First Berlin Equity Research Maintains Buy Rating on Cabka N.V., Adjusts Price Target

First Berlin Equity Research has issued a research update for Cabka N.V., maintaining a "Buy" recommendation while adjusting the price target from €3.40 to €3.30. Cabka's Q3 revenue stood at €42.3 million, remaining stable year-on-year and aligning with projections. For the first nine months, revenue reached €137.8 million, marking a 4.3% increase. Temporary disruptions in customer tenders due to renewed Middle East tensions and oil price concerns were noted, although these have been resolved according to management.

No specific earnings metrics were released, yet the CFO indicated that EBITDA levels were consistent with the first half of the year, bolstered by a favorable product mix and operational execution. Management reaffirmed its outlook for revenue growth and a higher EBITDA margin for FY26, expressing optimism about Q4. The full-year revenue projection of €188 million assumes a 3.5% growth in the last quarter, feasible given the 6% growth in H1. The price target adjustment reflects changes in the discounted cash flow model due to rising German bond yields, with a potential 62% upside.