Berenberg resumes Fielmann with 'buy', seeing gradual margin rebuild

Fielmann AG

27/01/2026 09:00

** Berenberg resumes coverage of German eyewear manufacturer Fielmann FIEG.DE with a "buy" rating based on its low valuation and potential for margin recovery

** It cites "significant" upside potential for the stock amid near-10-year lows and superior peer-to-peer margins, growth and dividend yields

** It says the company is set to rebuild margins after they bottomed out in 2022 through benefits from scaling, productivity and selective centralisation, expecting gradual rather than rapid return to pre-2019 margins

** "The company's own-the-region model creates an operating flywheel, as rising store density lifts brand awareness, utilisation and mix," says the broker

** It points to Fielmann's ongoing U.S. expansion since entering the market in 2023, driven by a combination of acquisitions, operational self-help and "intrinsic value positioning" suited to a price-sensitive consumer environment

** It sets a PT of 56 euros, 38% above Monday's closing price of 40.5 euros per share

** Out of eight analysts covering Fielmann, four rate the stock "strong buy" or "buy"​ and four "hold" - LSEG data

(Reporting by Danny Callaghan)

((danny.callaghan@thomsonreuters.com))