Bechtle

US bank JPMorgan starts coverage of Bechtle with a 'Neutral' rating and a €38 price target. Analyst Joseph George names Computacenter his favourite among European VARs and rates Bytes Technology as 'Underweight'. For Bechtle, he does not expect a material upward revision of financial targets at the capital markets day in September; consensus already expects a mid-term earnings pickup. » Mere på finanzen.net

Bechtle massively increased inventories in the second quarter, causing operating cash outflows of €112.4 million (prior year: inflow €45.2 million). Despite the inventory build-up, revenue rose 16.5% to €1.73 billion and pre-tax profit increased by a fifth to €80.2 million; net profit was €57.8 million. The company raised its full-year guidance and expects revenue and profit growth of 5–10% for the year; the order backlog stands at €3.5 billion. CEO Thomas Olemotz simultaneously warned against euphoria and stressed that market conditions remain challenging. » Mere på finanzen.net

Bechtle reported Q2 2026 revenue up 16.5% to €1.73bn and pre-tax profit up 20.1% to €80.2m, both above analysts' expectations, and raised its full-year guidance significantly. Investors, however, focused on the sharply negative operating cash flow of -€112.4m (previous year +€45.2m), caused by a substantial build-up of inventories and working capital in connection with a record order book of €3.5bn. Management also noted that more than half of the revenue growth was due to price effects in servers, storage solutions and PCs, which tempers the quality of earnings; the stock gave back gains after an initial rally to €35.47. » Mere på de.investing.com