^Original-Research: Cenit AG - von GBC AGEinstufung von GBC AG zu Cenit AGUnternehmen: Cenit AGISIN: DE0005407100Anlass der Studie: Research CommentEmpfehlung: BUYKursziel: 20.90 EURKursziel auf Sicht von: 31.12.2024Letzte Ratingänderung: Analyst: Cosmin Filker, Marcel GoldmannFirst acquisition of 2024 strengthens the 3DS Solutions division; forecastsand target price unchanged As expected, CENIT AG is continuing the high level of acquisition activityimplemented since the 2022 financial year in the 2024 financial year. Asthe 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 1January 2024. CCE offers consulting, implementation and softwaredevelopment in the business areas of Digital Services, PLM Services andApplication Services. Similar to CENIT's '3DS Solutions' business segment,CCE's offering is based on Dassault Systèmes solutions, with a particularfocus on the CATIA products and the 3DEXPERIENCE PLM platform. This shows ahigh degree of congruence with the PLM business field of CENIT AG. CENIT AG emphasises that CCE has special expertise in the migration andintroduction of Dassault standard software. For this purpose, concepts havebeen developed that are specially tailored to medium-sized and smallercustomers. In addition, the acquisition of CCE will expand the localpresence in the Ostwestfalen Lippe region. Finally, company acquisitionshave proven to be an effective strategy for expanding the Group's workforceagainst the backdrop of challenging personnel recruitment. The acquisitionof CCE will expand the CENIT team by 16 employees. In addition, CENIT'sposition as one of Dassault Systèmes' most important Platinum Partnersworldwide will be further strengthened. This is already a declared goal ofCENIT AG. No further details on the size of CCE or the purchase price are known. TheFederal Gazette only contains a balance sheet as of 31 December 2021, whichshows that the company is relatively small at this point in time. Withtotal assets of EUR 1.72 million, CCE had equity of EUR 0.19 million and cashand cash equivalents of EUR 1.15 million. Based on this information, weassume a purchase price in the low single-digit million range. The CCE acquisition should be seen as a further step towards achieving themedium-term goals of CENIT AG. The aim is to achieve sales of EUR 300 millionand an EBIT margin of 8-10% by the end of the 2025 financial year. As partof this strategy, all five business divisions are expected to groworganically and inorganically. In the 3DS Solutions division, sales are tobe increased from the current level of around EUR 100 million to EUR 150million. Due to what we consider to be the low impact on the CENIT Group's sales andearnings, we are maintaining our estimates compared to our last researchstudy (see study dated 03 November 2023). We therefore confirm our pricetarget of EUR 20.90 and continue to rate the share as BUY. Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28671.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:https://www.gbc-ag.de/de/Offenlegung.htm+++++++++++++++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 Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°