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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 EUR 0.33 million in the 2021 financial year (2020: EUR 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 EUR

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 EUR 40 million

to EUR 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 EUR 22.8 million and an EBIT of

EUR 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 EUR

18.20 and continue to assign a BUY rating.

 

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/26355.pdf

Kontakt für Rückfragen

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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

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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.

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