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Bertrandt
(XETRA:BDT)
Select Model
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Rating:51Neutral
Price Target:
€9.00
▲(6.13% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily constrained by weak financial performance, driven by declining revenue, negative profitability, and cash flow pressure. Technicals add downside risk due to a broader downtrend and negative MACD. Valuation is partially supported by a ~2.83% dividend yield, but losses (negative P/E) limit confidence in earnings-based valuation.
Positive Factors
Service-based business model
Bertrandt's core model of staffed engineering services, capacity engagements and fixed-price projects creates recurring revenue links to client R&D cycles. Framework agreements and mixed contract types smooth demand swings and support multi-quarter visibility into utilization and project pipelines.
Negative Factors
Revenue contraction
A nearly 15% revenue decline signals a material reduction in project volumes or client R&D spending. Sustained top-line contraction undermines scale economics, reduces headroom to cover fixed costs, and limits the company's ability to invest in capabilities or retain specialized staff over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Service-based business model
Bertrandt's core model of staffed engineering services, capacity engagements and fixed-price projects creates recurring revenue links to client R&D cycles. Framework agreements and mixed contract types smooth demand swings and support multi-quarter visibility into utilization and project pipelines.
Read all positive factors
Bertrandt (BDT) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€85.90M
Dividend Yield2.94%
Average Volume (3M)3.41K
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue Growth-14.82%
EPS Growth44.17%
CountryDE
Employees11,744
SectorGeneral
Sector StrengthN/A
IndustryAuto - Parts
Share Statistics
EPS (TTM)-5.75
Shares Outstanding10,143,240
10 Day Avg. Volume6,536
30 Day Avg. Volume3,411
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)0.61
Price to Sales (P/S)0.19
P/FCF Ratio33.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.26
Revenue Forecast (FY)€908.68M
Bertrandt Business Overview & Revenue Model
Company Description
Bertrandt AG provides a comprehensive range of engineering services to clients internationally, with a strong presence in Germany. The company organizes its expertise into three core segments: Digital Engineering, Physical Engineering, and Electri...
How the Company Makes Money
Bertrandt primarily makes money by selling engineering and technical development services to corporate clients, with a strong emphasis on automotive and mobility-related R&D. Its revenue model is largely service-based and typically monetized throu...
Bertrandt Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
50
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 917.03M | 976.52M | 1.19B | 1.16B | 1.01B | 848.59M |
| Gross Profit | -212.05M | 27.12M | 1.03B | 108.07M | 895.61M | 771.17M |
| EBITDA | 15.33M | 17.87M | 15.49M | 105.87M | 96.16M | 74.56M |
| Net Income | -58.18M | -53.81M | -77.17M | 30.44M | 21.13M | 6.91M |
Balance Sheet | ||||||
| Total Assets | 648.19M | 759.04M | 879.54M | 956.12M | 956.05M | 916.39M |
| Cash, Cash Equivalents and Short-Term Investments | 43.13M | 89.48M | 122.31M | 121.36M | 161.56M | 190.21M |
| Total Debt | 158.13M | 291.55M | 306.73M | 314.64M | 335.33M | 347.99M |
| Total Liabilities | 359.60M | 451.97M | 515.80M | 501.49M | 524.20M | 507.56M |
| Stockholders Equity | 288.59M | 307.07M | 363.74M | 454.63M | 431.85M | 408.83M |
Cash Flow | ||||||
| Free Cash Flow | 5.62M | 5.62M | 57.58M | 12.04M | 25.90M | 35.36M |
| Operating Cash Flow | 13.76M | 13.76M | 76.88M | 38.46M | 56.90M | 73.66M |
| Investing Cash Flow | -7.54M | -7.54M | -22.36M | -31.35M | -47.94M | -37.76M |
| Financing Cash Flow | -33.99M | -33.99M | -61.29M | -46.71M | -38.64M | -33.10M |
Bertrandt Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | €331.37M | 13.10 | 0.83% | 3.11% | -0.34% | ― | |
57 Neutral | €13.61B | -51.35 | -0.76% | 3.81% | -40.61% | -117.79% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €7.94B | 69.22 | 3.69% | 0.31% | -1.39% | -39.91% | |
51 Neutral | €85.90M | -1.51 | -18.62% | 2.95% | -14.82% | 44.17% | |
44 Neutral | €117.38M | -1.75 | -43.62% | ― | -12.94% | -94.55% | |
41 Neutral | €6.84B | -18.82 | -14.78% | 3.76% | 7.15% | 67.32% |
* General Sector Average
DE:BDT
Bertrandt
8.68
-11.22
-56.38%
DE:ED4
EDAG Engineering
3.06
-3.16
-50.80%
DE:ZIL2
ElringKlinger
5.29
0.86
19.33%
DE:HLE
Hella KGaA Hueck & Co
71.30
-16.83
-19.10%
DE:SHA0
Schaeffler
7.35
2.54
52.71%
DE:CON
Continental Aktiengesellschaft
68.84
14.95
27.75%
Bertrandt Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Major shareholder Frank Ferchau raises voting stake in Bertrandt AG
Positive
Jul 1, 2026
Bertrandt AG has disclosed that investor Frank Ferchau, through his investment vehicles FFI First Finance Invest Objects GmbH and FERCHAU Invest GmbH, has increased his share of voting rights in the company. As of 26 June 2026, his total voting st...
Other
Bertrandt Shareholder Frank Ferchau Increases Voting Stake to 12.86%
Neutral
May 20, 2026
Bertrandt AG disclosed a change in its shareholder structure following a voluntary group notification triggered by a subsidiary reaching a voting rights threshold. According to the announcement, investor Frank Ferchau, via holdings including FFI F...
Regulatory Filings and Compliance
LBBW Asset Management Raises Bertrandt Stake Above 5% Threshold
Positive
May 7, 2026
Bertrandt AG has disclosed that LBBW Asset Management Investmentgesellschaft mbH, acting for managed special funds, has increased its stake in the company to 5.02% of the voting rights. The position consists entirely of voting rights attached to s...
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.