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: 18.20 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann

First acquisition of 2023 strengthens EIM segment; price target and rating unchanged
 
On 30 January 2023, CENIT AG announced the acquisition of 100% of the Munich-based mip Management Informations Partner GmbH (mip for short). The acquisition of mip, which will be retroactively consolidated into the CENIT Group as of 1 January 2023, will further strengthen CENIT's Enterprise Information Management business segment. The software and consulting company, which was founded in 1988 and has now been acquired, is a specialist in the field of data management and analysis, software development and the operation of IT infrastructure and applications, with a strong industry focus on automotive, trade and insurance. Similar to ISR Information Products AG (ISR for short), which was acquired in the last financial year 2022, mip is one of IBM's leading partners in Germany. From a technical point of view, mip completes the portfolio of CENIT AG, especially in the EIM area.
 
No further information on the purchase price or on mip's key operating figures is currently available. In view of the number of employees at mip, which is around 30, this is likely to be a comparatively small acquisition. According to data from the “Bundesanzeiger”, mip generated an annual surplus of € 0.33 million in the 2021 financial year (2020: € 0.14 million). Assuming that the company shows a return on sales of 5-10%, which is customary in the industry, the sales level should be in the mid-single-digit million range. We estimate the purchase price to be in the single-digit million range.
 
The mip acquisition should be seen as a further step in CENIT's growth strategy. Inorganic growth is an essential component within the growth strategy 'CENIT 2025', according to which group sales of approximately € 300 million and an EBIT margin of 8-10% are to be achieved by business year 2025. Within the framework of this strategy, all five business segments are to grow organically and inorganically. In the EIM segment, the current turnover level (including ISR) is to be expanded from around € 40 million to € 50 million according to plans. The acquisition of mip would already cover half of the planned growth.
 
Under the management of Peter Schneck, CENIT AG is thus continuing its inorganic growth course. The EIM segment was already significantly expanded in the last business year 2022 with the acquisition of ISR. With around 200 employees, ISR had achieved sales revenues of € 22.8 million and an EBIT of € 3.2 million in 2021. In addition, the outstanding 49% shares in the SAP PLM specialist Coristo GmbH were acquired. Finally, the Dassault reseller Magic Engineering SRL, which operates in Romania, was acquired in an asset deal. If this pace is maintained, further acquisitions can be expected for the current business year.
 
Despite the mip acquisition, we are maintaining our forecasts, which were last adjusted on 28 November 2022. This is due in particular to the low revenue and earnings contribution of mip. We confirm the price target of € 18.20 and continue to assign a BUY rating.  

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26355.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: http://www.gbc-ag.de/de/Offenlegung.htm +++++++++++++++
Date (time) of completion: 06/02/2023 (08:13 am) Date (Time) first distribution: 06/02/2023 (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.