Original-Research: MBB SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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Original-Research: MBB SE - from Quirin Privatbank Kapitalmarktgeschäft

14.05.2025 / 11:41 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to MBB SE

Company Name: MBB SE

ISIN: DE000A0ETBQ4

Reason for the research: Update

Recommendation: Buy

from: 14.05.2025

Target price: 200

Last rating change:

Analyst:

Strong start into FY 2025

MBB showed strong Q1-25 results by having increased sales by 27% yoy to EUR

260.0m and EBITDA by 32% to EUR 29.9m. Its subsidiary Friedrich Vorwerk once

again was the locomotive for the group and realized a high double-digit

sales increase and almost tripled its EBITDA. In addition, this subsidiary

announced to have won another engineering contract for a 43 km long section

of the SuedLink electricity highway as part of a joint venture with a total

award volume of several hundred EUR million.

Despite a seasonal increase in working capital and further share buybacks,

MBB's net liquidity at the end of the quarter amounted to EUR 466.6m, of

which EUR 262.2 million were attributable to the holding company MBB SE.

Following the overall positive development in the first quarter, MBB

continues to expect consolidated revenues of EUR 1.0 to EUR 1.1bn with an

adjusted EBITDA margin of between 11% and 14% in FY 2025.

Based on a sum-of-the-parts approach we confirm our EUR 200 TP and our Buy

recommendation.

You can download the research here: http://www.more-ir.de/d/32604.pdf

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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2137510 14.05.2025 CET/CEST

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