A bit more than two years ago, the share of Bertrandt was above EUR 100 and its market cap above EUR 1bn. Investors liked Bertrandt’s annual growth of 10% and its high-single-digit EBIT margin. Today, Bertrandt’s market cap varies between EUR350-400m, and the financial performance continues to deteriorate.
Bertrandt had a soft quarter in Q1 FY20 (corresponding to calendar Q4 2019): revenues were flat (+0.4%) to EUR 263m, impacted by project delays, and reduced utilization rates in its Digital Engineering (DE) unit (-3.0%). DE, Bertrandt’s largest unit (55% of revenues), suffered from Germany OEMs shifting their R&D spending to digital.