Equity research Hornbach Baumarkt Ag - growth boosted by e-commerce

This paper creates an overview about the key findings from an equity research analysis that was conducted to make a reasonable assumption about the fair value share price of Hornbach Baumarkt AG. The main problem regarding this analysis was the availability of information and the past two years of the Covid-19 pandemic that led to unforeseen developments in the overall economy and also the Do-it-yourself retail market. As this market, including Hornbach, was one of the main profiteers during the pandemic, future outlooks regarding the time after the pandemic were even more complicated to forecast than during normal times. However, the findings shown in the paper and the annexed overall report created an overview about future market developments and the underlying chances and risks that Hornbach will face in the coming years. As a result, the research presents a certain target share price that shows a positive development regarding return for investors meaning that the recommendation is to BUY