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

Ori­gi­nal-Re­se­arch: Ce­n­it AG – from GBC AG

Clas­si­fi­ca­ti­on of GBC AG to Ce­n­it AG

Com­pa­ny Name: Ce­n­it AG
ISIN: DE0005407100

Re­ason for the re­se­arch: Re­se­arch Com­ment
Re­com­men­da­ti­on: BUY
Tar­get pri­ce: 20.90 EUR
Tar­get pri­ce on sight of: 31.12.2024
Last ra­ting ch­an­ge:
Ana­lyst: Cos­min Fil­ker, Mar­cel Gold­mann

First ac­qui­si­ti­on of 2024 streng­thens the 3DS So­lu­ti­ons di­vi­si­on; fo­re­casts and tar­get pri­ce un­ch­an­ged

As ex­pec­ted, CENIT AG is con­ti­nuing the high le­vel of ac­qui­si­ti­on ac­ti­vi­ty im­ple­men­ted sin­ce the 2022 fi­nan­cial year in the 2024 fi­nan­cial year. As the com­pa­ny an­noun­ced in the se­cond ca­len­dar week of the still young year, CCE b:digital GmbH & Co. KG (CCE for short) was ac­qui­red with ef­fect from 1 Ja­nu­ary 2024. CCE of­fers con­sul­ting, im­ple­men­ta­ti­on and soft­ware de­ve­lo­p­ment in the busi­ness are­as of Di­gi­tal Ser­vices, PLM Ser­vices and Ap­pli­ca­ti­on Ser­vices. Si­mi­lar to CENIT’s ‚3DS So­lu­ti­ons‘ busi­ness seg­ment, CCE’s of­fe­ring is ba­sed on Das­sault Sys­tè­mes so­lu­ti­ons, with a par­ti­cu­lar fo­cus on the CATIA pro­ducts and the 3DEXPERIENCE PLM plat­form. This shows a high de­gree of con­gru­ence with the PLM busi­ness field of CENIT AG. CENIT AG em­pha­si­s­es that CCE has spe­cial ex­per­ti­se in the mi­gra­ti­on and in­tro­duc­tion of Das­sault stan­dard soft­ware. For this pur­po­se, con­cepts have been de­ve­lo­ped that are spe­ci­al­ly tail­o­red to me­di­um-si­zed and smal­ler cus­to­mers. In ad­di­ti­on, the ac­qui­si­ti­on of CCE will ex­pand the lo­cal pre­sence in the Ost­west­fa­len Lip­pe re­gi­on. Fi­nal­ly, com­pa­ny ac­qui­si­ti­ons have pro­ven to be an ef­fec­ti­ve stra­tegy for ex­pan­ding the Group’s work­force against the back­drop of chal­len­ging per­son­nel re­cruit­ment. The ac­qui­si­ti­on of CCE will ex­pand the CENIT team by 16 em­ployees. In ad­di­ti­on, CENIT’s po­si­ti­on as one of Das­sault Sys­tè­mes‘ most im­portant Pla­ti­num Part­ners world­wi­de will be fur­ther streng­the­ned. This is al­re­a­dy a de­clared goal of CENIT AG.

No fur­ther de­tails on the size of CCE or the purcha­se pri­ce are known. The Fe­de­ral Ga­zet­te only con­ta­ins a ba­lan­ce sheet as of 31 De­cem­ber 2021, which shows that the com­pa­ny is re­la­tively small at this point in time. With to­tal as­sets of € 1.72 mil­li­on, CCE had equi­ty of € 0.19 mil­li­on and cash and cash equi­va­lents of € 1.15 mil­li­on. Ba­sed on this in­for­ma­ti­on, we as­su­me a purcha­se pri­ce in the low sin­gle-di­git mil­li­on ran­ge.

The CCE ac­qui­si­ti­on should be seen as a fur­ther step towards achie­ving the me­di­um-term goals of CENIT AG. The aim is to achie­ve sa­les of € 300 mil­li­on and an EBIT mar­gin of 8–10% by the end of the 2025 fi­nan­cial year. As part of this stra­tegy, all five busi­ness di­vi­si­ons are ex­pec­ted to grow or­ga­ni­cal­ly and in­or­ga­ni­cal­ly. In the 3DS So­lu­ti­ons di­vi­si­on, sa­les are to be in­creased from the cur­rent le­vel of around € 100 mil­li­on to € 150 mil­li­on.

Due to what we con­sider to be the low im­pact on the CENIT Group’s sa­les and ear­nings, we are main­tai­ning our esti­ma­tes com­pared to our last re­se­arch stu­dy (see stu­dy da­ted 03 No­vem­ber 2023). We the­r­e­fo­re con­firm our pri­ce tar­get of € 20.90 and con­ti­nue to rate the share as BUY.

Die voll­stän­di­ge Ana­ly­se kön­nen Sie hier down­loa­den:
http://​www​.more​-ir​.de/​d​/​2​8​6​7​1​.​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:
https://​www​.gbc​-ag​.de/​d​e​/​O​f​f​e​n​l​e​g​u​n​g​.​htm
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Date (time) of com­ple­ti­on: 16/01/24 (08:04 am)
Date (Time) first dis­tri­bu­ti­on: 16/01/24 (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.