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Original-Research: Intershop Communications AG - from Quirin Privatbank
Kapitalmarktgeschäft
29.07.2025 / 15:28 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop
Communications AG
Company Name: Intershop Communications AG
ISIN: DE000A254211
Reason for the research: Update
Recommendation: Buy
from: 29.07.2025
Target price: 2.30
Last rating change:
Analyst: Sebastian Droste
Guidance cut but AI and restructuring offer upside
On July 23, Intershop released its H1 2025 financial results and lowered its
guidance for the full year. Revenue development was weak (H1 revenues -9.5%
yoy to EUR 17.2m) and came in below our expectations. The decline was driven
by weak new customer business, a significant drop in incoming cloud orders,
and the expiration of a major customer contract. Service revenues fell
sharply due to project transfers and delays in a large project requiring
extra resources and provisions. Negative currency effects further weighed on
performance. The company now guides revenues to decline by 10.0%-15.0% yoy
(previously 5.0%-10.0%) and expects a negative EBIT in the low single-digit
EUR million range, implying a margin of around -5% to -7%, both below our
estimates. The downgrade reflects demand weakness and Professional Services
cost overruns. Positively, management pointed to cost-saving measures,
stronger partner collaboration, and new AI-driven features to support
growth. Despite those headwinds, the investment case is supported by a
growing cloud share and AI-driven solutions, which should strengthen
scalability and competitiveness. We decrease our target price to EUR 2.3
(previously EUR 3.2) and confirm our Buy recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=db21ba48addbb1e3287c017c0c74c3ea
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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2176290 29.07.2025 CET/CEST
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