Outlook: Dividend payer with growth potential
CENIT is highly cash-generative and growth in proprietary software, which is currently a small proportion of sales (13% in H115) but growing quickly (26% y-o-y), could provide further margin upside. With a strong balance sheet and cash position, investors could benefit from accretive acquisitions or accelerated dividend payments. The stock continues to trade at a discount to peers on an EV/EBIT and EV/EBITDA basis.Cenit is a holding company, engaged in the IT services and consulting industry. Co. provides all types of services in the field of introducing and operating information technology and to sell and market information technology software and systems. Co. has two business divisions: Product Lifecycle Management (PLM) and Enterprise Information Management (EIM). The PLM segment focuses on industrial customers and the corresponding technologies. Its industry focus is on the automotive, aerospace, mechanical engineering and shipbuilding industries. The Enterprise Information Management (EIM) segment focuses on the customer segment of trade and commerce, banks, insurance firms and utilities.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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