Original-Research: FamiCord AG (von Montega AG): Buy

Classification of Montega AG to FamiCord AG

Company Name:	FamiCord AG
ISIN:	DE000A0BL849
Reason for the research:	Update
Recommendation:	Buy
from:	17.04.2026
Target price:	EUR 6.50 (prior: EUR 7.50)
Target price on sight of:	12 Months
Last rating change:	-
Analyst:	Tim Kruse, CFA

Preliminary 2025 figures in line with expectations – muted 2026 outlook amid macroeconomic uncertainty

FamiCord reported preliminary figures for the full year 2025, which overall came in line with our expectations. However, the outlook is somewhat below our initial projections due to the overall macroeconomic environment and inflationary headwinds weighing on consumer sentiment, leading us to lower our estimates and price target. Overall, we continue to believe that the current valuation does not adequately reflect the cash flow strength of the business model, and that the company retains significant margin expansion potential beyond current levels.

[Table]

Sales for the full year came in at EUR 88.2m, slightly above our estimates and approximately 7% above last year’s figures. EBITDA slightly exceeded guidance and reached EUR 10.5m, reflecting an overproportional increase of approximately 20% year-on-year. However, when assessing the yoy comparison, it should be considered that the 2025 figures do not reflect discontinued CAR-T activities, which had burdened the 2024 base by approximately EUR 1.5m.

Outlook 2026: In the company statement on the preliminary figures, management states that structural and cyclical headwinds are intensifying, driven by persistently low birth rates, weaker new customer momentum in Q1 2026 and elevated geopolitical uncertainty (Ukraine, post-US election policy shifts, Iran). This is feeding through into deteriorating consumer sentiment and limited demand visibility, with rising European energy prices representing an additional downside risk. These dynamics are impacting purchasing power via inflation and energy costs, increasing volatility and reinforcing a more defensive consumer spending pattern. Consequently, management has adopted a very cautious stance and is guiding for FY 2026 revenue of EUR 80–90m and EBITDA of EUR 9.0–11.0m, implying constrained growth and slight margin pressure. Overall, the new outlook is considerably below our initial projections for the year, which had been supported by improving momentum in Eastern European markets in previous quarters, partly driven by the introduction of placenta banking and its planned rollout across additional European markets during the year.

Change in estimates: We have lowered both sales and earnings projections for the current and the following year to reflect the macroeconomic headwinds embedded in the company’s updated outlook.

Conclusion: The outlook for 2026 is somewhat disappointing and comes at a time when operational momentum had only recently begun to improve. However, we view these headwinds as largely temporary and continue to see the cash flow potential of the business model as not adequately reflected in the recent share price weakness. We therefore reiterate our Buy recommendation with a revised price target of EUR 6.50 (prior: EUR 7.50).



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