Villeroy & Boch AG: Challenging Market Conditions but Positive Outlook

Quirin Privatbank has released an updated research note on Villeroy & Boch AG, maintaining a "Buy" recommendation with a target price of EUR 25.00. This follows a challenging nine months for the company's Bathroom & Wellness division, which saw revenues fall to EUR 742.4 million, down 7.2% when adjusted for currency effects and divestments. Geopolitical tensions and weak construction activity are cited as contributing factors.

Conversely, the Dining & Lifestyle division posted modest growth, with revenues rising to EUR 211.5 million, a 1.9% increase on the previous year. The company maintains its operating EBIT guidance at EUR 50 million to EUR 56 million for the full fiscal year 2026.