Original-Research: init innovation in traffic systems SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: init innovation in traffic systems SE - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to init innovation in traffic systems SE
Full year guidance confirmed In Q1-25, init received orders totaling EUR 75.7m, significantly below the all-time high previous year’s figure (Q1-24: EUR 245.1m), which comprised mega projects London (iBus NextGen) and Atlanta (AFC2.0). Excluding mega effects and DILAX acquisition, underlying growth would have been approx. 19% yoy. In the first quarter of 2025, revenues of EUR 70.4m (Q1 2024: EUR 50.5m) were generated. This means that revenue was approximately EUR 20.0m higher than the previous year's figure. Of this amount, EUR 4.7m is attributable to the DILAX Group, which was included for the first time in Q3-24. In addition, significant contributions to the revenue increase came from large projects in North America. EBIT came in at EUR 2.0m, below the previous year’s figure (Q1-24: EUR 3.7m). This is primarily due to the expected negative contribution from the DILAX Group in the quarter. The largest variances result from the disproportionate development of gross profit, the negative currency result, and the increase in research and development expenses. init explained that the key figures for the first quarter of 2025 largely met the expectations of the Management Board: init operates within the corridor of the targets set for the full year. Therefore, the company maintained the existing forecast regarding revenues of approximately EUR 300 – 330m as well as EBIT of EUR 30 – 33m. We leave therefore estimates, the EUR 55.00 TP and our Buy recommendation unchanged. You can download the research here: http://www.more-ir.de/d/32668.pdf For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/
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2140762 19.05.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 156,46 | 180,67 | 176,66 | 191,25 | 210,80 | 265,67 | 358,00 | |
| EBITDA1,2 | 23,45 | 28,89 | 27,41 | 31,21 | 32,26 | 38,74 | 48,80 | |
| EBITDA-Margin3 | 14,99 | 15,99 | 15,52 | 16,32 | 15,30 | 14,58 | 13,63 | |
| EBIT1,4 | 16,24 | 19,64 | 17,57 | 21,01 | 21,02 | 24,51 | 34,00 | |
| EBIT-Margin5 | 10,38 | 10,87 | 9,95 | 10,99 | 9,97 | 9,23 | 9,50 | |
| Net Profit (Loss)1 | 11,34 | 14,94 | 12,45 | 16,50 | 15,15 | 15,18 | 21,30 | |
| Net-Margin6 | 7,25 | 8,27 | 7,05 | 8,63 | 7,19 | 5,71 | 5,95 | |
| Cashflow1,7 | 21,13 | 24,44 | 16,01 | 24,38 | 7,98 | 10,84 | 13,90 | |
| Earnings per share8 | 1,13 | 1,50 | 1,25 | 1,66 | 1,54 | 1,57 | 2,12 | |
| Dividend per share8 | 0,40 | 0,55 | 0,55 | 0,70 | 0,70 | 0,80 | 0,85 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: PricewaterhouseCoopers
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| INVESTOR-INFORMATION | ||||||
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| Init | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| 575980 | DE0005759807 | SE | 466,86 Mio € | 24.07.2001 | Kaufen | 8FXC2C5R+HC |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 21,33 | 24,03 | 0,89 | 38,46 | 3,85 | 43,06 | 1,76 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,70 | 0,80 | 0,85 | 1,84% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 21.05.2026 | 13.05.2026 | 14.08.2025 | 13.11.2025 | 19.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -2,76% | +9,23% | +26,50% | +24,13% | +807,84% |
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