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Bechtle Aktiengesellschaft
(XETRA:BC8)
Select Model
Select Model
Rating:60Neutral
Price Target:
€36.00
▲(13.78% Upside)
Action:Downgraded
Date:08/18/26
The score is primarily constrained by weak TTM cash generation and cash conversion, despite otherwise steady revenue/margin performance and a generally sound (though more leveraged) balance sheet. Technicals are mildly supportive with a positive MACD and price above key medium-term averages, and valuation is reasonable with a mid-teens P/E and ~2% yield.
Positive Factors
Diversified IT model
The combination of product distribution and higher-value integration and managed services diversifies revenue sources. Recurring support and operating contracts can deepen customer relationships and provide a more durable base than one-off product sales.
Negative Factors
Weak cash conversion
The sharp decline in free cash flow relative to earnings is a material weakness because it limits internally generated funding for investment, acquisitions and shareholder returns. Persistent working-capital or investment needs could reduce financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified IT model
The combination of product distribution and higher-value integration and managed services diversifies revenue sources. Recurring support and operating contracts can deepen customer relationships and provide a more durable base than one-off product sales.
Read all positive factors
Bechtle Aktiengesellschaft (BC8) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€4.46B
Dividend Yield1.98%
Average Volume (3M)202.21K
Price to Earnings (P/E)18.0
Beta (1Y)1.50
Revenue Growth7.74%
EPS Growth14.82%
CountryDE
Employees16,418
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)1.96
Shares Outstanding126,000,000
10 Day Avg. Volume192,276
30 Day Avg. Volume202,210
Financial Highlights & Ratios
PEG Ratio-3.60
Price to Book (P/B)2.69
Price to Sales (P/S)0.86
P/FCF Ratio34.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€43.75Price Target Upside38.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)2
Revenue Forecast (FY)€6.95B
Bechtle Aktiengesellschaft Business Overview & Revenue Model
Company Description
Bechtle AG, established in 1983 and headquartered in Neckarsulm, Germany, offers a broad spectrum of information technology (IT) solutions primarily throughout Europe. The company operates through two main segments: IT System House & Managed Servi...
How the Company Makes Money
Bechtle primarily makes money through a mix of (1) product-based IT trading and (2) higher value-added IT services. A major revenue stream is the resale of IT products—such as client devices, servers, networking equipment, peripherals, and standar...
Bechtle Aktiengesellschaft Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
68
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.76B | 6.41B | 6.31B | 6.42B | 6.03B | 5.31B |
| Gross Profit | 1.26B | 1.11B | 1.14B | 1.05B | 1.05B | 920.01M |
| EBITDA | 488.13M | 444.25M | 510.46M | 515.82M | 469.00M | 430.14M |
| Net Income | 245.52M | 229.21M | 245.50M | 265.51M | 251.12M | 231.45M |
Balance Sheet | ||||||
| Total Assets | 4.91B | 4.72B | 4.22B | 3.80B | 3.45B | 3.02B |
| Cash, Cash Equivalents and Short-Term Investments | 537.48M | 452.03M | 716.20M | 465.76M | 291.70M | 433.18M |
| Total Debt | 1.11B | 722.90M | 812.25M | 734.04M | 523.15M | 489.23M |
| Total Liabilities | 2.83B | 2.66B | 2.30B | 2.06B | 1.91B | 1.67B |
| Stockholders Equity | 2.07B | 2.05B | 1.91B | 1.74B | 1.54B | 1.35B |
Cash Flow | ||||||
| Free Cash Flow | 22.49M | 159.89M | 469.49M | 349.01M | 34.95M | 226.22M |
| Operating Cash Flow | 148.93M | 280.91M | 558.15M | 450.19M | 116.65M | 284.49M |
| Investing Cash Flow | -303.37M | -265.86M | -206.27M | -282.55M | -224.32M | -42.94M |
| Financing Cash Flow | 162.64M | -277.36M | -145.97M | 43.17M | -100.21M | -179.36M |
Bechtle Aktiengesellschaft Technical Analysis
Positive
31.64
Price Trends
33.07
Positive
31.55
Positive
34.42
Positive
Market Momentum
0.58
Positive
55.73
Neutral
50.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:BC8, the sentiment is Positive. The current price of 31.64 is below the 20-day moving average (MA) of 35.94, below the 50-day MA of 33.07, and below the 200-day MA of 34.42, indicating a neutral trend. The MACD of 0.58 indicates Positive momentum. The RSI at 55.73 is Neutral, neither overbought nor oversold. The STOCH value of 50.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:BC8.
Bechtle Aktiengesellschaft Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | €181.08M | 10.06 | 14.30% | 6.37% | -9.97% | 280.10% | |
60 Neutral | €4.46B | 18.02 | 12.00% | 2.21% | 7.74% | 14.82% | |
59 Neutral | €387.12M | 20.88 | 9.65% | 1.48% | 12.73% | 51.34% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €612.16M | 17.60 | 7.07% | 4.18% | -1.13% | 104.45% | |
54 Neutral | €339.77M | -33.83 | -8.99% | 1.78% | -1.94% | -161.38% |
* General Sector Average
DE:BC8
Bechtle Aktiengesellschaft
35.32
-3.81
-9.73%
DE:ADN1
adesso AG
58.20
-23.43
-28.70%
DE:A1OS
All for One Group
68.00
24.33
55.71%
DE:AEIN
Allgeier
16.30
-0.06
-0.36%
DE:COK
CANCOM SE
21.45
-0.13
-0.62%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.