Original-Research: CENIT AG (von GBC AG): BUY
Veröffentlicht am: 05.08.2026 um 09:30 Uhr | dpa.de
Original-Research: CENIT AG - from GBC AG
05.08.2026 / 09:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of GBC AG to CENIT AG
Company Name: CENIT AG
ISIN: DE0005407100
Reason for the research: Research Comment
Recommendation: BUY
Target price: EUR 14.15
Target price on sight of: 31.12.2027
Last rating change:
Analyst: Cosmin Filker; Marcel Goldmann
Strong rise in earnings 1 HY 2026; Capital increase secured for the
acquisition of ISR; Lower PT of EUR14.15 following capital increase
Whilst CENIT AG had achieved a slight increase in turnover of 1.9% to EUR52.47
million in the first quarter, turnover in the second quarter, at EUR52.19
million, was almost exactly on a par with the previous year (Q2 25: EUR52.20
million). In the first six months of 2026, the company thus generated
revenue of EUR104.66 million (previous year: EUR103.71 million), representing a
marginal increase of 0.9%. This development is in line with expectations,
particularly against the backdrop of the full-year revenue forecast of EUR210
million provided by management, which would represent a flat trend compared
with the previous year's revenue (2025: EUR209.51 million).
Alongside the rise in high-margin revenue, the company benefited from the
cost-saving measures implemented. In particular, the reduction in the
workforce carried out as part of the 'Project Performance' restructuring
programme led to a noticeable decline in staff costs to EUR46.72 million
(previous year: EUR52.30 million). Despite the slight growth in turnover,
EBITDA improved significantly to EUR8.52 million (previous year: EUR1.20
million). This marked a new half-year record. The EBITDA margin of 8.1 per
cent (previous year: 1.2 per cent) is in line with historical levels from
before the Keonys acquisition, when the company reported a significantly
lower proportion of lower-margin trading revenue.
On 7 July 2026, the company announced a planned capital increase, for which
the subscription offer commenced on 3 August 2026. As part of the capital
increase, 1.67 million new shares are being offered, representing 20% of the
current share capital. Accordingly, the subscription ratio is 5:1, and the
subscription price per share is EUR6.50. The gross proceeds from the issue
amount to EUR10.88 million. The majority shareholder, PRIMEPULSE SE, has
provided a written undertaking to exercise its subscription rights in full
and to acquire any shares not taken up by the other shareholders. In effect,
this secures the capital increase.
The proceeds are to be used to acquire the outstanding 25.1% stake in ISR
Information Products AG (ISR). No specific purchase price is given, but it
is in the low double-digit millions. ISR, which is allocated to the EIM
segment, was acquired in the 2022 financial year. EUR27.88 million was paid
for the initial 74.9% stake. Agreements were also in place for the
acquisition of the remaining shares. Since 1 April 2026, the ISR minority
shareholders have been able to exercise their put option (a short put option
from CENIT AG's perspective), thereby creating a purchase obligation for
CENIT AG. In our view, the minority shareholders have exercised this option.
According to the annual report for the 2025 financial year, ISR generated a
profit after tax of EUR3.45 million in 2025. On a pro rata basis, this
represented minority interests of EUR0.87 million. As a result of the full
acquisition, CENIT's profit after tax is therefore likely to be
approximately EUR1.0 million higher annually in future. Based on the purchase
price in the low double-digit millions, which we assume is roughly in line
with the level of the capital increase, this results in a calculated P/E
ratio of 11.
With the publication of its half-year results for 2026, CENIT AG has also
confirmed its forecast for the current financial year 2026. The company
continues to expect consolidated turnover of at least EUR210 million and
EBITDA of at least EUR18.0 million. Based on the figures achieved in the first
half of the year, the confirmed forecast appears high achievable. Whilst, in
terms of revenue, more than 50% of the full-year revenue target was already
achieved in the first six months, a further increase in earnings would need
to be realised in the second half of the year. Given the company's typical
distribution of revenue and earnings, with the focus on the final quarter of
the year, we consider the likelihood of meeting the targets to be very high.
We therefore confirm our estimates, which are already slightly above the
minimum figures communicated in the guidance. We expect revenue of EUR214.74
million and EBITDA of EUR19.13 million. We have also left our forecasts for
the coming financial years unchanged. However, there are changes in terms of
profit after tax, which take into account the elimination of minority
interests for ISR Information Products AG. We expect the transaction to be
completed in the fourth quarter of 2026, meaning that the impact on profit
after tax in this financial year will remain limited. From the coming
financial year onwards, we anticipate the elimination of minority interests
amounting to approximately EUR1.0 million per year. We have taken this into
account accordingly in our estimates of profit after tax for the coming
financial years. However, the dilution effect resulting from the higher
number of shares is accompanied by lower earnings per share.
As part of our DCF valuation model, we have determined a new target price of
EUR14.15 per share (previously: EUR16.00). The decline in the target price is
almost exclusively attributable to the dilution effect associated with the
capital increase. Although we have calculated a higher enterprise value of
EUR142.07 million (previously: EUR133.90 million), this is spread across 10.04
million shares (previously: 8.37 million shares). The capital increase and
the payment of the purchase price are likely to result in a slight net
reduction in cash and cash equivalents. However, the roll-over effect (new
target price horizon: 30 June 2027) has led to an increase in fair value.
This has even offset the value-reducing effect of the rise in the risk-free
interest rate to 3.5% (previously: 3.0%). We are maintaining our 'BUY'
rating.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=93d358acf02cbe190eb576dec12b0111
Contact for questions:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Disclosure of potential conflicts of interest pursuant to Section 85 WpHG
and Art. 20 MAR The company analysed above has the following potential
conflict of interest: (5a,6a,7,11); A catalogue of potential conflicts of
interest can be found at: https://www.gbc-ag.de/de/Offenlegung.htm
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Date (time) Completion: 05.08.2026 (08:03 am)
Date (time) first transmission: 05.08.2026 (9:30 am)
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