^Original-Research: CENIT AG - von GBC AGEinstufung von GBC AG zu CENIT AGUnternehmen: CENIT AGISIN: DE0005407100Anlass der Studie: Research CommentEmpfehlung: BuyKursziel: 19.00 EURKursziel auf Sicht von: 31.12.2023Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann1HY 2022: Sales growth of 6.1% and EBIT increase of 19.6% achieved; due tolater ISR consolidation we adjust our forecasts slightly; Target price:EUR19.00; Rating: BUY In the first six months of 2022, CENIT AG was able to increase salesrevenues by 6.1% to EUR 73.91 million (previous year: EUR 69.63 million).It should be taken into account that part of the sales growth is related tothe first-time consolidation of the acquired ISR Information Products AG(ISR for short), which contributed sales revenues of EUR 2.03 million forthe month of June 2022. Without this inorganic effect, CENIT AG would havereported an increase in sales of 3.2%. In parallel to the increase in sales, CENIT AG reported a 19.6% increase inEBIT to EUR 1.12 million (previous year: EUR 0.94 million). The EBIT marginimproved to 1.5 % (previous year: 1.3%). Both turnover and the resultingoperating result are subject to seasonal fluctuations. This can be seen inthe EBIT development of the first two quarters of 2022. While a negativeEBIT of EUR -0.39 million was reported in the first quarter, this increasedsignificantly to EUR 1.51 million in the second quarter of 2022. With the first-time full consolidation of ISR (74.9% of the shares), theminority interests climbed visibly and thus, despite the increase in EBIT,the after-tax result was marginally below the previous year's value at EUR0.39 million (previous year: EUR 0.40 million). The full consolidation ofISR also resulted in a noticeable increase in the balance sheet total toEUR 117.72 million (31.12.21: EUR 92.81 million). On the one hand, fixedassets climbed to EUR 35.55 million (31.12.21: EUR 10.27 million) and, onthe other hand, long-term liabilities rose to EUR 34.25 million (31.12.21:EUR 10.08 million) due to the assumption of bank liabilities. Part of thepurchase price (EUR 27.93 million) was covered by new bank loans (EUR 23.00million). Subject to the proviso that the economic and industry-specific frameworkconditions do not deteriorate significantly, the CENIT management hasconfirmed the guidance for the current business year. The company continuesto expect consolidated sales of around EUR 170 million and a consolidatedEBIT of around EUR 9.0 million. Excluding inorganic effects, this is defacto equivalent to an increase in guidance, as the company's previousestimate has included full consolidation of ISR since 1 January 2022. Withthe publication of the half-year report, however, it has become clear thatISR will only be included in the CENIT Group for seven months(consolidation date: 30 May 2022) in the current financial year 2022.Accordingly, the CENIT management assumes that it will be able tocompensate for the shortfall of around EUR 10 million through organicgrowth. In our previous estimates, in which we also assumed the first-timeconsolidation of ISR as of 1 January 2022, we were somewhat more optimisticthan the CENIT management. We are adjusting our estimate to themanagement's expectation and now anticipate slightly higher organic growth,which, however, should not compensate for the missing ISR sales in January- May. We are therefore reducing our revenue forecast for 2022 to EUR168.53m (previously: EUR 175.53m) and, analogously, our EBIT estimate toEUR 9.13m (previously: EUR10.15m). We are maintaining our previousforecasts unchanged for the coming financial years. Within the framework of the adjusted DCF valuation model, we havedetermined a new target price of EUR 19.00 (previously: EUR 20.05).Although the slight reduction in the target price is slightly due to thelowering of the 2022 forecasts, the main reason for this is the furtherincrease in the risk-free interest rate to 1.25% (previously: 0.40%). Wecontinue to assign the BUY rating.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/24747.pdfKontakt für RückfragenGBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++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: 04/08/2022 (11:10 am)Date (Time) first distribution: 04/08/2022 (12:00 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 Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°