Original-Research: HORNBACH Holding AG & Co. KGaA (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to HORNBACH Holding AG & Co. KGaA

Company Name:	HORNBACH Holding AG & Co. KGaA
ISIN:	DE0006083405
Reason for the research:	update
Recommendation:	Buy
from:	20.05.2026
Target price:	110.00
Last rating change:
Analyst:	Ralf Marinoni

Still No.1 in sales productivity HORNBACH Group delivered a solid set of figures for the past business year. However, beyond mere financial metrics, two things stand out for the company: 1) HORNBACH was again able to increase market share in Germany and across Europe. And 2) the company achieved again the highest sales productivity among its German competitors as in the past. The outlook for the current fiscal year includes capital expenditures that significantly exceed the level of the previous fiscal year (EUR 220m). This underscores: HORNBACH will continue to grow profitably; a key focus is expansion in other European countries, where higher margins can be achieved. We therefore confirm our Buy recommendation and the EUR 110 TP. You can download the research here: HORNBACH20260520 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/