Original-Research: Villeroy & Boch AG - from Quirin Privatbank Kapitalmarktgeschäft 28.10.2026 / 09:36 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. 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.
Classification of Quirin Privatbank Kapitalmarktgeschäft to Villeroy & Boch AG
Company Name:
Villeroy & Boch AG
ISIN:
DE0007657231
Reason for the research:
update
Recommendation:
Buy
from:
28.10.2026
Target price:
25.00
Last rating change:
Analyst:
Ralf Marinoni
9M-26 figures: no major surprise After the first nine months of FY 2026, the market situation in the Bathroom & Wellness division remained challenging, particularly in regions affected by geopolitical tensions and weak construction activity; as a result, revenue came in at EUR 742.4m (previous year: EUR 865.6m, -14.2%), which corresponds to a decline of 7.2% adjusted for currency effects and divestments. Operating EBIT amounted to EUR 28.2m (previous year: EUR 52.5m). However, the Dining & Lifestyle Division increased revenue in all regions to EUR 211.5m (previous year: EUR 207.6m, +1.9%); on a constant currency basis, this represents growth of 2.4%. The business division posted an operating EBIT of EUR 12.7m, which was on par with the previous year’s figure (EUR 12.6m). FY 2026 guidance confirmed: Villeroy expects a decline in revenue in the higher single-digit percentage range, operating EBIT of EUR 50m to EUR 56m. We confirm our BUY recommendation and the DCF-based EUR 25.00 TP. You can download the research here: VILLEROY20261028 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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