BRIEF

on Einhell Germany AG (isin : DE0005654933)

Einhell Germany AG Reports Positive Q1 Results and Confirms FY24 Guidance

Einhell Germany AG has released its Q1 results, which met expectations and showed healthy growth in both revenue and profit. Sales increased by 7.8% year-on-year to €270 million, driven by strong demand for the company's Power X-Change products. This growth was particularly notable in the DACH region, where sales increased by 9.6% year-on-year.

Earnings before taxes (EBT) rose by 11% year-on-year to €22.6 million, with an EBT margin of 8.4%. This improvement was partly due to operating leverage, despite some cost inflation and higher personnel expenses from recent acquisitions in Thailand and Vietnam. Einhell also reported better inventory management.

The company confirmed its guidance for fiscal year 2024, expecting a 6% sales growth to around €1,030 million and an EBT margin of 7.5-8%. Einhell remains committed to international expansion, eyeing the U.S. market. Given the company's track record, this move could strengthen its market position. The BUY rating is maintained with a target price of €227.

R. P.

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