Bechtle: Not a sustainable trend

In the third quarter, sales at Bechtle improved by 7.4 percent to 1.37 billion euros. This is in line with market expectations. The EBIT increased by 25.7 percent to 73.3 million euros. Here the analysts from Independent Research were expecting 61.7 million euros. The profit increases from 40.2 million euros to 50.8 million euros. The experts had expected 43.5 million euros.

Bechtle was able to save costs, including less travel. Therefore, the result is above expectations. However, this trend is not sustainable.

For the year as a whole, Bechtle expects earnings before taxes to increase by more than 10 percent. So far, it was assumed from 5 percent to 10 percent. After three quarters the increase is 14.6 percent.

The experts expect earnings per share of EUR 4.49 in 2020 (old: EUR 4.35). The estimate for 2021 is unchanged at 4.74 euros.

The analysts continue to give a hold recommendation for Bechtle shares. The price target increases from EUR 175.00 to EUR 187.00.


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