Berenberg Trims Hornbach Price Target, EPS Estimates Following 'Neutral' Fiscal Q3 Results

07:33 AM EST, 12/22/2025 (MT Newswires) -- Hornbach Holding (HBH.F) delivered a "neutral" set of fiscal third-quarter results, Berenberg said Monday, expecting EPS consensus cuts and higher capex forecasts. "HORNBACH reported Q3 EPS of EUR0.64 (down by c39% yoy), which was 17% below our estimate, due to cEUR2m higher interest expenses and FX headwinds. No consensus estimates were available. While this miss is only partly meaningful given HORNBACH's low absolute net income base in Q3, we estimate Visible Alpha (VA) consensus's FY 2025E EPS estimates will be cut by 1-2%," analysts wrote. Meanwhile, Berenberg expects capex estimates to increase by at least 5%, reflecting the home improvement company's store expansion plans in Serbia. As such, the hold rating was maintained, while the price target was trimmed to 88 euros from 90 euros. "With the company's group sales likely to grow by c2% this year but its adjusted EBIT likely to decline by c4%, we believe FY 2025 will prove a mixed year in a turbulent industry, with HORNBACH outperforming many of its European DIY peers both operationally and in terms of share price performance," the research firm said.