Reviewed listing: XETR:MBB · Analysis dated Nov 03, 2026
How does the company make money?
MBB owns stakes in midsize companies that, for example, build energy pipelines and power grids, provide IT security, or manufacture industrial products. The holding company’s value depends mainly on how well these companies perform.
What supports the business?
MBB reported preliminary adjusted earnings before interest, taxes, depreciation, and amortization of 84 million euros for the third quarter—a measure of business earnings before financing, taxes, and depreciation and amortization—compared with 67.3 million euros in the same quarter last year. Revenue was nearly unchanged.
What could improve?
MBB raised its forecast for the adjusted earnings margin in 2026 from 18–20 to 22–24 percent; the margin shows what share of revenue remains as earnings. If Friedrich Vorwerk maintains its strong performance, that could support the group’s results, but the forecast is not certain.
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 195 euros, the price is reasonable but not obviously cheap: it is about 20.5 times the audited annual earnings for 2025 attributable to each share (9.51 euros per share). This assessment is based on those completed annual earnings and the recent improvement in results, not on guaranteed future earnings.
What is the main risk?
Friedrich Vorwerk contributed 80.9 million euros of the 84 million euros in adjusted earnings before interest, taxes, depreciation, and amortization in the third quarter. If this business weakens, MBB’s earnings could fall significantly; revenue in the first nine months was also slightly below the prior year.
What is the overall assessment?
MBB’s preliminary results improved significantly, and its outlook was raised. At 195 euros, the price seems reasonable compared with the audited prior-year earnings, but not obviously cheap. The opportunity remains conditional because revenue did not grow, and Friedrich Vorwerk accounted for most of the recent increase in earnings.
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