Original-Research: Villeroy & Boch AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

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/