FamiCord AG (von Montega AG): Buy 17.04.2026, 12:03 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: FamiCord AG - from Montega AG



17.04.2026 / 12:03 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of Montega AG to FamiCord AG



     Company Name:                FamiCord AG
     ISIN:                        DE000A0BL849



     Reason for the research:     Update
     Recommendation:              Buy
     from:                        17.04.2026
     Target price:                EUR 6.50 (prior: EUR 7.50)
     Target price on sight of:    12 Months
     Last rating change:          -
     Analyst:                     Tim Kruse, CFA



Preliminary 2025 figures in line with expectations - muted 2026 outlook amid
macroeconomic uncertainty



FamiCord reported preliminary figures for the full year 2025, which overall
came in line with our expectations. However, the outlook is somewhat below
our initial projections due to the overall macroeconomic environment and
inflationary headwinds weighing on consumer sentiment, leading us to lower
our estimates and price target. Overall, we continue to believe that the
current valuation does not adequately reflect the cash flow strength of the
business model, and that the company retains significant margin expansion
potential beyond current levels.



[Table]



Sales for the full year came in at EUR 88.2m, slightly above our estimates
and approximately 7% above last year's figures. EBITDA slightly exceeded
guidance and reached EUR 10.5m, reflecting an overproportional increase of
approximately 20% year-on-year. However, when assessing the yoy comparison,
it should be considered that the 2025 figures do not reflect discontinued
CAR-T activities, which had burdened the 2024 base by approximately EUR
1.5m.



Outlook 2026: In the company statement on the preliminary figures,
management states that structural and cyclical headwinds are intensifying,
driven by persistently low birth rates, weaker new customer momentum in Q1
2026 and elevated geopolitical uncertainty (Ukraine, post-US election policy
shifts, Iran). This is feeding through into deteriorating consumer sentiment
and limited demand visibility, with rising European energy prices
representing an additional downside risk. These dynamics are impacting
purchasing power via inflation and energy costs, increasing volatility and
reinforcing a more defensive consumer spending pattern. Consequently,
management has adopted a very cautious stance and is guiding for FY 2026
revenue of EUR 80-90m and EBITDA of EUR 9.0-11.0m, implying constrained
growth and slight margin pressure. Overall, the new outlook is considerably
below our initial projections for the year, which had been supported by
improving momentum in Eastern European markets in previous quarters, partly
driven by the introduction of placenta banking and its planned rollout
across additional European markets during the year.



Change in estimates: We have lowered both sales and earnings projections for
the current and the following year to reflect the macroeconomic headwinds
embedded in the company's updated outlook.



Conclusion: The outlook for 2026 is somewhat disappointing and comes at a
time when operational momentum had only recently begun to improve. However,
we view these headwinds as largely temporary and continue to see the cash
flow potential of the business model as not adequately reflected in the
recent share price weakness. We therefore reiterate our Buy recommendation
with a revised price target of EUR 6.50 (prior: EUR 7.50).





+++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS /
HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++



Über Montega:



Die Montega AG ist eine innovative Investment-Banking-Boutique mit klarem
Fokus auf den Mittelstand und agiert als Plattformanbieter für den Austausch
zwischen börsennotierten Unternehmen und institutionellen Investoren.
Montega erstellt hochwertiges Equity Research, veranstaltet vielfältige
Kapitalmarktevents im In- und Ausland und bietet eine umfassende
Unterstützung bei Eigen- und Fremdkapitalfinanzierungen. Die Mission:
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beherrschen: Small- und MidCaps auf der einen sowie Vermögensverwalter,
Family Offices und Investment-Boutiquen mit einem Anlagefokus im
Nebenwertebereich auf der anderen Seite.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=b682c87ce345ca104fd99ce9fe6d2780



Contact for questions:
Montega AG - Equity Research
Tel.: +49 (0)40 41111 37-80
Web: www.montega.de
E-Mail: info@montega.de
LinkedIn: https://www.linkedin.com/company/montega-ag



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2310514 17.04.2026 CET/CEST