Bechtle: Resilient Growth Outlook and Robust Margins Underpin Buy Rating Despite Component Headwinds

Analyst Martin Comtesse of Jefferies maintained a Buy rating on Bechtle Aktiengesellschaft, retaining the price target of €52.00.

Martin Comtesse has given his Buy rating due to a combination of factors tied to Bechtle’s solid recent performance and resilient outlook. The company delivered strong 4Q25 results, with notable growth in earnings and an improved margin profile, indicating sound execution even in a challenging environment characterized by macro headwinds and component shortages.

He also highlights that management still anticipates mid‑single‑digit to high‑single‑digit business volume growth in 2026, driven largely by persistent software demand, even if revenue and EBT growth are guided conservatively. While memory shortages and rising component prices pose risks to the mix and may delay some higher‑margin service projects, trading margins appear robust, and current consensus expectations for sales and earnings growth remain supportive of upside in the shares, justifying a Buy stance.