Original-Research: CENIT AG - from GBC AG
Classification of GBC AG to CENIT AG
Q1 revenue in line with expectations, EBITDA improves significantly; target price and rating confirmed The sharp rise in EBITDA is also reflected in the subsequent profit figures, which likewise set new records for a first quarter. EBIT increased to €2.97 million (PY: -€5.44 million), and net income rose to €2.51 million (PY: -€4.71 million). Of particular note is the once again high cash flow from operating activities amounting to €13.76 million (PY: €11.66 million). Typically, the company receives substantial customer payments at the beginning of the year for services to be rendered during the year. Compared to the end of the fiscal year on December 31, 2025, contract liabilities increased to €40.63 million (31.12.25: €21.61 million). This led to a corresponding decrease in working capital and, conversely, to an increase in cash and cash equivalents to €28.64 million (31.12.2025: €16.22 million). With the publication of the quarterly report, CENIT's management team, under the new leadership of Martin Thiel (CEO) and Dr Johannes Fues (CFO), has confirmed the forecast published in the 2025 Annual Report. For the current financial year 2026, consolidated revenue of at least €210 million and EBITDA of at least €18 million are still expected. Whilst revenue has remained in line with expectations, the significant improvement in earnings, driven by sustained cost reductions and performance improvements, provides an excellent foundation for achieving the EBITDA guidance targets. In our view, the confirmation of the earnings guidance is due to the company's currently conservative approach. The first quarter has shown that even with low revenue growth, achieved with a significantly reduced workforce, substantial cost savings and thus earnings improvements can be realised. On this basis, the coming quarters are also likely to show above-average earnings improvements, making an upward revision of guidance during the year probable. Until then, we are maintaining our forecasts for the current and coming financial years. For 2026, our figures of €214.74 million for revenue and €19.13 million for EBITDA are slightly above the lower end of the forecast range communicated by the company. Accordingly, we are also maintaining our DCF valuation model unchanged. With a fair value of €16.00 per share, we continue to assign a "BUY" rating. You can download the research here: 20260513_CENIT_Comment_engl Contact for questions: Contact for questions: GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ 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 +++++++++++++++ Date (time) Completion: 13.05.2026 (07:58 am) Date (time) first transmission: 13.05.2026 (11:30 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||
2326972 13.05.2026 CET/CEST
