Original-Research: CENIT AG (von GBC AG): GBC Management Interview

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Original-Research: CENIT AG - von GBC AG

Einstufung von GBC AG zu CENIT AG

Unternehmen: CENIT AG
ISIN: DE0005407100

Anlass der Studie: GBC Management Interview
Empfehlung: GBC Management Interview
Letzte Ratingänderung: 
Analyst: Cosmin Filker

As expected, the excellent development of the fourth quarter of 2021
contributed significantly to the successful business development of CENIT
AG in the past business year 2021. With sales revenues in an expected range
of EUR 153 - 155 million, an EBIT of EUR 6.0 - 6.3 million should have been
achieved. Both the turnover and in particular the result would thus be
above the previous forecasts. GBC analyst Cosmin Filker spoke with the new
CENIT-CEO Peter Schneck.
 
GBC AG: Mr Schneck, in the fourth quarter, EBIT also benefited from their
extraordinarily high sales of proprietary software. Was that a one-off-
effect and how would you classify the business development of the past
year?
 
Peter Schneck: CENIT was able to record four short-term incoming orders at
the end of the year, three of which were in the EIM area and one in the PLM
area. All four orders contain a high proportion of proprietary software
and, thus, a pleasing margin as well. Our own solutions are crucial for the
integration of partner solutions and will therefore be in greater demand in
the future. The short time it took for customers to contact us before the
orders were completed is due to a catch-up effect. We assume that this will
now also be the case in other customer relationships and therefore does not
represent a special effect. Rather, clients have become more focused and
decisive during the pandemic. Therefore, we also expect positive business
development in the current year.
 
GBC AG: You have been the new CEO of CENIT AG since 01.01.2022 and, thus,
after the departure of Kurt Bengel. What was the transition like and what
impression did you gain in your first weeks in your new position?
 
Peter Schneck: The introduction by Mr Bengel was very intensive and good,
so that I was able to gain a valuable first insight. Accordingly, we have
strong partners, a very balanced and sustainable portfolio as well as a
highly motivated team with a high degree of expertise in very interesting
industry sectors. This is a very motivating environment for me. At the same
time, I have already been able to pick up on some future topics that we
will now tackle.
 
GBC AG: Previously, as a member of the DATAGROUP SE Management Board, you
were responsible for M&A, investor relations and legal affairs. Will M&A
and increased investor communication also be your focus at CENIT AG?
 
Peter Schneck: Our growth strategy includes strong inorganic growth, as
without M&A it will not be possible to achieve the CENIT 2025 target
through organic growth alone. Therefore, we will acquire one to two
companies per year. We will focus on companies based in Europe and North
America with annual sales of between EUR 5 million and EUR 30 million. The
goal is to strengthen our five business areas through technology, customer
portfolios, talent and regional presence.
 
With regard to investor communication, we will become increasingly active
and be represented at investor conferences virtually or, preferably, in
person. Participation in more than ten conferences is planned for 2022
alone. In addition, we will reintroduce a quarterly telephone conference to
explain the figures and provide up-to-date background information. As in my
previous job, transparency towards investors and shareholders is a very
important goal for me.
 
GBC AG: How do you assess the current market environment in your
traditional customer sectors? Were they particularly affected by the corona
pandemic?
 
Peter Schneck: Our customer groups in the automotive and aviation
industries were particularly hard hit by corona and this naturally had an
impact on CENIT. In some cases, we were no longer able to go to our
customers' premises to carry out our work. However, over the last six
months we have seen a significant upturn in these industries, which has
been positively reflected in our remarkable last quarter. The pandemic has
once again accelerated the importance of digitalisation overall, but
especially in the manufacturing industry. In this respect, we are very
positive about the current year as well as the years to come.
 
GBC AG: Are there strategic considerations to be made to achieve a stronger
mix in the customer industries?
 
Peter Schneck: Heavy dependence on the manufacturing industry, especially
automotive and aerospace, has shown us that we need to diversify in order
to be better able to react to any pandemics and/or other economic
influences. Fortunately, our solutions are needed in all industries and the
topic of digitalisation is on everyone's lips. Therefore, we are now
looking at the potential in calm and reflection and will then add one or
two new segments. In addition, we have also recognised that we need to
position ourselves even more globally in order to be able to compensate for
any regional market fluctuations by balancing them out in other regions. We
have to find the right balance.
 
GBC AG: The topics of ESG and sustainability are becoming increasingly
prominent. How is your company covering this area?
 
Peter Schneck: At our Annual General Meeting in May 2022, we will publish
an ESG report that shows our objectives and the activities we have already
carried out. The topic of ESG has become enormously important in attracting
new talent, but also on the capital market, so we will also deal with it
comprehensively.
 
Furthermore, ESG also offers CENIT opportunities to expand sales through
new product solutions. We work with our partners to provide our customers
with data and evaluations across the entire value chain that are needed for
an ESG report or that enable a sustainable decision to be made in the first
place. After all, we are always involved in the process, from product
planning to the recycling of waste products, and are thus able to develop
decisive solutions that enable us to generate additional sales through ESG.
Be curious to see what we will offer in the near future!
 
GBC AG: With the 'CENIT 2025' agenda, investors with a long-term investment
horizon have an indication of the planned business development. What are
the key data of the agenda and what measures have to be taken to fulfil
them?
 
Peter Schneck: CENIT 2025 envisages almost doubling our current turnover to
EUR 300 million with an EBIT margin of 8 - 10 %. Organic growth will be
achieved primarily by focusing on cloud solutions for our existing
customers and acquiring new customers in additional industry segments. In
addition, existing partnerships will be further expanded and new product
solutions will be co-distributed via the partner landscape. Lastly, in the
future we will also sell the solutions of the five business units to
existing customers, as these potentials have yet to have been exploited.
Furthermore, inorganic growth will of course become an essential part of
our strategy.
 
GBC AG: Thank you very much for the interview, Mr Schneck.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/23392.pdf

Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm
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Date (time) Completion: 16.02.2022(08:02 am)
Date (time) first transmission: 16.02.2022(11:00 am)

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