Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €36.93, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the IT industry in the United Kingdom. Total loss to shareholders of 1.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €41.17 per share. Upcoming Dividend • Jun 11
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (2.4%). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: €0.36 (vs €0.31 in 1Q 2025) First quarter 2026 results: EPS: €0.36 (up from €0.31 in 1Q 2025). Revenue: €1.57b (up 7.6% from 1Q 2025). Net income: €45.0m (up 16% from 1Q 2025). Profit margin: 2.9% (up from 2.7% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: €1.82 (vs €1.95 in FY 2024) Full year 2025 results: EPS: €1.82 (down from €1.95 in FY 2024). Revenue: €6.41b (up 1.6% from FY 2024). Net income: €229.2m (down 6.6% from FY 2024). Profit margin: 3.6% (down from 3.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €25.74, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the IT industry in the United Kingdom. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €45.72 per share. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €36.26, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the IT industry in the United Kingdom. Total loss to shareholders of 4.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €50.72 per share. Buy Or Sell Opportunity • Feb 06
Now 25% undervalued Over the last 90 days, the stock has risen 11% to €38.07. The fair value is estimated to be €50.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.0%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Ankündigung • Jan 31
Bechtle AG (XTRA:BC8) acquired Ris 2048 - Sistemas InformAticos E ComunicaCOes, S.A. from Luís Catalão and others. Bechtle AG (XTRA:BC8) acquired Ris 2048 - Sistemas InformAticos E ComunicaCOes, S.A. from Luís Catalão and others on January 29, 2026. On completion, the company will continue to operate within the Bechtle Group under the RIS and Evoware brands, enhancing Bechtle direct’s existing portfolio in Portugal with IT consulting and services. Co-founders and former majority shareholders Luís Catalão, who heads up RIS 2048, and Nuno Silva, Managing Director of Evoware, will continue to lead the business. The sale to Bechtle aims to accelerate growth within a large European organization.
Bechtle AG (XTRA:BC8) completed the acquisition of Ris 2048 - Sistemas InformAticos E ComunicaCOes, S.A. from Luís Catalão and others on January 29, 2026. Ankündigung • Jan 28
Bechtle AG to Report Fiscal Year 2025 Results on Feb 06, 2026 Bechtle AG announced that they will report fiscal year 2025 results at 5:30 PM, Central European Standard Time on Feb 06, 2026 Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €44.20, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 18x in the IT industry in the United Kingdom. Total returns to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €35.51 per share. Buy Or Sell Opportunity • Nov 27
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to €43.30. The fair value is estimated to be €35.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.0%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: €0.46 (vs €0.45 in 3Q 2024) Third quarter 2025 results: EPS: €0.46 (up from €0.45 in 3Q 2024). Revenue: €1.59b (up 5.1% from 3Q 2024). Net income: €57.5m (up 2.5% from 3Q 2024). Profit margin: 3.6% (down from 3.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €40.02, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the IT industry in the United Kingdom. Total returns to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €25.07 per share. Ankündigung • Oct 08
Bechtle AG (XTRA:BC8) agreed to acquire Nuovamacut Automazione SpA from TeamSystem Holding S.p.A. Bechtle AG (XTRA:BC8) agreed to acquire Nuovamacut Automazione SpA from TeamSystem Holding S.p.A. on October 7, 2025. As part of the acquisition, Nuovamacut’s management team will remain in place under the continued leadership of Sauro Lamberti.
For the period ending December 31, 2024, Nuovamacut Automazione SpA reported total revenue of €63 million.
The acquisition remains subject to approval by the relevant authorities.
Tobias Schneider, Pietro Cavasola, Italo de Feo, Fabrizio Alimandi and Paolo Scarduelli of CMS acted as legal advisor for Bechtle AG. Ankündigung • Sep 18
Bechtle AG to Report Fiscal Year 2025 Results on Mar 20, 2026 Bechtle AG announced that they will report fiscal year 2025 results on Mar 20, 2026 Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: €0.38 (vs €0.47 in 2Q 2024) Second quarter 2025 results: EPS: €0.38 (down from €0.47 in 2Q 2024). Revenue: €1.49b (flat on 2Q 2024). Net income: €47.7m (down 20% from 2Q 2024). Profit margin: 3.2% (down from 4.0% in 2Q 2024). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year and the company’s share price has also fallen by 3% per year. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €40.67, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the IT industry in the United Kingdom. Total loss to shareholders of 3.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €26.22 per share. Ankündigung • Jul 03
Bechtle AG (XTRA:BC8) acquired Grupo Solutia Tecnologia Sociedad Limitada from Valentin Rangel. Bechtle AG (XTRA:BC8) acquired Grupo Solutia Tecnologia Sociedad Limitada from Valentin Rangel on July 2, 2025. The existing management team, including founder and Chairman Valentin Rangel and CEO Juan Lucas Retamar, will remain at the Solutia Tecnologia.
For the period ending December 31, 2024, Grupo Solutia Tecnologia Sociedad Limitada reported total revenue of €100 million. Macquarie Capital acted as financial advisor to Grupo Solutia Tecnologia Sociedad Limitada.
Bechtle AG (XTRA:BC8) completed the acquisition of Grupo Solutia Tecnologia Sociedad Limitada from from Valentin Rangel on July 2, 2025. Upcoming Dividend • May 21
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 02 June 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.1%). Reported Earnings • May 10
First quarter 2025 earnings released: EPS: €0.31 (vs €0.46 in 1Q 2024) First quarter 2025 results: EPS: €0.31 (down from €0.46 in 1Q 2024). Revenue: €1.46b (down 2.8% from 1Q 2024). Net income: €38.9m (down 34% from 1Q 2024). Profit margin: 2.7% (down from 3.9% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Buy Or Sell Opportunity • Apr 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €35.95. The fair value is estimated to be €29.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 6.2% per annum over the same time period. Ankündigung • Apr 15
Bechtle AG, Annual General Meeting, May 27, 2025 Bechtle AG, Annual General Meeting, May 27, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 16
Full year 2024 earnings released: EPS: €1.95 (vs €2.11 in FY 2023) Full year 2024 results: EPS: €1.95 (down from €2.11 in FY 2023). Revenue: €6.31b (down 1.8% from FY 2023). Net income: €245.5m (down 7.5% from FY 2023). Profit margin: 3.9% (down from 4.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €40.67, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the IT industry in the United Kingdom. Total loss to shareholders of 1.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.56 per share. Buy Or Sell Opportunity • Mar 03
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to €34.65. The fair value is estimated to be €27.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 4.1%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 5.4% per annum over the same time period. Buy Or Sell Opportunity • Feb 05
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to €33.14. The fair value is estimated to be €26.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 4.1%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 6.3% per annum over the same time period. Ankündigung • Nov 11
Bechtle AG to Report Fiscal Year 2024 Results on Mar 14, 2025 Bechtle AG announced that they will report fiscal year 2024 results on Mar 14, 2025 Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: €0.45 (vs €0.53 in 3Q 2023) Third quarter 2024 results: EPS: €0.45 (down from €0.53 in 3Q 2023). Revenue: €1.51b (up 2.2% from 3Q 2023). Net income: €56.1m (down 16% from 3Q 2023). Profit margin: 3.7% (down from 4.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Ankündigung • Oct 08
Bechtle AG (XTRA:BC8) acquired Qolcom Limited from Michelle Reading and Keith Alan Charles Reading. Bechtle AG (XTRA:BC8) acquired Qolcom Limited from Michelle Reading and Keith Alan Charles Reading on October 2, 2024. For Bechtle, the addition of Qolcom to the group provides increased market share, a new team of highly certified professional experts, and the ability to synergise and mesh portfolios to spur additional growth, particularly in terms of expanding further into the Network-as-a-Service (NaaS) space. Qolcom Limited reported total revenue of €30 million for the last fiscal year.
Bechtle AG (XTRA:BC8) completed the acquisition of Qolcom Limited from Michelle Reading and Keith Alan Charles Reading on October 2, 2024. Ankündigung • Sep 05
Bechtle AG (XTRA:BC8) agreed to acquire S.I.G. System Informations Gesellschaft Mbh. Bechtle AG (XTRA:BC8) agreed to acquire S.I.G. System Informations Gesellschaft Mbh on September 3, 2024. In the last fiscal year 2023, S.I.G. System reported a revenue of €25.4 million. The founder of s.i.g. and outgoing managing director, Guido Fetzer, will initially remain with the company alongside his co-MD, Eugen Straub. The company name s.i.g. will also remain unchanged for the time being. The acquisition is subject to the approval of the relevant competition authorities. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: €0.47 (vs €0.52 in 2Q 2023) Second quarter 2024 results: EPS: €0.47 (down from €0.52 in 2Q 2023). Revenue: €1.47b (down 2.3% from 2Q 2023). Net income: €59.7m (down 9.5% from 2Q 2023). Profit margin: 4.0% (down from 4.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Ankündigung • Jul 04
Bechtle AG (XTRA:BC8) acquired Magnetic Media Network Spa. Bechtle AG (XTRA:BC8) acquired Magnetic Media Network Spa on July 2, 2024. Magnetic Media Network has reported sales of €68.6 million in the 2022/23 financial year. Tobias Schneider, Dietmar Zischg, Federico Raffaelli and Alessandra Boati of CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB and CMS Adonnino Ascoli & Cavasola Scamoni acted as legal advisor to Bechtle.
Bechtle AG (XTRA:BC8) completed the acquisition of Magnetic Media Network Spa on July 2, 2024. Buy Or Sell Opportunity • Jul 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €41.45. The fair value is estimated to be €53.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 8.0%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Upcoming Dividend • Jun 05
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 12 June 2024. Payment date: 14 June 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (2.3%). Reported Earnings • May 08
First quarter 2024 earnings released: EPS: €0.46 (vs €0.45 in 1Q 2023) First quarter 2024 results: EPS: €0.46 (up from €0.45 in 1Q 2023). Revenue: €1.50b (down 2.3% from 1Q 2023). Net income: €58.5m (up 2.8% from 1Q 2023). Profit margin: 3.9% (up from 3.7% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: €2.11 (vs €1.99 in FY 2022) Full year 2023 results: EPS: €2.11 (up from €1.99 in FY 2022). Revenue: €6.42b (up 6.5% from FY 2022). Net income: €265.5m (up 5.7% from FY 2022). Profit margin: 4.1% (down from 4.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Ankündigung • Jan 05
Bechtle Appoints Mathilde Bluteau as Head of French Operations Bechtle appointed Mathilde Bluteau to lead the group's activities in France with the goal of strengthening its position in the French market. Ankündigung • Dec 05
Bechtle AG announced that it has received €300 million in funding On December 4, 2023, Bechtle AG closed the transaction. Each €100,000 convertible bond will last seven years, paying 2% interest and can convert at €54.99, a 30% premium over the reference share price of €42.30. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: €0.53 (vs €0.50 in 3Q 2022) Third quarter 2023 results: EPS: €0.53 (up from €0.50 in 3Q 2022). Revenue: €1.48b (up 1.0% from 3Q 2022). Net income: €66.8m (up 5.3% from 3Q 2022). Profit margin: 4.5% (up from 4.3% in 3Q 2022). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Ankündigung • Oct 07
Bechtle AG (XTRA:BC8) acquired APIXIT SAS. Bechtle AG (XTRA:BC8) signed an Letter of Intent to acquire APIXIT SAS on June 29, 2023. The transaction is subject to approval from Apixit’s workers’ council and the relevant French authorities. Alexandra Rohmert of CMS acted as legal advisor to Bechtle.Bechtle AG (XTRA:BC8) completed the acquisition of APIXIT SAS on October 5, 2023. The transaction has received approval from Apixit’s workers’ council and the relevant French authorities. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: €0.52 (vs €0.51 in 2Q 2022) Second quarter 2023 results: EPS: €0.52 (up from €0.51 in 2Q 2022). Revenue: €1.51b (up 6.5% from 2Q 2022). Net income: €66.0m (up 3.7% from 2Q 2022). Profit margin: 4.4% (down from 4.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Ankündigung • Aug 07
Bechtle AG (XTRA:BC8) acquired Sastema Gmbh. Bechtle AG (XTRA:BC8) acquired Sastema Gmbh on August 7, 2023. Sastema will be fully integrated into the Bechtle IT System House Frankfurt and a new IAM Competence Centre established headed up by sastema managing director, Sven Almoril. Sastema has reported revenues of €2.2 million in the last fiscal year.
Bechtle AG (XTRA:BC8) completed the acquisition of Sastema Gmbh on August 7, 2023. Ankündigung • Aug 05
Bechtle AG (XTRA:BC8) acquired Prosol Ingeniería S.L. and Prosol Iscat S.L. Bechtle AG (XTRA:BC8) acquired Prosol Ingeniería S.L. and Prosol Iscat S.L. on August 4, 2023. Prosol will continue to operate under its brand until fully integrated, after which it will serve its public-sector and business customers under the Bechtle name. Prosol Ingeniería and Prosol Iscat have reported revenues of €15 million in 2022. Prosol’s founder, managing director and primary shareholder, Manuel Climent, will stay on board in an advisory capacity during the period of integration. The three remaining members of the board overseeing sales, technology and finance will remain in their positions. Juan-José Moneo will take over the reins of the company alongside his role of Managing Director of Bechtle direct Spain.
Bechtle AG (XTRA:BC8) completed the acquisition of Prosol Ingeniería S.L. and Prosol Iscat S.L. on August 4, 2023. Ankündigung • Jul 06
Bechtle AG (XTRA:BC8) signed an Letter of Intent to acquire APIXIT SAS. Bechtle AG (XTRA:BC8) signed an Letter of Intent to acquire APIXIT SAS on July 5, 2023. Upcoming Dividend • May 19
Upcoming dividend of €0.65 per share at 1.7% yield Eligible shareholders must have bought the stock before 26 May 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.4%). Ankündigung • May 06
Bechtle AG (XTRA:BC8) acquired SGSolution AG. Bechtle AG (XTRA:BC8) acquired SGSolution AG on May 4, 2023. For the year ending 2022, SGSolution reported revenues of CHF 4.1 million.
Bechtle AG (XTRA:BC8) completed the acquisition of SGSolution AG on May 4, 2023. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: €1.99 (vs €1.84 in FY 2021) Full year 2022 results: EPS: €1.99 (up from €1.84 in FY 2021). Revenue: €6.03b (up 14% from FY 2021). Net income: €251.1m (up 8.5% from FY 2021). Profit margin: 4.2% (down from 4.4% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 30
Now 20% undervalued Over the last 90 days, the stock is up 8.9%. The fair value is estimated to be €48.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings is also forecast to grow by 7.7% per annum over the same time period. Ankündigung • Nov 04
Bechtle AG, Annual General Meeting, May 25, 2023 Bechtle AG, Annual General Meeting, May 25, 2023. Buying Opportunity • Oct 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €45.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Buying Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.3%. The fair value is estimated to be €44.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Buying Opportunity • Sep 13
Now 20% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be €52.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 15% share price gain to €42.87, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 22x in the IT industry in the United Kingdom. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €55.25 per share. Buying Opportunity • Aug 23
Now 21% undervalued Over the last 90 days, the stock is up 6.6%. The fair value is estimated to be €54.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: €0.51 (vs €0.46 in 2Q 2021) Second quarter 2022 results: EPS: €0.51 (up from €0.46 in 2Q 2021). Revenue: €1.42b (up 14% from 2Q 2021). Net income: €63.6m (up 11% from 2Q 2021). Profit margin: 4.5% (down from 4.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.2%, compared to a 17% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 16% share price gain to €42.12, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 27x in the IT industry in the United Kingdom. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €54.47 per share. Buying Opportunity • Jun 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.3%. The fair value is estimated to be €52.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Upcoming Dividend • May 27
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 08 June 2022. Payout ratio is a comfortable 29% and the cash payout ratio is 81%. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (2.5%). Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €49.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 7.9% per annum. Earnings is also forecast to grow by 8.4% per annum over the same time period. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS €0.50 (vs €0.40 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €1.50b (up 9.1% from 3Q 2020). Net income: €62.7m (up 24% from 3Q 2020). Profit margin: 4.2% (up from 3.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improved over the past week After last week's 206% share price gain to €59.32, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 38x in the IT industry in the United Kingdom. Total returns to shareholders of 515% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €39.69 per share. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS €0.46 (vs €0.32 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.43b (up 9.3% from 2Q 2020). Net income: €57.4m (up 41% from 2Q 2020). Profit margin: 4.0% (up from 3.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 09
Upcoming dividend of €1.35 per share Eligible shareholders must have bought the stock before 16 June 2021. Payment date: 18 June 2021. Trailing yield: 0.9%. Lower than top quartile of British dividend payers (4.0%). Lower than average of industry peers (2.1%). Reported Earnings • May 12
First quarter 2021 earnings released: EPS €1.04 (vs €0.87 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €1.51b (up 11% from 1Q 2020). Net income: €43.6m (up 20% from 1Q 2020). Profit margin: 2.9% (up from 2.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS €4.58 (vs €4.06 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €5.82b (up 8.3% from FY 2019). Net income: €192.5m (up 13% from FY 2019). Profit margin: 3.3% (up from 3.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 05
New 90-day low: €154 The company is down 12% from its price of €174 on 04 December 2020. The British market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €53.31 per share. Is New 90 Day High Low • Feb 10
New 90-day low: €170 The company is down 2.0% from its price of €173 on 12 November 2020. The British market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €54.97 per share. Is New 90 Day High Low • Nov 20
New 90-day high: €183 The company is up 12% from its price of €163 on 21 August 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €50.27 per share. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS €1.21 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €1.37b (up 7.4% from 3Q 2019). Net income: €50.8m (up 26% from 3Q 2019). Profit margin: 3.7% (up from 3.2% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Nov 12
Revenue beats expectations Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 10%, compared to a 7.6% growth forecast for the IT industry in the United Kingdom. Is New 90 Day High Low • Oct 12
New 90-day high: €180 The company is up 12% from its price of €160 on 14 July 2020. The British market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €79.05 per share. Is New 90 Day High Low • Sep 19
New 90-day high: €173 The company is up 12% from its price of €155 on 19 June 2020. The British market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €77.42 per share. 
