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: 19.00 EUR Kursziel auf Sicht von: 31.12.2023 Letzte Ratingänderung: 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 million). 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 growth. 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: http://www.more-ir.de/d/24747.pdf Kontakt für Rückfragen GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 firstname.lastname@example.org ++++++++++++++++ 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: 04/08/2022 (11:10 am) Date (Time) first distribution: 04/08/2022 (12:00 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.