Classification of Quirin Privatbank Kapitalmarktgeschäft to init innovation in traffic systems SE
| Company Name: |
init innovation in traffic systems SE |
| ISIN: |
DE0005759807 |
| |
| Reason for the research: |
Update |
| Recommendation: |
Buy |
| from: |
19.05.2025 |
| Target price: |
55.00 |
| Last rating change: |
|
| Analyst: |
Ralf Marinoni |
Full year guidance confirmed
In Q1-25, init received orders totaling
EUR 75.7m, significantly below the all-time high previous year’s figure (Q1-24:
EUR 245.1m), which comprised mega projects
London (iBus NextGen) and
Atlanta (AFC2.0). Excluding mega effects and DILAX acquisition, underlying growth would have been approx. 19% yoy. In the first quarter of 2025, revenues of
EUR 70.4m (Q1 2024:
EUR 50.5m) were generated. This means that revenue was approximately
EUR 20.0m higher than the previous year's figure. Of this amount,
EUR 4.7m is attributable to the
DILAX Group, which was included for the first time in Q3-24. In addition, significant contributions to the revenue increase came from large projects in
North America.
EBIT came in at
EUR 2.0m, below the previous year’s figure (Q1-24:
EUR 3.7m). This is primarily due to the expected negative contribution from the
DILAX Group in the quarter. The largest variances result from the disproportionate development of gross profit, the negative currency result, and the increase in research and development expenses.
init explained that the key figures for the first quarter of 2025 largely met the expectations of the Management Board: init operates within the corridor of the targets set for the full year. Therefore, the company maintained the existing forecast regarding revenues of approximately
EUR 300 – 330m as well as EBIT of
EUR 30 – 33m. We leave therefore estimates, the
EUR 55.00 TP and our Buy recommendation unchanged.
You can download the research here:
http://www.more-ir.de/d/32668.pdf
For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles ResearchSchillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.dehttps://research.quirinprivatbank.de/
