Bechtle Aktiengesellschaft (BC8) AI Stock Analysis

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Bechtle Aktiengesellschaft

(XETRA:BC8)

Select Model

Rating:60Neutral

Price Target:EUR 36.00▲(6.26% Upside)

Action:downgraded

Date:08/18/26

The score is primarily constrained by weak TTM cash generation and cash conversion, despite otherwise steady revenue/margin performance and a generally sound (though more leveraged) balance sheet. Technicals are mildly supportive with a positive MACD and price above key medium-term averages, and valuation is reasonable with a mid-teens P/E and ~2% yield.

Positive Factors

Diversified IT modelThe combination of product distribution and higher-value integration and managed services diversifies revenue sources. Recurring support and operating contracts can deepen customer relationships and provide a more durable base than one-off product sales.

Negative Factors

Weak cash conversionThe sharp decline in free cash flow relative to earnings is a material weakness because it limits internally generated funding for investment, acquisitions and shareholder returns. Persistent working-capital or investment needs could reduce financial flexibility.

Bechtle Aktiengesellschaft (BC8) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 4.21B
Dividend Yield: 2.07%
Average Volume (3M): 185.88K
Price to Earnings (P/E): 17.3
Beta (1Y): 1.42
Revenue Growth: 7.74%
EPS Growth: 14.82%
Country: Germany
Employees: 16,418
Sector: General
Sector Strength: 55
Industry: Information Technology Services

Bechtle Aktiengesellschaft Business Overview & Revenue Model

Company Description

Bechtle AG, established in 1983 and headquartered in Neckarsulm, Germany, offers a broad spectrum of information technology (IT) solutions primarily throughout Europe. The company operates through two main segments: IT System House & Managed Services...

How the Company Makes Money

Bechtle primarily makes money through a mix of (1) product-based IT trading and (2) higher value-added IT services. A major revenue stream is the resale of IT products—such as client devices, servers, networking equipment, peripherals, and standard s...

Bechtle Aktiengesellschaft Financial Statement Overview

Summary

Operating performance is steady with modest TTM revenue growth (~3.8%) and stable margins (gross margin ~18.7%, EBIT margin ~4.7%, net margin ~3.6%). The balance sheet is broadly sound (ROE ~12%) but leverage has increased (debt-to-equity ~0.54 vs ~0.35). The key drag is a sharp deterioration in TTM cash flow: operating cash flow ~€149M and free cash flow ~€22M (down ~88%), with weak cash conversion (FCF/NI ~0.15).

Income Statement

73Positive

Balance Sheet

68Positive

Cash Flow

38Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.76B	6.41B	6.31B	6.42B	6.03B	5.31B
Gross Profit	1.26B	1.11B	1.14B	1.05B	1.05B	920.01M
EBITDA	488.13M	444.25M	510.46M	515.82M	469.00M	430.14M
Net Income	245.52M	229.21M	245.50M	265.51M	251.12M	231.45M
Balance Sheet
Total Assets	4.91B	4.72B	4.22B	3.80B	3.45B	3.02B
Cash, Cash Equivalents and Short-Term Investments	537.48M	452.03M	716.20M	465.76M	291.70M	433.18M
Total Debt	1.11B	722.90M	812.25M	734.04M	523.15M	489.23M
Total Liabilities	2.83B	2.66B	2.30B	2.06B	1.91B	1.67B
Stockholders Equity	2.07B	2.05B	1.91B	1.74B	1.54B	1.35B
Cash Flow
Free Cash Flow	22.49M	159.89M	469.49M	349.01M	34.95M	226.22M
Operating Cash Flow	148.93M	280.91M	558.15M	450.19M	116.65M	284.49M
Investing Cash Flow	-303.37M	-265.86M	-206.27M	-282.55M	-224.32M	-42.94M
Financing Cash Flow	162.64M	-277.36M	-145.97M	43.17M	-100.21M	-179.36M

Bechtle Aktiengesellschaft Technical Analysis

Technical Analysis SentimentNegative

Last Price33.88

Price Trends

50DMA35.04Negative

100DMA34.11Negative

200DMA32.83Positive

Market Momentum

MACD-0.19Positive

RSI43.44Neutral

STOCH25.24Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:BC8, the sentiment is Negative. The current price of 33.88 is below the 20-day moving average (MA) of 34.94, below the 50-day MA of 35.04, and above the 200-day MA of 32.83, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 43.44 is Neutral, neither overbought nor oversold. The STOCH value of 25.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:BC8.

Bechtle Aktiengesellschaft Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

DE:BC8 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:AEIN	60Neutral	EUR 156.28M	8.75	13.38%	7.33%	-9.97%	280.10%
DE:BC8	60Neutral	EUR 4.21B	17.29	12.00%	2.07%	7.74%	14.82%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DE:COK	55Neutral	EUR 597.79M	17.52	7.07%	4.72%	-1.13%	104.45%
DE:ADN1	53Neutral	EUR 469.38M	25.95	9.65%	1.06%	12.73%	51.34%
DE:A1OS	50Neutral	EUR 386.60M	-38.80	-8.99%	1.54%	-1.94%	-161.38%

* General Sector Average

Performance Comparison

DE:BC8 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:BC8	Bechtle Aktiengesellschaft	33.88	0.38	1.14%
DE:ADN1	adesso AG	73.70	-16.32	-18.13%
DE:A1OS	All For One Group Se	78.00	39.35	101.83%
DE:AEIN	Allgeier SE	13.65	-2.19	-13.84%
DE:COK	CANCOM SE	21.20	-1.20	-5.37%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 18, 2026

Bechtle Aktiengesellschaft AI Stock Analysis