Original-Research: Intershop Communications AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy
|
Original-Research: Intershop Communications AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications AG
Cloud momentum and cost discipline support upside On October 21, 2026, Intershop released its 9M financial results and confirmed its FY 2026 guidance. Revenues declined by 7.1% yoy, but exceeded our expectation by 2.3%. Reasons were falling license revenues, customer churn and subdued investment activity. Cloud growth could not offset these declines, although strong cloud orders, improving net new ARR and growing AI revenues indicate some recovery. The EBIT margin improved from -5.6% to 0.9%, exceeding our slightly negative estimate, mainly driven by cost reductions and improved service profitability. Operating cash flow also strengthened. Management confirmed its outlook for a smaller revenue decline than in FY 2025 and balanced EBIT, in line with our expectations. In our view, the improved cost base and growing AI business support the investment case, while churn and weak customer spending remain risks. We raise our target price to EUR 2 (previously EUR 1.9) and confirm our Buy recommendation. You can download the research here: INTERSHOP_COMMUNICATIONS_AG_20261022 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/
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
2420674 22.10.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 33,61 | 36,00 | 36,80 | 37,99 | 38,76 | 33,26 | 32,50 | |
| EBITDA1,2 | 4,47 | 4,42 | 0,42 | 0,87 | 3,29 | 0,52 | 2,90 | |
| EBITDA-Margin3 | 13,30 | 12,28 | 1,14 | 2,29 | 8,49 | 1,56 | 8,92 | |
| EBIT1,4 | 1,04 | 1,31 | -2,87 | -2,53 | 0,07 | -2,77 | 0,15 | |
| EBIT-Margin5 | 3,09 | 3,64 | -7,80 | -6,66 | 0,18 | -8,32 | 0,46 | |
| Net Profit (Loss)1 | 0,79 | 0,81 | -3,56 | -3,08 | -0,35 | -3,22 | -0,20 | |
| Net-Margin6 | 2,35 | 2,25 | -9,67 | -8,11 | -0,90 | -9,68 | -0,62 | |
| Cashflow1,7 | 4,72 | 4,60 | 1,16 | 2,95 | 2,11 | -0,33 | 1,60 | |
| Earnings per share8 | 0,06 | 0,06 | -0,25 | -0,21 | -0,02 | -0,21 | -0,01 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
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: BDO
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Intershop | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A25421 | DE000A254211 | AG | 27,49 Mio € | 16.07.1998 | Halten | 9F2HWHHR+CW |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 29,00 | 0,00 | 0,00 | -10,28 | 2,29 | -83,55 | 0,83 |
|
Dividend '2024 in € |
Dividend '2025 in € |
Dividend '2026e in € |
Div.-Yield '2026e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 19.05.2026 | 22.04.2026 | 22.07.2026 | 21.10.2026 | 12.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -2,16% | +8,05% | +34,26% | +19,83% | -99,24% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
