GBC AG: Cenit AG | Rating: BUY

Original-Research: Cenit AG - von GBC AG

Einstufung von GBC AG zu Cenit AG

Unternehmen: Cenit AG
ISIN: DE0005407100

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 20.90 EUR
Kursziel auf Sicht von: 31.12.2024
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann

First acquisition of 2024 strengthens the 3DS Solutions division; forecasts and target price unchanged
 
As expected, CENIT AG is continuing the high level of acquisition activity implemented since the 2022 financial year in the 2024 financial year. As the company announced in the second calendar week of the still young year, CCE b:digital GmbH & Co. KG (CCE for short) was acquired with effect from 1 January 2024. CCE offers consulting, implementation and software development in the business areas of Digital Services, PLM Services and Application Services. Similar to CENIT's '3DS Solutions' business segment, CCE's offering is based on Dassault Systèmes solutions, with a particular focus on the CATIA products and the 3DEXPERIENCE PLM platform. This shows a high degree of congruence with the PLM business field of CENIT AG.  
CENIT AG emphasises that CCE has special expertise in the migration and introduction of Dassault standard software. For this purpose, concepts have been developed that are specially tailored to medium-sized and smaller customers. In addition, the acquisition of CCE will expand the local presence in the Ostwestfalen Lippe region. Finally, company acquisitions have proven to be an effective strategy for expanding the Group's workforce against the backdrop of challenging personnel recruitment. The acquisition of CCE will expand the CENIT team by 16 employees. In addition, CENIT's position as one of Dassault Systèmes' most important Platinum Partners worldwide will be further strengthened. This is already a declared goal of CENIT AG.
 
No further details on the size of CCE or the purchase price are known. The Federal Gazette only contains a balance sheet as of 31 December 2021, which shows that the company is relatively small at this point in time. With total assets of € 1.72 million, CCE had equity of € 0.19 million and cash and cash equivalents of € 1.15 million. Based on this information, we assume a purchase price in the low single-digit million range.  
The CCE acquisition should be seen as a further step towards achieving the medium-term goals of CENIT AG. The aim is to achieve sales of € 300 million and an EBIT margin of 8-10% by the end of the 2025 financial year. As part of this strategy, all five business divisions are expected to grow organically and inorganically. In the 3DS Solutions division, sales are to be increased from the current level of around € 100 million to € 150 million.
 
Due to what we consider to be the low impact on the CENIT Group's sales and earnings, we are maintaining our estimates compared to our last research study (see study dated 03 November 2023). We therefore confirm our price target of € 20.90 and continue to rate the share as BUY.  

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28671.pdf

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
Date (time) of completion: 16/01/24 (08:04 am) Date (Time) first distribution: 16/01/24 (10:00 am)

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.