Original-Research: Intershop Communications (Von Quirin Privatbank Kapitalmarktgeschäft)

2025-05-09 02:06:31

(MENAFN- EQS Group)

Original-Research: Intershop Communications - from Quirin Privatbank Kapitalmarktgeschäft
09.05.2025 / 16:30 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications

Company Name:	Intershop Communications
ISIN:	DE000A254211

Reason for the research:	Update
Recommendation:	Buy
from:	09.05.2025
Target price:	3.20
Last rating change:
Analyst:	Sebastian Droste

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.

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