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:	23.06.2026
Target price:	110.00
Last rating change:
Analyst:	Ralf Marinoni

Successful start to FY 2026/27

HORNBACH was able to increase sales in Q1-26/27 and market share, too. Its Baustoff Union sub-group (building materials distribution) was the faster-growing segment, posting net sales growth of 6.8% to EUR 105m (from EUR 98m in Q1 2025/26). This segment has suffered from declining sales in recent years and is now showing signs of recovery due to increased building permits. Hence, we confirm our Buy recommendation and the EUR 110 TP.

You can download the research here: HORNBACH20260623
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/