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
Cost discipline drives profitability On April 22, 2026, Intershop released its Q1 2026 financial results and confirmed its guidance for 2026. Revenue development was weak (-13.0% yoy) but exceeded our expectation by 2.0%. The decline was mainly driven by sharply lower license and maintenance revenues as well as weaker service revenues due to the Partner-First strategy and subdued customer demand amid macroeconomic uncertainty. In addition, negative net new ARR due to contract expirations continued to weigh on recurring revenue momentum. In contrast, cloud revenues and incoming cloud orders increased yoy. The EBITDA margin improved from 9.0% to 12.0%, in line, supported by the cost-cutting measures implemented in 2025, lower operating expenses, improved service profitability and a higher cloud revenue share. Management confirmed its outlook for slightly lower revenues and a balanced EBIT in 2026, in line with our expectations, implying a continued focus on cost discipline. While AI functionality enhancements and the planned Spring Release 2026 could support the company’s positioning in B2B commerce, weak ARR momentum and cautious customer spending remain key challenges. We leave our target price unchanged and confirm our Buy recommendation. You can download the research here: INTERSHOP_COMMUNICATIONS_AG_20260511 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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2325610 11.05.2026 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 | 28,44 Mio € | 16.07.1998 | Halten | 9F2HWHHR+CW |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 30,00 | 0,00 | 0,00 | -10,64 | 2,38 | -86,43 | 0,86 |
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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 |
| 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 |
| +38,50% | +28,98% | +38,89% | -14,77% | -99,22% |
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