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On 14 November 2025, Bechtle released its Q3 results and confirmed its guidance for 2025. Revenue growth was stable (+5.1% yoy) and in line with our expectation, supported by strong international performance, particularly in Benelux, Spain and the UK. However, Germany remained weak and IT System House & Managed Services declined, while IT E-commerce was the main growth driver. The EBT margin slightly declined from 5.2% to 5.1%, in line with our estimate, as cost discipline helped but higher depreciation from acquisitions weighed on profitability.
Management reiterated the need for a strong Q4 to meet EBT targets and pointed to early positive signs from October. The guidance from March remains unchanged, implying modest business volume growth and an EBT range of -5% yoy to +5% yoy. International demand and structural IT trends support the investment case, although domestic market weakness and macro uncertainty remain key risks. We decrease our target price to EUR 45.50 (previously EUR 57) and confirm our Buy recommendation.
You can download the research here: BECHTLE_AG_20251121
For additional information visit our website: https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
https://research.quirinprivatbank.de/
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