CENIT AG : Weak 9M 2018 results make full-year guidance look ambitious; adjusting our estimates down towards lower end of target corridor
>Q3 below expectations; PLM margin contraction continues - Cenit AG’s 9M 2018 results came in below our estimates and make the company’s full-year 2018 guidance – which was already reduced on 30 July – look rather challenging. Having now adjusted our 2018e estimates to reflect the weaker Q3/9M results, we are close to the lower end of the company’s current FY target range. Our new, risk-adjusted DCF-based model renders a TP of € 22.20 per share (previously: € 25.40), ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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