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Intershop Communications
ISIN:
DE000A254211
WKN:
A25421
Country: Deutschland
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Primary market: Germany
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EQS NID: 22544
Levermann Score
09 May 2025 16:30PM
Quirin Privatbank Kapitalmarktgeschäft: Intershop Communications | Rating: Buy
Original-Research: Intershop Communications - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications
Solid start to 2025 with positive EBIT On 30 April, Intershop released its Q1 financial results and confirmed its guidance for FY2025. Revenues were weak and declined by 4.0%yoy, however this was 1.7% ahead of our expectation. The decline reflected an 18.0%yoy drop in service revenues due to the PartnerFirst shift, partly offset by 5.0%yoy cloud revenue growth and a 14.0%yoy increase in cloud ARR. Gross margin improvement and strict cost control limited the EBIT decline, with EBIT margin exceeding our forecast. Management highlighted efficiency measures, AI enhancements and a larger cloud mix as key to protect profitability but noted spending restraint and elevated R&D investment as challenges. They confirmed guidance of –5.0% to –10.0%yoy revenues (in line) and slightly positive EBIT margin (in line). The investment case rests on recurring cloud revenue growth, improving margin structure and strategic shift to partners. We increase our target price to EUR 3.20 and confirm our Buy recommendation. You can download the research here: http://www.more-ir.de/d/32544.pdf 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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2134502 09.05.2025 CET/CEST