Baader sees Hornbach return to growth, starts with 'add'

Hornbach Holding AG & Co KGaA

18/09/2024 08:28

** Baader Helvea initiates coverage of Hornbach Holding
 HBH.DE  with "add", as it expects the German DIY store group's
solid financials to return it to growth in FY 2024/2025
    ** Baader sees further growth driven by internationalization
and a "seamless connection between group's offline and online
distribution channels"
    ** The broker sees Hornbach as a strong brand, as a
"high-quality and well-established company with a proven track
record"
    ** Baader also points to the value in the group owning
around 62% of its real estate
    ** Hornbach has a track record of sustainable dividend
payments, Baader says and is currently trading at a discount of
38% with the average multiple of its peers and a discount of 24%
with its closest peer
    ** Out of seven analysts that cover Hornbach, four rate the
stock "strong buy" or "buy" and three rate the stock "hold"

 (Reporting by Bernadette Hogg)
 ((bernadette.hogg@thomsonreuters.com))