Berenberg has increased its price target on shares of MBB SE (MBB: GR) to €114.00 from the previous €109.00 while continuing to recommend a Hold position on the stock.
The adjustment follows MBB's report of a robust first half of the year, primarily attributed to the performance of its subsidiary Friedrich Vorwerk.
MBB SE disclosed a 9% year-over-year increase in H1 2024 sales, reaching €467 million. The company's adjusted EBITDA soared by 75% to €55.8 million, representing a 12% margin.
The significant growth was driven by the strong performance of Friedrich Vorwerk and Aumann, both of which are listed subsidiaries of MBB.
The company has reaffirmed its full-year revenue forecast of €1 billion. However, it has revised its adjusted EBITDA margin expectations, now anticipating a margin of over 10%, an increase from the previous guidance of 10%.
The analyst from Berenberg highlighted the mixed outlook for MBB, with the positive developments at Friedrich Vorwerk being somewhat tempered by the challenges faced by Aumann.
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