Cenit: Strong rise in earnings 1 HY 2026; Capital increase secured for the acquisition of ISR; Lower PT of €14.15 following capital increase - GBC
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Cenit: Strong rise in earnings 1 HY 2026; Capital increase secured for the acquisition of ISR; Lower PT of €14.15 following capital increase - GBC

A 20% capital increase (gross proceeds: €10.88 million) is to be used to finance the acquisition of the outstanding shares (25.1 per cent) in ISR. At a subscription price of €6.50 per share, this will result in dilution. However, profit after tax is likely to benefit from the elimination of minority interests.

CENIT is driving forward its transformation from a traditional reseller to an integrated software and services provider. The proportion of proprietary software and consul- tancy (now accounting for over 50 per cent of turnover) is sustainably improving mar- gin quality.

In the first half of 2026, revenue rose slightly to €104.66 million (previous year: €103.71 million), whilst EBITDA improved significantly to €8.52 million (previous year: €1.20 million). In addition to a higher proportion of higher-margin revenue, the company is benefiting from the restructuring measures it has implemented last year.

Guidance for the current financial year has been confirmed. Following the strong half- year performance, revenue of at least €210 million and EBITDA of at least €18 million are well within reach.

Target price per share lowered to €14.15 (previously: €16.00). The main reason is the higher number of shares following the capital increase. Its Rating remains BUY.
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