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

Summary by AI ^BETAClose X

Quirin Privatbank Kapitalmarktgeschäft has maintained its Buy recommendation for Mister Spex SE with a target price of EUR 5.00, confirming the company's FY 2025 guidance which anticipates a net revenue decline of 10% to 20% and an EBIT margin between -5% and -15%. Despite lower sales due to reduced discount campaigns and exiting low-margin markets, Mister Spex has seen a significant increase in gross margin and reduced bottom-line losses, driven by a higher proportion of prescription glasses sold in stores and the acquisition of profitable optician businesses.

Disclaimer*

Original-Research: Mister Spex SE - from Quirin Privatbank Kapitalmarktgeschäft

14.11.2025 / 13:26 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Classification of Quirin Privatbank Kapitalmarktgeschäft to Mister Spex SE

Company Name:	Mister Spex SE
ISIN:	DE000A3CSAE2

Reason for the research:	update
Recommendation:	Buy
from:	14.11.2025
Target price:	5.00
Last rating change:
Analyst:	Ralf Marinoni

FY 2025 guidance confirmed

Mister Spex continues its performance from earlier in the year into Q3: lower sales due to a reduction in discount campaigns and withdrawal from low-margin international markets. However, there has also been a significant increase in gross margin and a reduction in bottom-line losses, particularly due to the increased share of prescription glasses in stores. The company has begun acquiring profitable optician businesses, which is good news. Mister Spex confirmed its FY 2025 guidance and expects a decline in net revenue of 10% to 20% and an EBIT margin between -5% and -15%. We confirm our Buy recommendation and the long-term EUR 5.00 TP.

You can download the research here: MISTER_SPEX_20251114k
For additional information visit our website: https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2230212 14.11.2025 CET/CEST