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CEWE Stiftung & Co. KGaA
(XETRA:CWC)
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Rating:78Outperform
Price Target:
€110.00
▲(12.94% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by strong financial performance (accelerating revenue growth, steady margins, and low leverage) and an attractive valuation (low P/E with a solid dividend yield). Technicals add moderate support with mild positive momentum, while the main constraint is the 2025 free-cash-flow decline and data-quality gaps (multiple 2025 metrics shown as 0%), which reduce confidence in the most recent-period margin and cash-conversion signals.
Positive Factors
Conservative balance sheet
Low leverage and steadily growing equity give CEWE durable financial flexibility. This conservatism supports capital allocation for production capacity, dividends or M&A without stressing liquidity, improving resilience through demand cycles and enabling multi-year investment in operations and partnerships.
Negative Factors
Free cash flow volatility
A sharp drop in free cash flow implies heavier capex or working-capital strain that can constrain cash available for dividends, buybacks or opportunistic investments. Persistent FCF volatility raises execution risk and complicates multi-quarter planning for capital returns or expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and steadily growing equity give CEWE durable financial flexibility. This conservatism supports capital allocation for production capacity, dividends or M&A without stressing liquidity, improving resilience through demand cycles and enabling multi-year investment in operations and partnerships.
Read all positive factors
CEWE Stiftung & Co. KGaA (CWC) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€731.40M
Dividend Yield2.98%
Average Volume (3M)7.36K
Price to Earnings (P/E)11.9
Beta (1Y)0.42
Revenue GrowthN/A
EPS GrowthN/A
CountryDE
Employees4,009
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)7.96
Shares Outstanding7,442,003
10 Day Avg. Volume7,995
30 Day Avg. Volume7,358
Financial Highlights & Ratios
PEG Ratio-5.59
Price to Book (P/B)1.57
Price to Sales (P/S)0.82
P/FCF Ratio16.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€142.00Price Target Upside45.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)10.49
Revenue Forecast (FY)€802.13M
CEWE Stiftung & Co. KGaA Business Overview & Revenue Model
Company Description
CEWE Stiftung & Co. KGaA operates as a photo service and online printing provider in Germany and internationally. The company operates through three segments: Photofinishing, Commercial Online Printing, and Retail. It offers CEWE PHOTOBOOK, photo ...
How the Company Makes Money
CEWE primarily makes money by selling personalized photo products to end customers and by fulfilling photo orders on behalf of retail and online partners. A major revenue stream is the production and sale of CEWE PHOTOBOOKs and other customizable ...
CEWE Stiftung & Co. KGaA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 862.64M | 864.50M | 832.79M | 780.20M | 732.73M | 692.76M |
| Gross Profit | 684.78M | 366.96M | 677.22M | 324.52M | 299.25M | 282.43M |
| EBITDA | 138.79M | 143.61M | 142.65M | 142.21M | 129.58M | 126.66M |
| Net Income | 55.09M | 58.00M | 60.07M | 57.31M | 51.06M | 48.90M |
Balance Sheet | ||||||
| Total Assets | 602.87M | 749.18M | 716.85M | 673.34M | 632.71M | 599.53M |
| Cash, Cash Equivalents and Short-Term Investments | 70.23M | 149.41M | 150.27M | 117.37M | 73.07M | 84.39M |
| Total Debt | 47.10M | 41.13M | 43.09M | 46.65M | 50.58M | 53.96M |
| Total Liabilities | 200.52M | 295.99M | 293.01M | 284.10M | 269.94M | 263.70M |
| Stockholders Equity | 402.35M | 453.19M | 423.84M | 389.24M | 362.76M | 335.83M |
Cash Flow | ||||||
| Free Cash Flow | 70.71M | 43.28M | 75.66M | 77.89M | 38.03M | 27.15M |
| Operating Cash Flow | 122.62M | 104.14M | 131.89M | 130.77M | 93.36M | 65.61M |
| Investing Cash Flow | -54.90M | -60.49M | -58.09M | -47.93M | -61.89M | -44.14M |
| Financing Cash Flow | -46.88M | -44.50M | -40.78M | -38.90M | -42.60M | -40.11M |
CEWE Stiftung & Co. KGaA Technical Analysis
Positive
97.40
Price Trends
95.42
Positive
95.04
Positive
96.35
Positive
Market Momentum
1.17
Negative
65.49
Neutral
85.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:CWC, the sentiment is Positive. The current price of 97.4 is below the 20-day moving average (MA) of 97.60, above the 50-day MA of 95.42, and above the 200-day MA of 96.35, indicating a bullish trend. The MACD of 1.17 indicates Negative momentum. The RSI at 65.49 is Neutral, neither overbought nor oversold. The STOCH value of 85.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:CWC.
CEWE Stiftung & Co. KGaA Peers Comparison
UnderperformOutperform
Sector (55)
DE:CWC
CEWE Stiftung & Co. KGaA
100.60
8.98
9.80%
DE:ACWN
A.S. Creation Tapeten AG
7.00
-0.49
-6.59%
DE:BST
Bastei Luebbe
6.90
-2.55
-27.00%
DE:BIJ
Bijou Brigitte Modische Accessoires
45.50
10.90
31.48%
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.