment Frankreich und durch veränderte Beschaffungskosten sowie die Aufwertung der polnischen Währung im Segment Ostmitteleuropa begünstigt. Das Management erwartet nun, dass das Umsatzwachstum am unteren Ende der im Geschäftsbericht 2023/24 genannten Spanne von 5-7% liegen wird. Die Prognosen für das EBIT und das Nettoergebnis vor Anteilen nicht beherrschender Gesellschafter bleiben jedoch bei €31 Mio. bis €33 Mio. bzw. €20 Mio. bis €22 Mio. Unsere Prognosen bleiben nach den Q2 24/25-Ergebnissen weitgehend unverändert und wir behalten unsere Kaufempfehlung und unser Kursziel von €22 bei. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/31843.pdf Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2090575 24.02.2025 CET/CEST
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