Decelerating Demand and Limited Upside Prompt Sell Rating Despite Strong 2025 Results

Analyst Martin Comtesse from Jefferies maintained a Sell rating on Friedrich Vorwerk Group SE and keeping the price target at €68.00.

Martin Comtesse has given his Sell rating due to a combination of factors including slowing momentum and a softening order environment. While 2025 results were exceptionally strong, with sharp growth in revenue and margins, the visible slowdown in order intake and a shrinking order backlog point to weaker medium‑term growth support despite the solid year just reported.

Moreover, management’s 2026 guidance signals only modest EBITDA growth and revenue targets that fall short of consensus expectations, suggesting limited upside versus the current market view. Although the balance sheet has strengthened and shareholders benefit from an elevated dividend, the combination of decelerating demand indicators and an already robust valuation profile leads Comtesse to see an unfavorable risk‑reward, justifying his Sell recommendation.