Original-Research: Mister Spex SE (Von Quirin Privatbank Kapitalmarktgeschäft)

2025-05-09 02:06:31

(MENAFN- EQS Group)

Original-Research: Mister Spex SE - from Quirin Privatbank Kapitalmarktgeschäft
09.05.2025 / 11:05 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Mister Spex SE

Company Name:	Mister Spex SE
ISIN:	DE000A3CSAE2

Reason for the research:	Update
Recommendation:	Buy
from:	09.05.2025
Last rating change:
Analyst:	Ralf Marinoni

“SpexFocus” strategy shows first successes
Mister Spex' Q1-25 results have demonstrated that its transformation program, which was launched in August 2024, bears fruit: While net revenue declined as expected by 13% yoy to EUR 44.7m, mainly due to strategic store closures in international markets, the company was able to increase profitability: The gross margin improved by 441 basis points yoy to 56.4%, supported by the reduction of discounts in general and the continued expansion of SpexPro, Mister Spex's private label for premium eyewear lenses introduced in September 2024. Management explained in the conference call that the share of its premium SpexPro lenses amounts to ~35% of sold prescription glasses in stores – a great success. In addition, like-for-like sales in the German offline business grew by 13% yoy. Its new subscription model should provide recurring revenues in the future. We leave our estimates and the DCF-based EUR 5.00 TP unchanged and confirm our Buy recommendation.

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Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
...

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