Bechtle's Order Book Prompts Jefferies to Call 2027 Consensus Too Timid

Jefferies has pushed back against what it considers an overly cautious market view of Bechtle's 2027 pre-tax profit, pointing to the IT services group's unusually full order backlog. Analyst Martin Comtesse reaffirmed his Buy rating and a EUR 48 price target on November 5, describing the company's preliminary quarterly figures as strong.

His note landed on the same day that two other research houses lifted their targets. mwb research raised its price target to EUR 47 from EUR 45 and kept its buy recommendation, citing both the upgraded pre-tax profit guidance and the record order book. Berenberg moved from EUR 40 to EUR 41 while maintaining its Buy rating. Across the wider coverage, the newly raised targets sit between EUR 41 and EUR 47, while the remaining confirmed targets span EUR 38 to EUR 49, with ratings running from Neutral to Buy.

Guidance Raised for the Second Time

The catalyst for the round of revisions was Bechtle's decision roughly a week earlier to lift its full-year pre-tax profit forecast for the second time. Management now expects growth of more than 10%, having previously guided for 5% to 10%.

Forecasts for revenue and business volume were left untouched. Bechtle continues to project revenue growth of 5% to 10% and business volume growth of more than 10%.

The preliminary third-quarter numbers illustrate why the analysts moved. Business volume climbed by around 19% to approximately EUR 2.44 billion, while pre-tax profit advanced by roughly 14% to about EUR 92 million.

UK Footprint Widened Through Acquisition

Alongside the guidance upgrade, Bechtle completed the takeover of Bespoke XYZ Limited and its subsidiary Savvy IT about a week ago. The Manchester-based businesses bring 52 employees into the group. Bespoke specialises in Microsoft-based solutions for artificial intelligence, data analytics and the Power Platform.

Investors will get the full picture on November 13, when Bechtle publishes its final figures for the third quarter and the first nine months of 2026.