First Berlin Equity Research has published a research update on Schloss Wachenheim AG (ISIN: DE0007229007). Analyst Simon Scholes reiterated his ADD rating and maintained his EUR 17.00 price target.

Abstract
Volume was down 4.3% y-o-y in Q1 26/27, in large part because of a strong prior year quarter in which volume jumped 6.7%. Group Q1 26/27 sales fell 3.9% to €101.9m (FBe: €104.4m; Q1 25/26: €106.0m). EBIT edged up 1.6% to €5.3m (FBe: €5.1m; Q1 25/26: €5.3m), helped by a €2.3m gain on the sale of land in Bucharest, Romania. Net profit after non-controlling interests fell 58.2% to €0.9m (Q1 25/26: €2.1m) due to a normalisation of the tax rate following a deferred tax adjustment in the prior year quarter. Nevertheless, management is confident about the crucial Christmas quarter, which in the past two years has generated over 75% of full-year EBIT. The company has confirmed the FY 26/27 guidance published in the annual report in September, which calls for slight increases in volume and sales, and EBIT in the range of €28m-€32m, implying growth of 1%-16% in this latter metric. We maintain our Add recommendation at an unchanged price target of €17 (upside potential: 15.3%)