BC8 Stock Analysis: Bechtle | XETRA
Information Technology Services | XETRA, Germany | Market Cap: 4.738m EUR | 12M Return: -12.1% | DE0005158703 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 6.96M
EPS Trend: -69.9%
Qual. Beats: 0
Rev. Trend: 53.0%
Qual. Beats: 2
Warnings
No concerns identified
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Bechtle AG is a German IT services provider founded in 1983 and headquartered in Neckarsulm, with operations across Germany, France, the Benelux region, and broader Europe. The company operates through two business segments: IT System House & Managed Services, and IT E-Commerce, covering a broad range of offerings from IT strategy consulting and system integration to cloud, cybersecurity, AI, and managed services, as well as business applications such as ERP, CRM, and BI.
Its hybrid operating model combines traditional system-house services (consulting, project planning, integration, and ongoing support) with an online procurement platform for IT hardware and software, allowing the company to serve both as an advisor/operator and as a high-volume IT product distributor.
The company is classified under the GICS Industrials sector, specifically the Data Processing & Outsourced Services sub-industry, reflecting its role in helping organizations outsource IT infrastructure, operations, and digital transformation projects rather than producing hardware or software itself. Its customer base spans sectors such as engineering, manufacturing, and general enterprise clients across Europe.
- German recession weighs on enterprise IT spending outlook
- IT E-Commerce margins normalize as hardware demand softens
- Managed services mix expands recurring revenue and margins
| Net Income: 245.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -7.86 > 1.0 |
| NWC/Revenue: 20.36% < 20% (prev 16.00%; Δ 4.35% < -1%) |
| CFO/TA 0.03 > 3% & CFO 148.9m > Net Income 245.5m |
| Net Debt (822.8m) to EBITDA (488.1m): 1.69 < 3 |
| Current Ratio: 1.86 > 1.5 & < 3 |
| Outstanding Shares: last quarter (126.0m) vs 12m ago 0.0% < -2% |
| Gross Margin: 18.68% > 18% (prev 18.01%; Δ 0.67% > 0.5%) |
| Asset Turnover: 151.1% > 50% (prev 155.3%; Δ -4.20% > 0%) |
| Interest Coverage Ratio: 11.74 > 6 (EBIT TTM 320.8m / Interest Expense TTM 27.3m) |
| A: 0.28 (Total Current Assets 2.97b - Total Current Liabilities 1.59b) / Total Assets 4.91b |
| B: 0.37 (Retained Earnings 1.84b / Total Assets 4.91b) |
| C: 0.07 (EBIT TTM 320.8m / Avg Total Assets 4.47b) |
| D: 0.73 (Book Value of Equity 2.07b / Total Liabilities 2.83b) |
| Altman-Z'' = 4.31 = AA |
| DSRI: 1.14 (Receivables 1.28b/1.04b, Revenue 6.76b/6.28b) |
| GMI: 0.96 (GM 18.01% / 18.68%) |
| AQI: 1.05 (AQ_t 0.28 / AQ_t-1 0.27) |
| SGI: 1.08 (Revenue 6.76b / 6.28b) |
| TATA: 0.02 (NI 245.5m - CFO 148.9m) / TA 4.91b) |
| Beneish M = -2.86 (Cap -4..+1) = A |
As of August 24, 2026, the stock is trading at EUR 35.50 with a total of 132,014 shares traded. Over the past week, the price has changed by +2.48%, over one month by +15.94%, over three months by +17.20% and over the past year by -12.13%.
Current recommended Stop Loss: 33.00 (which is 7% or 2.3 ATR below the current price).
Bechtle has no consensus analysts rating.
P/E Trailing = 18.1436
P/E Forward = 20.9205
P/S = 0.6571
P/B = 2.1443
P/EG = 2.9875
Revenue TTM = 6.76b EUR
EBIT TTM = 320.8m EUR
EBITDA TTM = 488.1m EUR
Long Term Debt = 400.9m EUR (from longTermDebt, last fiscal year)
Short Term Debt = 97.4m EUR (from shortTermDebt, last quarter)
Debt = 1.36b EUR (from shortLongTermDebtTotal, last quarter) + Leases 250.3m
Net Debt = 822.8m EUR (calculated: Debt 1.36b - CCE 537.5m)
Enterprise Value = 5.56b EUR (4.74b + Debt 1.36b - CCE 537.5m)
Interest Coverage Ratio = 11.74 (Ebit TTM 320.8m / Interest Expense TTM 27.3m)
EV/FCF = 247.2x (Enterprise Value 5.56b / FCF TTM 22.5m)
FCF Yield = 0.40% (FCF TTM 22.5m / Enterprise Value 5.56b)
FCF Margin = 0.33% (FCF TTM 22.5m / Revenue TTM 6.76b)
Net Margin = 3.63% (Net Income TTM 245.5m / Revenue TTM 6.76b)
Gross Margin = 18.68% ((Revenue TTM 6.76b - Cost of Revenue TTM 5.50b) / Revenue TTM)
Gross Margin QoQ = 18.51% (prev 18.69%)
Tobins Q-Ratio = 1.13 (Enterprise Value 5.56b / Total Assets 4.91b)
Interest Expense / Debt = 2.01% (Interest Expense 27.3m / Debt 1.36b)
Taxrate = 28.83% (99.2m / 344.0m)
NOPAT = 228.3m (EBIT 320.8m * (1 - 28.83%))
Current Ratio = 1.86 (Total Current Assets 2.97b / Total Current Liabilities 1.59b)
Debt / Equity = 0.66 (Debt 1.36b / totalStockholderEquity, last quarter 2.07b)
Debt / EBITDA = 1.69 (Net Debt 822.8m / EBITDA 488.1m)
Debt / FCF = 36.58 (Net Debt 822.8m / FCF TTM 22.5m)
Total Stockholder Equity = 2.05b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.49% (Net Income 245.5m / Total Assets 4.91b)
RoE = 12.00% (Net Income TTM 245.5m / Total Stockholder Equity 2.05b)
RoCE = 13.11% (EBIT 320.8m / Capital Employed (Equity 2.05b + L.T.Debt 400.9m))
RoIC = 7.43% (NOPAT 228.3m / Invested Capital 3.07b)
WACC = 5.56% (E(4.74b)/V(6.10b) * Re(6.75%) + D(1.36b)/V(6.10b) * Rd(2.01%) * (1-Tc(0.29)))
Discount Rate = 6.75% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 0.0 | Cagr: 0.0%
[DCF] Terminal Value 73.10% ; FCFF base≈147.9m ; Y1≈129.7m ; Y5≈104.8m
[DCF] Fair Price = 6.82 (EV 1.68b - Net Debt 822.8m = Equity 859.2m / Shares 126.0m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -69.88 | EPS CAGR: -5.88% | SUE: 0.78 | # QB: 0
Revenue Correlation: 52.98 | Revenue CAGR: 1.24% | SUE: 4.0 | # QB: 2
EPS current Quarter (2026-09-30): EPS=0.49 | Chg30d=+7.89% | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=1.99 | Chg30d=+3.31% | Revisions=+17% | GrowthEPS=+9.1% | GrowthRev=+7.8%
EPS next Year (2027-12-31): EPS=2.17 | Chg30d=+3.57% | Revisions=+17% | GrowthEPS=+9.3% | GrowthRev=+6.5%
[Analyst] Revisions Ratio: +18% (up=5, down=3)