Original-Research: Cenit AG (von GBC AG): BUY

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: 19.75 EUR
Kursziel auf Sicht von: 31.12.2023
Letzte Ratingänderung:
Analyst: Cosmin Filker, Marcel Goldmann

Inorganic growth continues with the second acquisition in 2023; price target and rating unchanged
 
With the announcement of 06.07.2023, CENIT AG is continuing its inorganic growth course with the acquisition of Berlin-based PI Informatik GmbH. The company, which has been in existence since 1996, is a full service provider in the field of conception and consulting of SAP landscapes and also acts as a managed service provider of IT infrastructures. In addition, the company is also active in the field of industrial software development. PI Informatik GmbH's clientele includes not only industrial customers but also public institutions and authorities.
 
In our view, the development of new clientele, in particular the public sector, is likely to be a key factor in the acquisition of PI Informatik. With the new customer access, CENIT AG could, for example, offer EIM solutions, for which the public sector is predestined as a customer. In addition, CENIT AG could address the Berlin area more strongly. Conversely, the addition of the new company should also strengthen CENIT AG's SAP expertise, software development and IT infrastructure management.  
Information on the purchase price or the operating figures of PI Informatik GmbH were not published in the company news. According to the most recently published annual financial statements as of 31 December 2021 in the ebundesanzeiger, the acquired company has a balance sheet total of € 3.20 million, equity capital of € 2.23 million and liquidity of € 1.92 million. In addition, it can be seen that a balance sheet profit of € 0.29 million was allocated in the 2021 financial year. Judging by these figures, we assume that PI Informatik GmbH should report a turnover level in the mid single-digit million range (approx. € 4 - 5 million). The purchase price should even be below this level.
 
After the acquisition of mip Management Informations Partner GmbH in January 2023, which is comparable in size to PI Informatik, this is the second acquisition of the current financial year. This is to be seen as a further step towards strengthening the SAP segment, which is to be expanded as planned to a turnover volume of € 50 million. In addition, in accordance with the 'CENIT 2025' agenda, the company plans to achieve a sales level of approximately € 300 million and an EBIT margin of 8% to 10% by the 2025 business year. An important part of this is inorganic growth, which should amount to more than € 50 million according to our forecasts. Accordingly, further acquisitions are expected for the current and coming financial year.
 
Due to the low sales and earnings impact of PI Informatik GmbH, which will also only have a minor impact on the income statement for the current fiscal year 2023 due to the initial consolidation date of 1 July 2023, CENIT AG has not made any changes to its forecast. We are also maintaining our previous forecasts (see study dated 12 May 2023) unchanged. With an unchanged target price of € 19.75, we continue to assign a BUY rating.  

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/27319.pdf

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: 11/07/2023 (10:54 am) Date (Time) first distribution: 11/07/2023 (12:00 pm)

-------------------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.