Brockhaus Technologies AG

BKHT.DE

Asset Management · Technology

Also trades as: 0AAW.L

Price

€20.70

+0.30 (+1.47%)

Market Cap

€216.3M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 12, 2026 · filings through Mar 31, 2026

Brockhaus Technologies AG is a German holding company that buys and owns small technology businesses. It focuses on acquiring niche software and technology firms that serve specialized industries in Europe. The company acts like a private equity fund, but it is publicly listed on the Frankfurt Stock Exchange.

Brockhaus makes money through the revenues generated by its portfolio companies, which typically sell software licenses, subscriptions, or technology services to business customers. It operates primarily in German-speaking Europe and has a market value of around €200 million. Its competitive edge comes from targeting overlooked, profitable tech niches where competition is limited — but the negative return on invested capital signals that recent acquisitions have not yet generated strong returns. The main risk is that the company depends heavily on finding and integrating new acquisitions at attractive prices, and deal flow can dry up or valuations can rise, making future growth harder to achieve.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-90.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+50.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

57.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$10M cash & investments at current burn rate

Revenue declining

Brockhaus Technologies AG's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 10.4M (2021) → 10.4M (2025)

Score breakdown

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Quality

Gross Margin

79.2%

Premium pricing power — 79.2% gross margin

Operating Margin

-50.4%

Losing money on operations — -50.4%

ROCE

-1.5%

Weak — -1.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-111.4%

Shrinking sales (-111.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

N/A

Data not available

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Stability

Debt / Equity

0.09

Conservative — low debt load (0.09)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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