Original-Research: Intershop Communications (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: Intershop Communications - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications
Solid start to 2025 with positive EBIT On 30 April, Intershop released its Q1 financial results and confirmed its guidance for FY2025. Revenues were weak and declined by 4.0%yoy, however this was 1.7% ahead of our expectation. The decline reflected an 18.0%yoy drop in service revenues due to the PartnerFirst shift, partly offset by 5.0%yoy cloud revenue growth and a 14.0%yoy increase in cloud ARR. Gross margin improvement and strict cost control limited the EBIT decline, with EBIT margin exceeding our forecast. Management highlighted efficiency measures, AI enhancements and a larger cloud mix as key to protect profitability but noted spending restraint and elevated R&D investment as challenges. They confirmed guidance of –5.0% to –10.0%yoy revenues (in line) and slightly positive EBIT margin (in line). The investment case rests on recurring cloud revenue growth, improving margin structure and strategic shift to partners. We increase our target price to EUR 3.20 and confirm our Buy recommendation. You can download the research here: http://www.more-ir.de/d/32544.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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2134502 09.05.2025 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 | 31,62 | 33,61 | 36,00 | 36,80 | 37,99 | 38,76 | 33,75 | |
| EBITDA1,2 | -2,32 | 4,47 | 4,42 | 0,42 | 0,87 | 3,29 | 1,30 | |
| EBITDA-Margin3 | -7,34 | 13,30 | 12,28 | 1,14 | 2,29 | 8,49 | 3,85 | |
| EBIT1,4 | -6,47 | 1,04 | 1,31 | -2,87 | -2,53 | 0,07 | -2,50 | |
| EBIT-Margin5 | -20,46 | 3,09 | 3,64 | -7,80 | -6,66 | 0,18 | -7,41 | |
| Net Profit (Loss)1 | -6,77 | 0,79 | 0,81 | -3,56 | -3,08 | -0,35 | -2,60 | |
| Net-Margin6 | -21,41 | 2,35 | 2,25 | -9,67 | -8,11 | -0,90 | -7,70 | |
| Cashflow1,7 | -1,82 | 4,72 | 4,60 | 1,16 | 2,95 | 2,11 | 2,70 | |
| Earnings per share8 | -0,17 | 0,06 | 0,06 | -0,25 | -0,21 | -0,02 | -0,14 | |
| 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 | 20,28 Mio € | 16.07.1998 | Halten | 9F2HWHHR+CW |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| -53,50 | 0,00 | 0,00 | -11,51 | 2,08 | 9,61 | 0,52 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 16.05.2025 | 30.04.2025 | 23.07.2025 | 22.10.2025 | 12.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -9,55% | -31,01% | -38,15% | -41,53% | -99,44% |
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