Reviewed listing: XETR:EIN · Analysis dated Oct 29, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
Einhell sells tools, garden equipment, batteries, and accessories to do-it-yourselfers and professional users, including through retailers. The company primarily earns revenue from selling these products.
What supports the business?
The revenue share of Power X-Change battery systems rose 2026 to 56 percent in the first half, from 53 percent in the year-earlier period. One battery for many devices can encourage buyers to choose more compatible Einhell products.
What could improve?
If buyers who already own a battery purchase other compatible tools or garden equipment, the battery-system business could continue to grow. Its rising share of revenue supports this possibility, but does not yet demonstrate higher future profit.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 62.40 euros, the preferred share seems reasonable: in 2025, its reported earnings per share were 6.76 euros, which puts the share price at about 9.2 times that year’s earnings. This is backward-looking, not a promise that earnings will continue.
What is the main risk?
2025, cash flow from operating activities fell to 19.7 million euros from 70.0 million euros in 2024; in the first half of 2026, it recovered to 23.6 million euros, compared with minus 48.2 million euros in the first half of 2025. If this cash flow remains weak or volatile, it may become harder to finance inventory, investment, and growth.
What is the overall assessment?
Einhell sells tools and garden equipment and is expanding a battery system that could encourage customers to buy additional products. At the specified price, the preferred share seems reasonable; however, the sharp decline in cash inflow 2025 and the slightly lower first-half profit mean the overall picture is not yet convincing enough.
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