Original-Research: CENIT AG – von GBC AG
Einstufung von GBC AG zu CENIT AG
Unternehmen: CENIT AG
Anlass der Studie: Research Comment
Kursziel: 19.00 EUR
Kursziel auf Sicht von: 31.12.2023
Analyst: Cosmin Filker, Marcel Goldmann
1HY 2022: Sales growth of 6.1% and EBIT increase of 19.6% achieved; due to
later ISR consolidation we adjust our forecasts slightly; Target price:
EUR19.00; Rating: BUY
In the first six months of 2022, CENIT AG was able to increase sales
revenues by 6.1% to EUR 73.91 million (previous year: EUR 69.63 million).
It should be taken into account that part of the sales growth is related to
the first-time consolidation of the acquired ISR Information Products AG
(ISR for short), which contributed sales revenues of EUR 2.03 million for
the month of June 2022. Without this inorganic effect, CENIT AG would have
reported an increase in sales of 3.2%.
In parallel to the increase in sales, CENIT AG reported a 19.6% increase in
EBIT to EUR 1.12 million (previous year: EUR 0.94 million). The EBIT margin
improved to 1.5 % (previous year: 1.3%). Both turnover and the resulting
operating result are subject to seasonal fluctuations. This can be seen in
the EBIT development of the first two quarters of 2022. While a negative
EBIT of EUR -0.39 million was reported in the first quarter, this increased
significantly to EUR 1.51 million in the second quarter of 2022.
With the first-time full consolidation of ISR (74.9% of the shares), the
minority interests climbed visibly and thus, despite the increase in EBIT,
the after-tax result was marginally below the previous year’s value at EUR
0.39 million (previous year: EUR 0.40 million). The full consolidation of
ISR also resulted in a noticeable increase in the balance sheet total to
EUR 117.72 million (31.12.21: EUR 92.81 million). On the one hand, fixed
assets climbed to EUR 35.55 million (31.12.21: EUR 10.27 million) and, on
the other hand, long-term liabilities rose to EUR 34.25 million (31.12.21:
EUR 10.08 million) due to the assumption of bank liabilities. Part of the
purchase price (EUR 27.93 million) was covered by new bank loans (EUR 23.00
Subject to the proviso that the economic and industry-specific framework
conditions do not deteriorate significantly, the CENIT management has
confirmed the guidance for the current business year. The company continues
to expect consolidated sales of around EUR 170 million and a consolidated
EBIT of around EUR 9.0 million. Excluding inorganic effects, this is de
facto equivalent to an increase in guidance, as the company’s previous
estimate has included full consolidation of ISR since 1 January 2022. With
the publication of the half-year report, however, it has become clear that
ISR will only be included in the CENIT Group for seven months
(consolidation date: 30 May 2022) in the current financial year 2022.
Accordingly, the CENIT management assumes that it will be able to
compensate for the shortfall of around EUR 10 million through organic
In our previous estimates, in which we also assumed the first-time
consolidation of ISR as of 1 January 2022, we were somewhat more optimistic
than the CENIT management. We are adjusting our estimate to the
management’s expectation and now anticipate slightly higher organic growth,
which, however, should not compensate for the missing ISR sales in January
– May. We are therefore reducing our revenue forecast for 2022 to EUR
168.53m (previously: EUR 175.53m) and, analogously, our EBIT estimate to
EUR 9.13m (previously: EUR10.15m). We are maintaining our previous
forecasts unchanged for the coming financial years.
Within the framework of the adjusted DCF valuation model, we have
determined a new target price of EUR 19.00 (previously: EUR 20.05).
Although the slight reduction in the target price is slightly due to the
lowering of the 2022 forecasts, the main reason for this is the further
increase in the risk-free interest rate to 1.25% (previously: 0.40%). We
continue to assign the BUY rating.
Die vollständige Analyse können Sie hier downloaden:
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Date (time) of completion: 04/08/2022 (11:10 am)
Date (Time) first distribution: 04/08/2022 (12:00 am)
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