View ValuationCENIT 将来の成長Future 基準チェック /26CENIT利益と収益がそれぞれ年間18.2%と3.6%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に14.2% 38.2%なると予測されています。主要情報18.2%収益成長率38.21%EPS成長率Software 収益成長16.4%収益成長率3.6%将来の株主資本利益率14.19%アナリストカバレッジLow最終更新日13 May 2026今後の成長に関する最新情報お知らせ • Apr 10Cenit Aktiengesellschaft Provides Earnings Guidance for the Year 2025CENIT Aktiengesellschaft provided earnings guidance for the year 2025. For the year, the company expects Excluding possible acquisition effects, sales are expected to be between 229.0 – 234.0 million EUR with EBIT of 6.8 – 7.3 million EUR.お知らせ • Aug 02CENITIT AG Provides Consolidated Earnings Guidance for the Fiscal Year 2023CENITIT AG provided consolidated earnings guidance for the fiscal year 2023, for the year, the company expects consolidated sales of around EUR 180.0 million and consolidated EBIT of around EUR 9.5 million.お知らせ • May 11CENIT Aktiengesellschaft Provides Earnings Guidance for the Year 2023CENIT Aktiengesellschaft expected consolidated sales of around EUR 175.0 million - EUR 180.0 million and consolidated earnings (EBIT) of around EUR 9.0 million - EUR 9.5 million.すべての更新を表示Recent updatesReported Earnings • May 18First quarter 2026 earnings releasedFirst quarter 2026 results: Revenue: €52.8m (up 2.4% from 1Q 2025). Net income: €2.51m (up €7.22m from 1Q 2025). Profit margin: 4.8% (up from net loss in 1Q 2025). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance.お知らせ • May 05CENIT Aktiengesellschaft, Annual General Meeting, Jun 10, 2026CENIT Aktiengesellschaft, Annual General Meeting, Jun 10, 2026, at 10:00 W. Europe Standard Time.Reported Earnings • Apr 15Full year 2025 earnings released: €0.14 loss per share (vs €0.23 loss in FY 2024)Full year 2025 results: €0.14 loss per share (improved from €0.23 loss in FY 2024). Revenue: €209.5m (up 1.1% from FY 2024). Net loss: €1.21m (loss narrowed 38% from FY 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance.Reported Earnings • Apr 11Full year 2025 earnings released: €0.14 loss per share (vs €0.008 loss in FY 2024)Full year 2025 results: €0.14 loss per share (further deteriorated from €0.008 loss in FY 2024). Revenue: €211.5m (up 2.0% from FY 2024). Net loss: €1.21m (loss widened €1.14m from FY 2024). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance.お知らせ • Dec 11+ 3 more updatesCENIT Aktiengesellschaft to Report Q3, 2026 Results on Nov 04, 2026CENIT Aktiengesellschaft announced that they will report Q3, 2026 results on Nov 04, 2026Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: €0.11 (vs €0.098 in 3Q 2024)Third quarter 2025 results: EPS: €0.11 (up from €0.098 in 3Q 2024). Revenue: €50.8m (down 2.4% from 3Q 2024). Net income: €927.0k (up 13% from 3Q 2024). Profit margin: 1.8% (up from 1.6% in 3Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance.Reported Earnings • Aug 02Second quarter 2025 earnings released: EPS: €0.017 (vs €0.01 in 2Q 2024)Second quarter 2025 results: EPS: €0.017 (up from €0.01 in 2Q 2024). Revenue: €52.7m (up 8.0% from 2Q 2024). Net income: €145.0k (up 77% from 2Q 2024). Profit margin: 0.3% (up from 0.2% in 2Q 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance.Reported Earnings • May 19First quarter 2025 earnings released: €0.56 loss per share (vs €0.003 profit in 1Q 2024)First quarter 2025 results: €0.56 loss per share (down from €0.003 profit in 1Q 2024). Revenue: €51.5m (up 1.9% from 1Q 2024). Net loss: €4.71m (down €4.73m from profit in 1Q 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings.お知らせ • Apr 25CENIT Aktiengesellschaft, Annual General Meeting, Jun 04, 2025CENIT Aktiengesellschaft, Annual General Meeting, Jun 04, 2025, at 10:00 W. Europe Standard Time.Reported Earnings • Apr 14Full year 2024 earnings released: €0.008 loss per share (vs €0.53 profit in FY 2023)Full year 2024 results: €0.008 loss per share (down from €0.53 profit in FY 2023). Revenue: €207.3m (up 12% from FY 2023). Net loss: €71.0k (down 102% from profit in FY 2023). Profit margin: 0% (down from 2.4% in FY 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year and the company’s share price has also fallen by 18% per year.お知らせ • Apr 11Cenit Aktiengesellschaft Proposes No Dividend for the Year 2024CENIT Aktiengesellschaft proposed to distribute no dividend from CENIT AG’s unappropriated profit due to the current economic situation.お知らせ • Apr 10Cenit Aktiengesellschaft Provides Earnings Guidance for the Year 2025CENIT Aktiengesellschaft provided earnings guidance for the year 2025. For the year, the company expects Excluding possible acquisition effects, sales are expected to be between 229.0 – 234.0 million EUR with EBIT of 6.8 – 7.3 million EUR.Valuation Update With 7 Day Price Move • Mar 07Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €8.40, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Software industry in the United Kingdom. Total loss to shareholders of 8.9% over the past three years.Reported Earnings • Nov 06Third quarter 2024 earnings released: EPS: €0.098 (vs €0.10 in 3Q 2023)Third quarter 2024 results: EPS: €0.098 (down from €0.10 in 3Q 2023). Revenue: €52.6m (up 15% from 3Q 2023). Net income: €820.0k (down 3.2% from 3Q 2023). Profit margin: 1.6% (down from 1.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.Valuation Update With 7 Day Price Move • Nov 01Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to €9.15, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 22x in the Software industry in the United Kingdom. Total loss to shareholders of 29% over the past three years.New Risk • Sep 11New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €90.4m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (€90.4m market cap, or US$99.8m).Reported Earnings • Aug 02Second quarter 2024 earnings released: EPS: €0.01 (vs €0.20 in 2Q 2023)Second quarter 2024 results: EPS: €0.01 (down from €0.20 in 2Q 2023). Revenue: €49.1m (up 12% from 2Q 2023). Net income: €82.0k (down 95% from 2Q 2023). Profit margin: 0.2% (down from 3.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.Reported Earnings • Apr 07Full year 2023 earnings released: EPS: €0.53 (vs €0.75 in FY 2022)Full year 2023 results: EPS: €0.53 (down from €0.75 in FY 2022). Revenue: €184.7m (up 14% from FY 2022). Net income: €4.43m (down 30% from FY 2022). Profit margin: 2.4% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.New Risk • Feb 15New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change).お知らせ • Jan 12CENIT Aktiengesellschaft (XTRA:CSH) acquired Cce B:digital Gmbh & Co. Kg.CENIT Aktiengesellschaft (XTRA:CSH) acquired Cce B:digital Gmbh & Co. Kg on January 1, 2024. CENIT Aktiengesellschaft (XTRA:CSH) completed the acquisition of Cce B:digital Gmbh & Co. Kg on January 1, 2024.お知らせ • Nov 03CENIT AG Announces Chief Financial Officer ChangesCENIT AG announced a change at the top management level: As of January 1, 2024, Mr. Axel Otto (MBA) will act as the new Chief Financial Officer (CFO). In his new role, Mr. Otto will assume responsibility for finance/controlling, IT and HR. The outgoing CENIT Group CFO, Axelle Mazé, is resigning from her Management Board position for private reasons. As a financial expert, Axel Otto can look back on a wide range of demanding strategic and operative functions in business management: Prior to his appointment as CENIT CFO, Mr. Otto acted as CFO for the internationally active, Bretten-based Seeburger AG from 2018 to 2023. In addition to his financial expertise, Axel Otto will thus be able to contribute a deep familiarity with IT and software markets. From 2011 to 2018, Mr. Otto headed the finance division at Härter Stanztechnik. His activities also focused on financial affairs in his earlier positions, e.g. as tax consultant and manager at consulting and financial services companies as well as several years in the auditing department at Deloitte Deutschland (2002005). Axelle Mazé is resigning her position as CENIT CFO for private reasons and will leave the Management Board by mutual consent on December 31, 2023. She will continue to pursue her duties for CENIT Group as Finance Director of CENIT's subsidiary KEONYS and also contribute her expertise in the sustainability field as CENIT Group Vice President for Sustainability.Reported Earnings • Nov 02Third quarter 2023 earnings released: EPS: €0.10 (vs €0.10 in 3Q 2022)Third quarter 2023 results: EPS: €0.10 (in line with 3Q 2022). Revenue: €46.3m (up 10% from 3Q 2022). Net income: €847.0k (flat on 3Q 2022). Profit margin: 1.8% (down from 2.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.お知らせ • Nov 01+ 3 more updatesCENIT Aktiengesellschaft to Report First Half, 2024 Results on Aug 01, 2024CENIT Aktiengesellschaft announced that they will report first half, 2024 results on Aug 01, 2024お知らせ • Aug 04CENIT Aktiengesellschaft (XTRA:CSH) acquired 60% stake in active business consult Informationstechnologie Gmbh.CENIT Aktiengesellschaft (XTRA:CSH) acquired 60% stake in active business consult Informationstechnologie Gmbh on July 31, 2023.Following the merger, ACTIVE BUSINESS CONSULT will continue to trade as an independent company under the direction of the current and future Managing Director, Christoph Domanig. The integration finds expression in the name affix “a CENIT Company”, which also serves to indicate the increased performance capabilities that arise from the merger with respect to financial strength, market presence and long-term business sustainability. CENIT Aktiengesellschaft (XTRA:CSH) completed the acquisition of 60% stake in active business consult Informationstechnologie Gmbh on July 31, 2023.お知らせ • Aug 02CENITIT AG Provides Consolidated Earnings Guidance for the Fiscal Year 2023CENITIT AG provided consolidated earnings guidance for the fiscal year 2023, for the year, the company expects consolidated sales of around EUR 180.0 million and consolidated EBIT of around EUR 9.5 million.Reported Earnings • Aug 02Second quarter 2023 earnings released: EPS: €0.21 (vs €0.12 in 2Q 2022)Second quarter 2023 results: EPS: €0.21 (up from €0.12 in 2Q 2022). Revenue: €45.2m (up 17% from 2Q 2022). Net income: €1.70m (up 72% from 2Q 2022). Profit margin: 3.8% (up from 2.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.お知らせ • Jul 08CENIT Aktiengesellschaft (XTRA:CSH) signed an agreement to acquire Pi Informatik Projektierung Von Informationssystemen & Informatikservice Gmbh.CENIT Aktiengesellschaft (XTRA:CSH) signed an agreement to acquire Pi Informatik Projektierung Von Informationssystemen & Informatikservice Gmbh on July 6, 2023.Reported Earnings • May 12First quarter 2023 earnings releasedFirst quarter 2023 results: Revenue: €43.7m (up 24% from 1Q 2022). Net loss: €214.0k (loss narrowed 64% from 1Q 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Software industry in the United Kingdom.Upcoming Dividend • May 12Upcoming dividend of €0.50 per share at 3.6% yieldEligible shareholders must have bought the stock before 19 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (1.8%).お知らせ • May 11CENIT Aktiengesellschaft Provides Earnings Guidance for the Year 2023CENIT Aktiengesellschaft expected consolidated sales of around EUR 175.0 million - EUR 180.0 million and consolidated earnings (EBIT) of around EUR 9.0 million - EUR 9.5 million.お知らせ • Dec 10+ 4 more updatesCENIT Aktiengesellschaft to Report First Half, 2023 Results on Aug 01, 2023CENIT Aktiengesellschaft announced that they will report first half, 2023 results on Aug 01, 2023Valuation Update With 7 Day Price Move • Oct 03Investor sentiment deteriorated over the past weekAfter last week's 21% share price decline to €11.75, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 29x in the Software industry in the United Kingdom. Total loss to shareholders of 13% over the past year.Reported Earnings • Aug 03Second quarter 2022 earnings released: EPS: €0.12 (vs €0.11 in 2Q 2021)Second quarter 2022 results: EPS: €0.12 (up from €0.11 in 2Q 2021). Revenue: €39.0m (up 3.5% from 2Q 2021). Net income: €986.0k (up 7.9% from 2Q 2021). Profit margin: 2.5% (up from 2.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 21%, compared to a 22% growth forecast for the industry in the United Kingdom.Upcoming Dividend • May 16Upcoming dividend of €0.75 per shareEligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Within top quartile of British dividend payers (4.9%). Higher than average of industry peers (2.2%).Reported Earnings • May 12First quarter 2022 earnings releasedFirst quarter 2022 results: Revenue: €35.6m (down 1.7% from 1Q 2021). Net loss: €598.0k (loss widened 16% from 1Q 2021). Over the next year, revenue is forecast to grow 18%, compared to a 26% growth forecast for the industry in the United Kingdom.Reported Earnings • Apr 06Full year 2021 earnings released: EPS: €0.51 (vs €0.28 in FY 2020)Full year 2021 results: EPS: €0.51 (up from €0.28 in FY 2020). Revenue: €146.1m (up 2.8% from FY 2020). Net income: €4.25m (up 83% from FY 2020). Profit margin: 2.9% (up from 1.6% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 29% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.Valuation Update With 7 Day Price Move • Mar 09Investor sentiment deteriorated over the past weekAfter last week's 20% share price decline to €10.10, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 28x in the Software industry in the United Kingdom. Total loss to shareholders of 23% over the past three years.Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS €0.15 (vs €0.08 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €35.5m (up 1.5% from 3Q 2020). Net income: €1.22m (up 90% from 3Q 2020). Profit margin: 3.4% (up from 1.8% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Reported Earnings • Aug 04Second quarter 2021 earnings released: EPS €0.11 (vs €0.02 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €38.6m (up 8.8% from 2Q 2020). Net income: €914.0k (up €1.08m from 2Q 2020). Profit margin: 2.4% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Reported Earnings • May 15First quarter 2021 earnings released: €0.06 loss per share (vs €0.06 profit in 1Q 2020)The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: €36.7m (down 6.4% from 1Q 2020). Net loss: €514.0k (down 209% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.Upcoming Dividend • May 14Upcoming dividend of €0.47 per shareEligible shareholders must have bought the stock before 21 May 2021. Payment date: 26 May 2021. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (1.8%).Reported Earnings • Apr 04Full year 2020 earnings released: EPS €0.28 (vs €0.82 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €147.2m (down 14% from FY 2019). Net income: €2.32m (down 66% from FY 2019). Profit margin: 1.6% (down from 4.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.Reported Earnings • Nov 05Third quarter 2020 earnings released: EPS €0.08The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €35.3m (down 15% from 3Q 2019). Net income: €646.0k (down 62% from 3Q 2019). Profit margin: 1.8% (down from 4.0% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 18% per year.業績と収益の成長予測LSE:0MUF - アナリストの将来予測と過去の財務データ ( )EUR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/202823481321312/31/202722571119312/31/2026215361533/31/202621161516N/A12/31/2025210-11214N/A9/30/2025210-51113N/A6/30/2025212-589N/A3/31/2025208-589N/A12/31/2024207-2910N/A9/30/2024203357N/A6/30/2024197356N/A3/31/2024192589N/A12/31/2023185445N/A9/30/2023180779N/A6/30/202317671013N/A3/31/2023170779N/A12/31/202216261011N/A9/30/202215841111N/A6/30/2022150478N/A3/31/202214741112N/A12/31/2021146488N/A9/30/2021136388N/A6/30/202113721213N/A3/31/20211371910N/A12/31/202014221112N/A9/30/20201555911N/A6/30/2020162668N/A3/31/20201707811N/A12/31/20191727N/A12N/A9/30/20191736N/A13N/A6/30/20191726N/A12N/A3/31/20191706N/A7N/A12/31/20181706N/A10N/A9/30/20181737N/A7N/A6/30/20181758N/A11N/A3/31/20181638N/A8N/A12/31/20171529N/A4N/A9/30/20171367N/A9N/A6/30/20171227N/A7N/A3/31/20171248N/A13N/A12/31/20161248N/A9N/A9/30/20161227N/A8N/A6/30/20161247N/A6N/A3/31/20161217N/A7N/A12/31/20151217N/A9N/A9/30/20151217N/A13N/A6/30/20151237N/A9N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: 0MUFの予測収益成長率 (年間18.2% ) は 貯蓄率 ( 3.4% ) を上回っています。収益対市場: 0MUFの収益 ( 18.2% ) はUK市場 ( 11.5% ) よりも速いペースで成長すると予測されています。高成長収益: 0MUFの収益は増加すると予測されていますが、大幅には増加しません。収益対市場: 0MUFの収益 ( 3.6% ) UK市場 ( 4.5% ) よりも低い成長が予測されています。高い収益成長: 0MUFの収益 ( 3.6% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: 0MUFの 自己資本利益率 は、3年後には低くなると予測されています ( 14.2 %)。成長企業の発掘7D1Y7D1Y7D1YSoftware 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/24 19:10終値2026/05/22 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋CENIT Aktiengesellschaft 3 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。9 アナリスト機関Cosmin FilkerGBC AGKai KindermannMontega AGChristoph HoffmannMontega AG6 その他のアナリストを表示
お知らせ • Apr 10Cenit Aktiengesellschaft Provides Earnings Guidance for the Year 2025CENIT Aktiengesellschaft provided earnings guidance for the year 2025. For the year, the company expects Excluding possible acquisition effects, sales are expected to be between 229.0 – 234.0 million EUR with EBIT of 6.8 – 7.3 million EUR.
お知らせ • Aug 02CENITIT AG Provides Consolidated Earnings Guidance for the Fiscal Year 2023CENITIT AG provided consolidated earnings guidance for the fiscal year 2023, for the year, the company expects consolidated sales of around EUR 180.0 million and consolidated EBIT of around EUR 9.5 million.
お知らせ • May 11CENIT Aktiengesellschaft Provides Earnings Guidance for the Year 2023CENIT Aktiengesellschaft expected consolidated sales of around EUR 175.0 million - EUR 180.0 million and consolidated earnings (EBIT) of around EUR 9.0 million - EUR 9.5 million.
Reported Earnings • May 18First quarter 2026 earnings releasedFirst quarter 2026 results: Revenue: €52.8m (up 2.4% from 1Q 2025). Net income: €2.51m (up €7.22m from 1Q 2025). Profit margin: 4.8% (up from net loss in 1Q 2025). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance.
お知らせ • May 05CENIT Aktiengesellschaft, Annual General Meeting, Jun 10, 2026CENIT Aktiengesellschaft, Annual General Meeting, Jun 10, 2026, at 10:00 W. Europe Standard Time.
Reported Earnings • Apr 15Full year 2025 earnings released: €0.14 loss per share (vs €0.23 loss in FY 2024)Full year 2025 results: €0.14 loss per share (improved from €0.23 loss in FY 2024). Revenue: €209.5m (up 1.1% from FY 2024). Net loss: €1.21m (loss narrowed 38% from FY 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance.
Reported Earnings • Apr 11Full year 2025 earnings released: €0.14 loss per share (vs €0.008 loss in FY 2024)Full year 2025 results: €0.14 loss per share (further deteriorated from €0.008 loss in FY 2024). Revenue: €211.5m (up 2.0% from FY 2024). Net loss: €1.21m (loss widened €1.14m from FY 2024). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance.
お知らせ • Dec 11+ 3 more updatesCENIT Aktiengesellschaft to Report Q3, 2026 Results on Nov 04, 2026CENIT Aktiengesellschaft announced that they will report Q3, 2026 results on Nov 04, 2026
Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: €0.11 (vs €0.098 in 3Q 2024)Third quarter 2025 results: EPS: €0.11 (up from €0.098 in 3Q 2024). Revenue: €50.8m (down 2.4% from 3Q 2024). Net income: €927.0k (up 13% from 3Q 2024). Profit margin: 1.8% (up from 1.6% in 3Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance.
Reported Earnings • Aug 02Second quarter 2025 earnings released: EPS: €0.017 (vs €0.01 in 2Q 2024)Second quarter 2025 results: EPS: €0.017 (up from €0.01 in 2Q 2024). Revenue: €52.7m (up 8.0% from 2Q 2024). Net income: €145.0k (up 77% from 2Q 2024). Profit margin: 0.3% (up from 0.2% in 2Q 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance.
Reported Earnings • May 19First quarter 2025 earnings released: €0.56 loss per share (vs €0.003 profit in 1Q 2024)First quarter 2025 results: €0.56 loss per share (down from €0.003 profit in 1Q 2024). Revenue: €51.5m (up 1.9% from 1Q 2024). Net loss: €4.71m (down €4.73m from profit in 1Q 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings.
お知らせ • Apr 25CENIT Aktiengesellschaft, Annual General Meeting, Jun 04, 2025CENIT Aktiengesellschaft, Annual General Meeting, Jun 04, 2025, at 10:00 W. Europe Standard Time.
Reported Earnings • Apr 14Full year 2024 earnings released: €0.008 loss per share (vs €0.53 profit in FY 2023)Full year 2024 results: €0.008 loss per share (down from €0.53 profit in FY 2023). Revenue: €207.3m (up 12% from FY 2023). Net loss: €71.0k (down 102% from profit in FY 2023). Profit margin: 0% (down from 2.4% in FY 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year and the company’s share price has also fallen by 18% per year.
お知らせ • Apr 11Cenit Aktiengesellschaft Proposes No Dividend for the Year 2024CENIT Aktiengesellschaft proposed to distribute no dividend from CENIT AG’s unappropriated profit due to the current economic situation.
お知らせ • Apr 10Cenit Aktiengesellschaft Provides Earnings Guidance for the Year 2025CENIT Aktiengesellschaft provided earnings guidance for the year 2025. For the year, the company expects Excluding possible acquisition effects, sales are expected to be between 229.0 – 234.0 million EUR with EBIT of 6.8 – 7.3 million EUR.
Valuation Update With 7 Day Price Move • Mar 07Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €8.40, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Software industry in the United Kingdom. Total loss to shareholders of 8.9% over the past three years.
Reported Earnings • Nov 06Third quarter 2024 earnings released: EPS: €0.098 (vs €0.10 in 3Q 2023)Third quarter 2024 results: EPS: €0.098 (down from €0.10 in 3Q 2023). Revenue: €52.6m (up 15% from 3Q 2023). Net income: €820.0k (down 3.2% from 3Q 2023). Profit margin: 1.6% (down from 1.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.
Valuation Update With 7 Day Price Move • Nov 01Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to €9.15, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 22x in the Software industry in the United Kingdom. Total loss to shareholders of 29% over the past three years.
New Risk • Sep 11New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €90.4m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (€90.4m market cap, or US$99.8m).
Reported Earnings • Aug 02Second quarter 2024 earnings released: EPS: €0.01 (vs €0.20 in 2Q 2023)Second quarter 2024 results: EPS: €0.01 (down from €0.20 in 2Q 2023). Revenue: €49.1m (up 12% from 2Q 2023). Net income: €82.0k (down 95% from 2Q 2023). Profit margin: 0.2% (down from 3.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
Reported Earnings • Apr 07Full year 2023 earnings released: EPS: €0.53 (vs €0.75 in FY 2022)Full year 2023 results: EPS: €0.53 (down from €0.75 in FY 2022). Revenue: €184.7m (up 14% from FY 2022). Net income: €4.43m (down 30% from FY 2022). Profit margin: 2.4% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
New Risk • Feb 15New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change).
お知らせ • Jan 12CENIT Aktiengesellschaft (XTRA:CSH) acquired Cce B:digital Gmbh & Co. Kg.CENIT Aktiengesellschaft (XTRA:CSH) acquired Cce B:digital Gmbh & Co. Kg on January 1, 2024. CENIT Aktiengesellschaft (XTRA:CSH) completed the acquisition of Cce B:digital Gmbh & Co. Kg on January 1, 2024.
お知らせ • Nov 03CENIT AG Announces Chief Financial Officer ChangesCENIT AG announced a change at the top management level: As of January 1, 2024, Mr. Axel Otto (MBA) will act as the new Chief Financial Officer (CFO). In his new role, Mr. Otto will assume responsibility for finance/controlling, IT and HR. The outgoing CENIT Group CFO, Axelle Mazé, is resigning from her Management Board position for private reasons. As a financial expert, Axel Otto can look back on a wide range of demanding strategic and operative functions in business management: Prior to his appointment as CENIT CFO, Mr. Otto acted as CFO for the internationally active, Bretten-based Seeburger AG from 2018 to 2023. In addition to his financial expertise, Axel Otto will thus be able to contribute a deep familiarity with IT and software markets. From 2011 to 2018, Mr. Otto headed the finance division at Härter Stanztechnik. His activities also focused on financial affairs in his earlier positions, e.g. as tax consultant and manager at consulting and financial services companies as well as several years in the auditing department at Deloitte Deutschland (2002005). Axelle Mazé is resigning her position as CENIT CFO for private reasons and will leave the Management Board by mutual consent on December 31, 2023. She will continue to pursue her duties for CENIT Group as Finance Director of CENIT's subsidiary KEONYS and also contribute her expertise in the sustainability field as CENIT Group Vice President for Sustainability.
Reported Earnings • Nov 02Third quarter 2023 earnings released: EPS: €0.10 (vs €0.10 in 3Q 2022)Third quarter 2023 results: EPS: €0.10 (in line with 3Q 2022). Revenue: €46.3m (up 10% from 3Q 2022). Net income: €847.0k (flat on 3Q 2022). Profit margin: 1.8% (down from 2.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
お知らせ • Nov 01+ 3 more updatesCENIT Aktiengesellschaft to Report First Half, 2024 Results on Aug 01, 2024CENIT Aktiengesellschaft announced that they will report first half, 2024 results on Aug 01, 2024
お知らせ • Aug 04CENIT Aktiengesellschaft (XTRA:CSH) acquired 60% stake in active business consult Informationstechnologie Gmbh.CENIT Aktiengesellschaft (XTRA:CSH) acquired 60% stake in active business consult Informationstechnologie Gmbh on July 31, 2023.Following the merger, ACTIVE BUSINESS CONSULT will continue to trade as an independent company under the direction of the current and future Managing Director, Christoph Domanig. The integration finds expression in the name affix “a CENIT Company”, which also serves to indicate the increased performance capabilities that arise from the merger with respect to financial strength, market presence and long-term business sustainability. CENIT Aktiengesellschaft (XTRA:CSH) completed the acquisition of 60% stake in active business consult Informationstechnologie Gmbh on July 31, 2023.
お知らせ • Aug 02CENITIT AG Provides Consolidated Earnings Guidance for the Fiscal Year 2023CENITIT AG provided consolidated earnings guidance for the fiscal year 2023, for the year, the company expects consolidated sales of around EUR 180.0 million and consolidated EBIT of around EUR 9.5 million.
Reported Earnings • Aug 02Second quarter 2023 earnings released: EPS: €0.21 (vs €0.12 in 2Q 2022)Second quarter 2023 results: EPS: €0.21 (up from €0.12 in 2Q 2022). Revenue: €45.2m (up 17% from 2Q 2022). Net income: €1.70m (up 72% from 2Q 2022). Profit margin: 3.8% (up from 2.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
お知らせ • Jul 08CENIT Aktiengesellschaft (XTRA:CSH) signed an agreement to acquire Pi Informatik Projektierung Von Informationssystemen & Informatikservice Gmbh.CENIT Aktiengesellschaft (XTRA:CSH) signed an agreement to acquire Pi Informatik Projektierung Von Informationssystemen & Informatikservice Gmbh on July 6, 2023.
Reported Earnings • May 12First quarter 2023 earnings releasedFirst quarter 2023 results: Revenue: €43.7m (up 24% from 1Q 2022). Net loss: €214.0k (loss narrowed 64% from 1Q 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Software industry in the United Kingdom.
Upcoming Dividend • May 12Upcoming dividend of €0.50 per share at 3.6% yieldEligible shareholders must have bought the stock before 19 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (1.8%).
お知らせ • May 11CENIT Aktiengesellschaft Provides Earnings Guidance for the Year 2023CENIT Aktiengesellschaft expected consolidated sales of around EUR 175.0 million - EUR 180.0 million and consolidated earnings (EBIT) of around EUR 9.0 million - EUR 9.5 million.
お知らせ • Dec 10+ 4 more updatesCENIT Aktiengesellschaft to Report First Half, 2023 Results on Aug 01, 2023CENIT Aktiengesellschaft announced that they will report first half, 2023 results on Aug 01, 2023
Valuation Update With 7 Day Price Move • Oct 03Investor sentiment deteriorated over the past weekAfter last week's 21% share price decline to €11.75, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 29x in the Software industry in the United Kingdom. Total loss to shareholders of 13% over the past year.
Reported Earnings • Aug 03Second quarter 2022 earnings released: EPS: €0.12 (vs €0.11 in 2Q 2021)Second quarter 2022 results: EPS: €0.12 (up from €0.11 in 2Q 2021). Revenue: €39.0m (up 3.5% from 2Q 2021). Net income: €986.0k (up 7.9% from 2Q 2021). Profit margin: 2.5% (up from 2.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 21%, compared to a 22% growth forecast for the industry in the United Kingdom.
Upcoming Dividend • May 16Upcoming dividend of €0.75 per shareEligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Within top quartile of British dividend payers (4.9%). Higher than average of industry peers (2.2%).
Reported Earnings • May 12First quarter 2022 earnings releasedFirst quarter 2022 results: Revenue: €35.6m (down 1.7% from 1Q 2021). Net loss: €598.0k (loss widened 16% from 1Q 2021). Over the next year, revenue is forecast to grow 18%, compared to a 26% growth forecast for the industry in the United Kingdom.
Reported Earnings • Apr 06Full year 2021 earnings released: EPS: €0.51 (vs €0.28 in FY 2020)Full year 2021 results: EPS: €0.51 (up from €0.28 in FY 2020). Revenue: €146.1m (up 2.8% from FY 2020). Net income: €4.25m (up 83% from FY 2020). Profit margin: 2.9% (up from 1.6% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 29% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.
Valuation Update With 7 Day Price Move • Mar 09Investor sentiment deteriorated over the past weekAfter last week's 20% share price decline to €10.10, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 28x in the Software industry in the United Kingdom. Total loss to shareholders of 23% over the past three years.
Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS €0.15 (vs €0.08 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €35.5m (up 1.5% from 3Q 2020). Net income: €1.22m (up 90% from 3Q 2020). Profit margin: 3.4% (up from 1.8% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Reported Earnings • Aug 04Second quarter 2021 earnings released: EPS €0.11 (vs €0.02 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €38.6m (up 8.8% from 2Q 2020). Net income: €914.0k (up €1.08m from 2Q 2020). Profit margin: 2.4% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Reported Earnings • May 15First quarter 2021 earnings released: €0.06 loss per share (vs €0.06 profit in 1Q 2020)The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: €36.7m (down 6.4% from 1Q 2020). Net loss: €514.0k (down 209% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
Upcoming Dividend • May 14Upcoming dividend of €0.47 per shareEligible shareholders must have bought the stock before 21 May 2021. Payment date: 26 May 2021. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (1.8%).
Reported Earnings • Apr 04Full year 2020 earnings released: EPS €0.28 (vs €0.82 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €147.2m (down 14% from FY 2019). Net income: €2.32m (down 66% from FY 2019). Profit margin: 1.6% (down from 4.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
Reported Earnings • Nov 05Third quarter 2020 earnings released: EPS €0.08The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €35.3m (down 15% from 3Q 2019). Net income: €646.0k (down 62% from 3Q 2019). Profit margin: 1.8% (down from 4.0% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 18% per year.