Buy Or Sell Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €73.10. The fair value is estimated to be €92.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. New Risk • May 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 8x cash flows per share. Dividend yield: 2.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 02
Full year 2025 earnings released Full year 2025 results: Revenue: €1.17b (up 5.3% from FY 2024). Net income: €76.5m (up 18% from FY 2024). Profit margin: 6.5% (up from 5.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Consumer Durables industry in the United Kingdom. Reported Earnings • Nov 12
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €274.4m (up 4.1% from 3Q 2024). Net income: €15.9m (up 6.5% from 3Q 2024). Profit margin: 5.8% (up from 5.7% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Durables industry in the United Kingdom. お知らせ • Oct 28
Einhell Germany AG to Report Q3, 2025 Results on Nov 11, 2025 Einhell Germany AG announced that they will report Q3, 2025 results on Nov 11, 2025 お知らせ • Oct 16
Einhell Germany AG Appoints Members of the Management Board, Effective January 1, 2026 Einhell Germany AG announced the following: The Supervisory Board of Einhell Germany AG intends to appoint Mr. Michael Brunner, authorized signatory of Einhell Germany AG, and Mr. Heinz Hoffmann, authorized signatory of Einhell Germany AG, as members of the Management Board of Einhell Germany AG effective January 1, 2026. Mr. Brunner will be responsible for the Finance department, and Mr. Hoffmann for the International department. The appointments are each for a period of three years and are related to the succession of Mr. Jan Teichert, who - as previously announced - after 23 years as Chief Financial Officer of Einhell Germany AG, will not renew his contract, which is due to expire, at his own request and will resign from his position on the Management Board effective December 31, 2025. Mr. Michael Brunner is 38 years old, studied business administration, and, after other professional positions, has been working for Einhell in the Finance department under Mr. Jan Teichert since 2016. He has extensive experience in auditing, revision, and controlling. Currently, as an authorized signatory, he is responsible for the Domestic Controlling department and serves as the commercial director of the subsidiary ISC GmbH. Previously, he built up the Internal Audit department at Einhell and participated in numerous internal finance projects. Mr. Brunner was also involved in the successful SAP implementation at the Chinese subsidiaries and is a profound expert in the finance department and operational processes at Einhell. Mr. Heinz Hoffmann is 49 years old, studied business administration, and, after other professional positions, has worked for Einhell since 2008, with brief interruptions, both in the Finance department under Mr. Jan Teichert and in the Sales department under CEO Andreas Kroiss. He has extensive experience in controlling, commercial management, and international business development. Currently, as an authorized signatory, he is responsible for the Investment Controlling and International Sales department. He helped establish the Investment Controlling department and international sales support within the Einhell Group. Mr. Hoffmann has also been involved in numerous expansion and M&A projects and has excellent knowledge of Einhell's international structures. Reported Earnings • Aug 21
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €331.4m (up 7.9% from 2Q 2024). Net income: €23.8m (up 22% from 2Q 2024). Profit margin: 7.2% (up from 6.4% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Consumer Durables industry in the United Kingdom. New Risk • Aug 19
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 107% Dividend yield: 2.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. お知らせ • Aug 11
Einhell Germany AG to Report First Half, 2025 Results on Aug 20, 2025 Einhell Germany AG announced that they will report first half, 2025 results on Aug 20, 2025 Upcoming Dividend • Jun 30
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 07 July 2025. Payment date: 09 July 2025. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (3.9%). お知らせ • May 26
Einhell Germany AG, Annual General Meeting, Jul 04, 2025 Einhell Germany AG, Annual General Meeting, Jul 04, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • May 02
Full year 2024 earnings released: EPS: €5.74 (vs €4.46 in FY 2023) Full year 2024 results: EPS: €5.74 (up from €4.46 in FY 2023). Revenue: €1.12b (up 16% from FY 2023). Net income: €65.1m (up 29% from FY 2023). Profit margin: 5.8% (up from 5.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. お知らせ • Apr 23
Einhell Germany AG to Report Q1, 2025 Results on May 15, 2025 Einhell Germany AG announced that they will report Q1, 2025 results on May 15, 2025 Declared Dividend • Feb 28
Dividend of €1.50 announced Shareholders will receive a dividend of €1.50. Ex-date: 7th July 2025 Payment date: 9th July 2025 Dividend yield will be 2.3%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. お知らせ • Feb 27
Einhell Germany AG announces Annual dividend, payable on July 09, 2025 Einhell Germany AG announced Annual dividend of EUR 1.5000 per share payable on July 09, 2025, ex-date on July 07, 2025 and record date on July 08, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €269.2m (up 17% from 3Q 2023). Net income: €14.9m (up 22% from 3Q 2023). Profit margin: 5.5% (up from 5.3% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Consumer Durables industry in the United Kingdom. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €66.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Consumer Durables industry in the United Kingdom. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €37.32 per share. お知らせ • Oct 09
Einhell Germany AG to Report Q3, 2024 Results on Nov 14, 2024 Einhell Germany AG announced that they will report Q3, 2024 results on Nov 14, 2024 Reported Earnings • Aug 23
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €314.9m (up 14% from 2Q 2023). Net income: €19.6m (up 20% from 2Q 2023). Profit margin: 6.2% (up from 5.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Consumer Durables industry in the United Kingdom. お知らせ • Jul 31
Einhell Germany AG to Report Q2, 2024 Results on Aug 22, 2024 Einhell Germany AG announced that they will report Q2, 2024 results on Aug 22, 2024 New Risk • Jul 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 66% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. お知らせ • May 08
Einhell Germany AG to Report Q1, 2024 Results on May 22, 2024 Einhell Germany AG announced that they will report Q1, 2024 results on May 22, 2024 Declared Dividend • Apr 26
Dividend of €2.90 announced Shareholders will receive a dividend of €2.90. Ex-date: 1st July 2024 Payment date: 3rd July 2024 Dividend yield will be 1.9%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 25
Full year 2023 earnings released Full year 2023 results: Revenue: €991.0m (down 4.1% from FY 2022). Net income: €50.5m (down 16% from FY 2022). Profit margin: 5.1% (down from 5.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 6% per year. お知らせ • Mar 15
Einhell Germany AG to Report Fiscal Year 2023 Results on Apr 24, 2024 Einhell Germany AG announced that they will report fiscal year 2023 results on Apr 24, 2024 お知らせ • Jan 24
Einhell Germany AG, Annual General Meeting, Jun 28, 2024 Einhell Germany AG, Annual General Meeting, Jun 28, 2024. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: €3.29 (vs €3.90 in 3Q 2022) Third quarter 2023 results: EPS: €3.29 (down from €3.90 in 3Q 2022). Revenue: €230.1m (down 5.0% from 3Q 2022). Net income: €12.3m (down 17% from 3Q 2022). Profit margin: 5.3% (down from 6.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Consumer Durables industry in the United Kingdom. お知らせ • Nov 17
Einhell Germany AG to Report Nine Months, 2023 Results on Nov 22, 2023 Einhell Germany AG announced that they will report nine months, 2023 results on Nov 22, 2023 Reported Earnings • Aug 26
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €283.5m (up 4.4% from 2Q 2022). Net income: €16.4m (flat on 2Q 2022). Profit margin: 5.8% (down from 6.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 26% per year. お知らせ • Jul 18
Einhell Germany AG to Report Q2, 2023 Results on Aug 24, 2023 Einhell Germany AG announced that they will report Q2, 2023 results on Aug 24, 2023 お知らせ • Jun 24
Einhell Germany AG Provides Sales Guidance for the First Half of 2023 Einhell Germany AG provided Sales guidance for the first half of 2023. For the period, the company expects sales of EUR 520 million (previous year: EUR 563.7 million). The return on sales before taxes will be around 8.0% - 8.5% (previous year: 8.5%). Upcoming Dividend • Jun 19
Upcoming dividend of €2.90 per share at 1.9% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 28 June 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (5.9%). Reported Earnings • May 30
First quarter 2023 earnings released: EPS: €3.70 (vs €4.60 in 1Q 2022) First quarter 2023 results: EPS: €3.70 (down from €4.60 in 1Q 2022). Revenue: €249.9m (down 14% from 1Q 2022). Net income: €13.9m (down 20% from 1Q 2022). Profit margin: 5.6% (down from 6.0% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 29
Full year 2022 earnings released: EPS: €15.80 (vs €15.53 in FY 2021) Full year 2022 results: EPS: €15.80 (up from €15.53 in FY 2021). Revenue: €1.05b (up 13% from FY 2021). Net income: €59.8m (up 1.9% from FY 2021). Profit margin: 5.7% (down from 6.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.7% decline forecast for the Consumer Durables industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. お知らせ • Dec 16
Einhell Germany AG, Annual General Meeting, Jun 23, 2023 Einhell Germany AG, Annual General Meeting, Jun 23, 2023. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: Net income: €14.8m (down 2.9% from 3Q 2021). Revenue is forecast to grow 16% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in the United Kingdom are expected to remain flat. Reported Earnings • Aug 24
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €277.0m (up 19% from 2Q 2021). Net income: €16.5m (up 27% from 2Q 2021). Profit margin: 6.0% (up from 5.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.6%, compared to a 14% growth forecast for the Consumer Durables industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €132, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Consumer Durables industry in the United Kingdom. Total loss to shareholders of 24% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €256 per share. Upcoming Dividend • Jun 20
Upcoming dividend of €2.60 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 29 June 2022. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of British dividend payers (5.1%). Lower than average of industry peers (7.9%). Reported Earnings • May 27
First quarter 2022 earnings released First quarter 2022 results: Revenue: €294.2m (up 28% from 1Q 2021). Net income: €17.5m (up 39% from 1Q 2021). Profit margin: 5.9% (up from 5.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 10%, compared to a 10% growth forecast for the industry in the United Kingdom. Reported Earnings • Apr 27
Full year 2021 earnings released Full year 2021 results: Revenue: €937.1m (up 29% from FY 2020). Net income: €58.6m (up 42% from FY 2020). Profit margin: 6.3% (up from 5.7% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 10% growth forecast for the industry in the United Kingdom. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €228.1m (up 21% from 3Q 2020). Net income: €15.2m (up 55% from 3Q 2020). Profit margin: 6.7% (up from 5.2% 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 30% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 24
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: €236.4m (up 27% from 2Q 2020). Net income: €13.0m (up 21% from 2Q 2020). Profit margin: 5.5% (down from 5.8% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Jun 15
Upcoming dividend of €2.20 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 23 June 2021. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (4.0%). Lower than average of industry peers (3.5%). Reported Earnings • May 19
First quarter 2021 earnings released: EPS €3.32 (vs €1.50 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €230.9m (up 49% from 1Q 2020). Net income: €12.5m (up 125% from 1Q 2020). Profit margin: 5.4% (up from 3.6% 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 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 27
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €734.6m (up 21% from FY 2019). Net income: €41.2m (up 69% from FY 2019). Profit margin: 5.6% (up from 4.0% 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 6% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 18% share price gain to €120, the stock is trading at a trailing P/E ratio of 14.2x, up from the previous P/E ratio of 12x. This compares to an average P/E of 18x in the Consumer Durables industry in the United Kingdom. Total returns to shareholders over the past three years are 36%. 
