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CEWE Stiftung & Co. KGaA
(XETRA:CWC)
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Rating:78Outperform
Price Target:
€128.00
▲(20.75% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by strong financial performance (accelerating revenue growth, steady margins, and low leverage) and an attractive valuation (low P/E with a solid dividend yield). Technicals add moderate support with mild positive momentum, while the main constraint is the 2025 free-cash-flow decline and data-quality gaps (multiple 2025 metrics shown as 0%), which reduce confidence in the most recent-period margin and cash-conversion signals.
Positive Factors
Accelerating revenue growth
The sharp acceleration in revenue indicates stronger demand and expanding customer activity across CEWE’s offerings. If sustained, higher volume can improve operating leverage, support investment in personalized products, and reinforce the company’s position in European photofinishing.
Negative Factors
Free cash flow decline
The sharp decline in free cash flow means less cash was available after operating needs and investment, weakening near-term self-funding capacity. If elevated reinvestment or working-capital demands persist, cash conversion could constrain dividends, expansion spending, or balance-sheet flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue growth
The sharp acceleration in revenue indicates stronger demand and expanding customer activity across CEWE’s offerings. If sustained, higher volume can improve operating leverage, support investment in personalized products, and reinforce the company’s position in European photofinishing.
Read all positive factors
CEWE Stiftung & Co. KGaA (CWC) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€812.51M
Dividend Yield2.67%
Average Volume (3M)8.37K
Price to Earnings (P/E)13.3
Beta (1Y)0.41
Revenue GrowthN/A
EPS GrowthN/A
CountryDE
Employees3,972
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.63
Shares Outstanding7,442,003
10 Day Avg. Volume9,136
30 Day Avg. Volume8,368
Financial Highlights & Ratios
PEG Ratio-5.59
Price to Book (P/B)1.57
Price to Sales (P/S)0.82
P/FCF Ratio16.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€142.00Price Target Upside33.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)11.32
Revenue Forecast (FY)€803.97M
CEWE Stiftung & Co. KGaA Business Overview & Revenue Model
Company Description
CEWE Stiftung & Co. KGaA operates as a photo service and online printing provider in Germany and internationally. The company operates through three segments: Photofinishing, Commercial Online Printing, and Retail. It offers CEWE PHOTOBOOK, photo ...
How the Company Makes Money
CEWE primarily makes money by selling personalized photo products and related services, with revenues generated when customers create and order items (most notably CEWE PHOTOBOOKs and other custom photo gifts) through CEWE’s website/apps/software ...
CEWE Stiftung & Co. KGaA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 143.93M | 864.50M | 832.79M | 780.20M | 732.73M | 692.76M |
| Gross Profit | 46.31M | 366.96M | 361.98M | 324.52M | 299.25M | 282.43M |
| EBITDA | 4.93M | 143.61M | 142.65M | 142.21M | 129.94M | 126.66M |
| Net Income | -4.25M | 58.00M | 60.07M | 57.31M | 51.06M | 48.90M |
Balance Sheet | ||||||
| Total Assets | 601.48M | 749.18M | 716.85M | 673.34M | 632.71M | 599.53M |
| Cash, Cash Equivalents and Short-Term Investments | 23.56M | 149.41M | 150.27M | 117.37M | 73.07M | 84.39M |
| Total Debt | 38.67M | 41.13M | 43.09M | 46.65M | 50.58M | 53.96M |
| Total Liabilities | 173.48M | 295.99M | 293.01M | 284.10M | 269.94M | 263.70M |
| Stockholders Equity | 428.00M | 453.19M | 423.84M | 389.24M | 362.76M | 335.83M |
Cash Flow | ||||||
| Free Cash Flow | -30.32M | 43.28M | 75.66M | 77.89M | 38.03M | 27.15M |
| Operating Cash Flow | -18.28M | 104.14M | 131.89M | 130.77M | 93.36M | 65.61M |
| Investing Cash Flow | -11.61M | -60.49M | -58.09M | -47.93M | -61.89M | -44.14M |
| Financing Cash Flow | -24.99M | -44.50M | -40.78M | -38.90M | -42.60M | -40.11M |
CEWE Stiftung & Co. KGaA Technical Analysis
Positive
106.00
Price Trends
104.27
Positive
99.69
Positive
98.10
Positive
Market Momentum
1.94
Negative
67.83
Neutral
67.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:CWC, the sentiment is Positive. The current price of 106 is below the 20-day moving average (MA) of 108.03, above the 50-day MA of 104.27, and above the 200-day MA of 98.10, indicating a bullish trend. The MACD of 1.94 indicates Negative momentum. The RSI at 67.83 is Neutral, neither overbought nor oversold. The STOCH value of 67.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:CWC.
CEWE Stiftung & Co. KGaA Peers Comparison
UnderperformOutperform
Sector (55)
DE:CWC
CEWE Stiftung & Co. KGaA
112.20
13.11
13.23%
DE:ACWN
A.S. Creation Tapeten AG
5.75
-1.89
-24.75%
DE:BST
Bastei Luebbe
6.18
-2.76
-30.89%
DE:BIJ
Bijou Brigitte Modische Accessoires
44.00
8.51
23.98%
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.