^Original-Research: Cenit AG - von GBC AGEinstufung von GBC AG zu Cenit AGUnternehmen: Cenit AGISIN: DE0005407100Anlass der Studie: Research CommentEmpfehlung: BUYKursziel: 18,70 EURKursziel auf Sicht von: 31.12.2023Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel Goldmann9M 2022: Growth course continued; Earnings increase despite specialeffects; GBC earnings estimates slightly adjusted; Target price: EUR18.70(previously: EUR19.00); BUY rating In the past third quarter of 2022, CENIT AG achieved a significant increasein sales revenues of 31.0 % to EUR 41.95 million (PY: EUR 32.04 million), thussignificantly accelerating the growth dynamics of the first two quarters ofthe year. However, a significant part of the growth has an inorganicorigin. This is because the acquired ISR Information Products AG (ISR forshort) has been contributing to the group's revenues since June 2022. Inthe third quarter, the inorganic sales contribution amounted to EUR 5.94million, which means that CENIT AG achieved organic sales growth of 12.4%.Over the first nine months, the increase in sales was 11.5% to EUR 115.86million (previous year: EUR 103.96 million). Adjusted for ISR sales totallingEUR 7.97 million, organic growth was 3.8%. Separated according to the individual revenue segments, thedisproportionate increase in consulting revenues (+35.4%) is again evident,while proprietary software revenues (+6.5%) and third-party softwarerevenues (+1.7%) show a significantly lower growth dynamic. Since thebusiness of the newly acquired ISR consists largely of consulting services,the inorganic effect can be found in particular in the consulting revenues.In this sales segment, CENIT AG is also benefiting from high demand fromthe aerospace sector and, in principle, from catch-up effects afterconsulting and service sales had each declined sharply during the coronapandemic. Total revenues of EUR 69.52 million (previous year: EUR 68.35 million) for thefirst nine months of 2022 consist of recurring revenues, which account for60.0% of the total. There is therefore good planning predictability for thesubsequent reporting periods. Compared to the 11.5% increase in sales, CENIT AG reports adisproportionately low increase in EBIT of 6.0% to EUR 2.58 million (previousyear: EUR 2.44 million) and thus a slightly lower EBIT margin of 2.2%(previous year: 2.3%). Although the newly acquired ISR contributed EUR 1.00million to the group EBIT, this was offset by ancillary acquisition costsof EUR 0.16 million. In addition, CENIT AG had received short-time workingbenefits of around EUR 1.3 million in the previous year, which led to acorresponding reduction in personnel expenses. Finally, research allowanceswere reduced by around EUR 0.50 million compared to the previous year.Against the background of the above-mentioned effects, their EBITdevelopment can be considered a success. CENIT's management has confirmed its guidance for the current businessyear, subject to the express proviso that the economic andindustry-specific conditions do not deteriorate significantly. The companycontinues to expect consolidated sales of around EUR 170 million and aconsolidated EBIT of around EUR 9.0 million. Based on this, the company wouldhave to generate revenues of around EUR 54 million and an EBIT of around EUR6.4 million in the fourth quarter of 2022, which would be equivalent to asignificant increase in revenues and earnings compared to the final quarterof the previous year. However, the Executive Board is confident that it will be able to achievewhat it has forecast. On the one hand, the inorganic contributions toturnover and earnings should contribute significantly to the expansion ofthe key operating figures expected for the fourth quarter. On the otherhand, foreseeable new customers could already lead to an increase inproprietary software sales, which should be particularly relevant for theexpected increase in earnings. In our previous forecasts (see study of04.08.2022) we were slightly above the company's guidance, especially onthe earnings side. We are taking the current business development as anopportunity to reduce our earnings forecasts for the current financial yearonly. We now expect an EBIT of EUR 8.70 million (previously: EUR 9.42 million).Our forecasts for the coming financial years remain unchanged. Within the framework of the adjusted DCF valuation model, we havedetermined a new target price of EUR 18.70 (previously: EUR 19.00). Althoughthe slight reduction in the target price is slightly due to the lowering ofthe 2022 earnings forecasts, the main reason for this is the furtherincrease in the risk-free interest rate to 1.50% (previously: 1.25%). Wecontinue to assign a rating of BUY. Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/25805.pdfKontakt für Rückfragen++++++++++++++++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: 07/11/2022 (08:07 am)Date (Time) first distribution: 07/11/2022 (09:30 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.°