Berenberg keeps Hornbach stock at Hold with EUR 96.00 target

Published on 10/08/2026 at 09:05 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half sales rose 6.0 percent to EUR 3.8 billion through August 31, 2026. Adjusted EBIT reached EUR 285.6 million as full-year guidance held steady.

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Hornbach stock (ISIN DE0006083405) was last at EUR 83.40 on Xetra on October 7, 2026, down 0.71 percent for the session. Berenberg maintained a Hold rating and a EUR 96.00 price target on October 2, 2026, giving the analyst view a clear valuation reference for the German home-improvement retailer.

Berenberg keeps a Hold rating

According to Markets Insider on October 2, 2026, Michael Heider of Berenberg kept the stock at Hold with a EUR 96.00 target. The target lies 15.11 percent above the EUR 83.40 reference price.

The same Markets Insider report puts the analyst consensus at Moderate Buy with a EUR 94.00 target. That consensus target is 12.71 percent above the Xetra price, although the published item does not provide the number of analysts or the highest and lowest targets.

Sales growth meets cost pressure

EQS News reported on September 29, 2026, that second-quarter net sales rose 7.3 percent year over year to EUR 1,813.7 million for the period from June 1 through August 31, 2026. First-half sales increased 6.0 percent to EUR 3,816.2 million.

The operating picture was positive but not cost-free. Adjusted EBIT climbed 12.8 percent to EUR 124.6 million in the second quarter and increased 4.9 percent to EUR 285.6 million in the first half, while the first-half adjusted EBIT margin declined to 7.5 percent from 7.6 percent, according to EQS News.

That combination matters for valuation. Hornbach is expanding its network while procurement, logistics, wage and IT costs limit the conversion of sales growth into margin gains.

Guidance stays at EUR 264.7 million EBIT

EQS News said on September 29, 2026, that Hornbach confirmed full-year 2026/27 guidance. Sales are expected to reach or exceed the prior-year level of EUR 6.4 billion, while adjusted EBIT is expected at the prior-year level of EUR 264.7 million.

The company also reported 4.0 percent like-for-like sales growth in the first half and online sales of EUR 485.8 million, up 8.6 percent year over year. Six former Hellweg locations are scheduled for integration on December 1, 2026, subject to clearance by the German Federal Cartel Office, with reopening planned for spring 2027.

Hornbach stock stays below EUR 92.70

Hornbach stock was last at EUR 83.40 on Xetra on October 7, 2026 at 5:35 p.m. CEST. The session change was minus 0.71 percent, with the share trading between EUR 83.00 and EUR 84.90; its 52-week range is EUR 74.00 to EUR 92.70.