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