New Risk • Jun 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 10% 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 Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (€28.4m market cap, or US$32.9m). Reported Earnings • Apr 22
First quarter 2026 earnings released First quarter 2026 results: Revenue: €7.94m (down 13% from 1Q 2025). Net loss: €18.0k (loss narrowed 74% from 1Q 2025). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Apr 08
INTERSHOP Communications Aktiengesellschaft, Annual General Meeting, May 19, 2026 INTERSHOP Communications Aktiengesellschaft, Annual General Meeting, May 19, 2026, at 10:00 W. Europe Standard Time. Major Estimate Revision • Apr 07
Consensus EPS estimates upgraded to €0.01 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -€0.03 to -€0.01 per share. Revenue forecast steady at €32.6m. Software industry in Germany expected to see average net income growth of 24% next year. Consensus price target of €1.83 unchanged from last update. Share price fell 3.9% to €0.98 over the past week. Reported Earnings • Mar 12
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: €0.21 loss per share (further deteriorated from €0.024 loss in FY 2024). Revenue: €33.3m (down 14% from FY 2024). Net loss: €3.22m (loss widened €2.87m from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Mar 05
INTERSHOP Communications Aktiengesellschaft to Report Fiscal Year 2025 Final Results on Mar 12, 2026 INTERSHOP Communications Aktiengesellschaft announced that they will report fiscal year 2025 final results on Mar 12, 2026 New Risk • Feb 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.9% 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 Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (€17.8m market cap, or US$21.1m). Buy Or Sell Opportunity • Feb 05
Now 24% undervalued Over the last 90 days, the stock has risen 23% to €1.27. The fair value is estimated to be €1.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 2.5% in a year. Earnings are forecast to grow by 71% in the next year. Breakeven Date Change • Jan 19
Forecast breakeven date moved forward to 2026 The 3 analysts covering INTERSHOP Communications previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of €200.0k in 2026. Average annual earnings growth of 96% is required to achieve expected profit on schedule. Announcement • Jan 05
INTERSHOP Communications Aktiengesellschaft to Report Fiscal Year 2025 Results on Feb 18, 2026 INTERSHOP Communications Aktiengesellschaft announced that they will report fiscal year 2025 results on Feb 18, 2026 Reported Earnings • Oct 23
Third quarter 2025 earnings released: €0.04 loss per share (vs €0.06 profit in 3Q 2024) Third quarter 2025 results: €0.04 loss per share (down from €0.06 profit in 3Q 2024). Revenue: €7.99m (down 25% from 3Q 2024). Net loss: €610.0k (down 168% from profit in 3Q 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Breakeven Date Change • Oct 22 The 3 analysts covering INTERSHOP Communications previously expected the company to break even in 2027. New consensus forecast suggests losses will reduce by 31% per year to 2026. The company is expected to make a profit of €1.00m in 2027. Average annual earnings growth of 123% is required to achieve expected profit on schedule.
Buy Or Sell Opportunity • Sep 03
Now 22% overvalued Over the last 90 days, the stock has fallen 22% to €1.36. The fair value is estimated to be €1.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to decline by 5.6% in a year. Earnings are forecast to decline by 71% in the next year. Announcement • Sep 03
INTERSHOP Communications Aktiengesellschaft has filed a Follow-on Equity Offering in the amount of €4.374684 million. INTERSHOP Communications Aktiengesellschaft has filed a Follow-on Equity Offering in the amount of €4.374684 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 4,374,684
Price\Range: €1
Transaction Features: Rights Offering New Risk • Sep 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.3% 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 Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (€20.3m market cap, or US$23.7m). Breakeven Date Change • Aug 05
Forecast breakeven date pushed back to 2027 The 3 analysts covering INTERSHOP Communications previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of €1.00m in 2027. Average annual earnings growth of 81% is required to achieve expected profit on schedule. Price Target Changed • Jul 25
Price target decreased by 9.5% to €2.53 Down from €2.80, the current price target is an average from 3 analysts. New target price is 74% above last closing price of €1.46. Stock is down 27% over the past year. The company is forecast to post a net loss per share of €0.12 next year compared to a net loss per share of €0.024 last year. Reported Earnings • Jul 24
Second quarter 2025 earnings released: €0.07 loss per share (vs €0.037 loss in 2Q 2024) Second quarter 2025 results: €0.07 loss per share (further deteriorated from €0.037 loss in 2Q 2024). Revenue: €8.10m (down 15% from 2Q 2024). Net loss: €1.05m (loss widened 93% from 2Q 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Breakeven Date Change • Jul 23 The 3 analysts covering INTERSHOP Communications previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of €266.5k in 2026. Average annual earnings growth of 93% is required to achieve expected profit on schedule.
Major Estimate Revision • Jul 22
Consensus EPS estimates fall by 2,432% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €36.3m to €35.4m. Losses expected to increase from €0.0023 per share to €0.059. Software industry in Germany expected to see average net income growth of 21% next year. Consensus price target down from €2.80 to €2.67. Share price fell 18% to €1.43 over the past week. Price Target Changed • Jul 21
Price target decreased by 9.1% to €2.67 Down from €2.93, the current price target is an average from 3 analysts. New target price is 81% above last closing price of €1.47. Stock is down 28% over the past year. The company is forecast to post a net loss per share of €0.059 next year compared to a net loss per share of €0.024 last year. Breakeven Date Change • Jul 21
Forecast breakeven date pushed back to 2026 The 3 analysts covering INTERSHOP Communications previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €266.5k in 2026. Average annual earnings growth of 73% is required to achieve expected profit on schedule. Buy Or Sell Opportunity • Jun 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €1.76. The fair value is estimated to be €2.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Breakeven Date Change • May 28
Forecast to breakeven in 2025 The 3 analysts covering INTERSHOP Communications expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €100.0k in 2025. Earnings growth of 68% is required to achieve expected profit on schedule. Reported Earnings • May 05
First quarter 2025 earnings released First quarter 2025 results: Revenue: €9.14m (down 3.5% from 1Q 2024). Net loss: €68.0k (loss narrowed 36% from 1Q 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Breakeven Date Change • May 04 The 3 analysts covering INTERSHOP Communications previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €417.5k in 2025. Earnings growth of 61% is required to achieve expected profit on schedule.
Announcement • Apr 07
INTERSHOP Communications Aktiengesellschaft, Annual General Meeting, May 16, 2025 INTERSHOP Communications Aktiengesellschaft, Annual General Meeting, May 16, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 13
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €0.02 loss per share (improved from €0.21 loss in FY 2023). Revenue: €38.8m (up 2.0% from FY 2023). Net loss: €353.0k (loss narrowed 89% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 99%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 20% per year. Announcement • Mar 06
INTERSHOP Communications Aktiengesellschaft to Report Fiscal Year 2024 Final Results on Mar 12, 2025 INTERSHOP Communications Aktiengesellschaft announced that they will report fiscal year 2024 final results on Mar 12, 2025 New Risk • Mar 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.4% 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 Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (€31.2m market cap, or US$32.8m). Price Target Changed • Nov 19
Price target increased by 7.7% to €2.80 Up from €2.60, the current price target is an average from 3 analysts. New target price is 45% above last closing price of €1.93. Stock is up 32% over the past year. The company is forecast to post a net loss per share of €0.014 next year compared to a net loss per share of €0.21 last year. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: €0.06 (vs €0.05 loss in 3Q 2023) Third quarter 2024 results: EPS: €0.06 (up from €0.05 loss in 3Q 2023). Revenue: €10.7m (up 16% from 3Q 2023). Net income: €904.0k (up €1.70m from 3Q 2023). Profit margin: 8.4% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Announcement • Oct 23
Intershop Communications Aktiengesellschaft Provides Earnings Guidance for the Full Year 2024 INTERSHOP Communications Aktiengesellschaft provided earnings guidance for the full year 2024. For the year, the company projects a moderate increase in revenues (previous year: EUR 38.0 million) and a break-even operating result (EBIT). Reported Earnings • Jul 25
Second quarter 2024 earnings released: €0.04 loss per share (vs €0.007 loss in 2Q 2023) Second quarter 2024 results: €0.04 loss per share (further deteriorated from €0.007 loss in 2Q 2023). Revenue: €9.56m (down 9.2% from 2Q 2023). Net loss: €545.0k (loss widened 419% from 2Q 2023). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 26
Price target increased by 8.3% to €2.60 Up from €2.40, the current price target is an average from 2 analysts. New target price is 35% above last closing price of €1.93. Stock is down 18% over the past year. The company is forecast to post a net loss per share of €0.017 next year compared to a net loss per share of €0.21 last year. Reported Earnings • Apr 24
First quarter 2024 earnings released: €0.01 loss per share (vs €0.07 loss in 1Q 2023) First quarter 2024 results: €0.01 loss per share (improved from €0.07 loss in 1Q 2023). Revenue: €9.47m (up 6.8% from 1Q 2023). Net loss: €106.0k (loss narrowed 90% from 1Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Software industry in Germany. 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. New Risk • Apr 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% 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 Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€27.4m market cap, or US$29.3m). Announcement • Apr 05
INTERSHOP Communications Aktiengesellschaft, Annual General Meeting, May 16, 2024 INTERSHOP Communications Aktiengesellschaft, Annual General Meeting, May 16, 2024, at 10:00 Central European Standard Time. Location: the Company´s premises, Steinweg 10 Jena Germany Announcement • Mar 13
INTERSHOP Communications Aktiengesellschaft to Report Fiscal Year 2023 Results on Mar 22, 2024 INTERSHOP Communications Aktiengesellschaft announced that they will report fiscal year 2023 results on Mar 22, 2024 Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 106%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €39.1m to €39.9m. Forecast EPS reduced from -€0.03 to -€0.062 per share. Software industry in Germany expected to see average net income growth of 14% next year. Consensus price target of €2.40 unchanged from last update. Share price fell 9.1% to €1.55 over the past week. New Risk • Feb 27
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: €3.1m Forecast net loss in 1 year: €400k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (€400k net loss next year). Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€24.8m market cap, or US$26.9m). Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 42% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €38.3m to €37.9m. Losses expected to increase from €0.12 per share to €0.17. Software industry in Germany expected to see average net income growth of 13% next year. Consensus price target down from €2.50 to €2.40. Share price was steady at €1.53 over the past week. Reported Earnings • Oct 27
Third quarter 2023 earnings released: €0.05 loss per share (vs €0.05 loss in 3Q 2022) Third quarter 2023 results: €0.05 loss per share (in line with 3Q 2022). Revenue: €9.25m (up 2.3% from 3Q 2022). Net loss: €794.0k (loss widened 16% from 3Q 2022). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Software industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. New Risk • Aug 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% 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 Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€24.4m market cap, or US$26.6m). Reported Earnings • Jul 31
Second quarter 2023 earnings released: €0.007 loss per share (vs €0.048 loss in 2Q 2022) Second quarter 2023 results: €0.007 loss per share (improved from €0.048 loss in 2Q 2022). Revenue: €10.5m (up 13% from 2Q 2022). Net loss: €105.0k (loss narrowed 85% from 2Q 2022). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 361% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €40.5m to €38.0m. Losses expected to increase from €0.026 per share to €0.12. Software industry in Germany expected to see average net income growth of 17% next year. Consensus price target down from €4.95 to €4.25. Share price rose 3.4% to €1.95 over the past week. Price Target Changed • Jul 27
Price target decreased by 15% to €4.25 Down from €5.00, the current price target is an average from 2 analysts. New target price is 130% above last closing price of €1.85. Stock is down 44% over the past year. The company is forecast to post a net loss per share of €0.026 next year compared to a net loss per share of €0.25 last year. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€27.8m market cap, or US$30.8m). Announcement • Jul 15
INTERSHOP Communications Aktiengesellschaft Revises Earnings Guidance for the Year 2023 INTERSHOP Communications Aktiengesellschaft revised earnings guidance for the year 2023. The company now projects moderate revenue growth and a negative operating result (EBIT) improved compared to the previous year (previous year: EUR -2.9 million) for the full year 2023. Previously, the company expected an increase in revenues of more than 10% and a balanced operating result. Net new ARR is expected to be between EUR 1.5 million and EUR 2.5 million (previous year: EUR 3.2 million). Previously, an increase of more than 10% was forecast for both indicators. Buying Opportunity • Dec 08
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €3.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 6.6% in a year. Earnings is forecast to grow by 41% in the next year. Price Target Changed • Nov 16
Price target decreased to €5.00 Down from €5.40, the current price target is an average from 2 analysts. New target price is 85% above last closing price of €2.70. Stock is down 47% over the past year. The company is forecast to post a net loss per share of €0.20 compared to earnings per share of €0.057 last year. Reported Earnings • Oct 30
Third quarter 2022 earnings released: €0.05 loss per share (vs €0.002 profit in 3Q 2021) Third quarter 2022 results: €0.05 loss per share (down from €0.002 profit in 3Q 2021). Revenue: €9.04m (up 9.0% from 3Q 2021). Net loss: €682.0k (down €720.0k from profit in 3Q 2021). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Oct 29
Consensus EPS estimates fall by 64% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €37.5m to €37.0m. Losses expected to increase from €0.12 per share to €0.19. Software industry in Germany expected to see average net income growth of 21% next year. Consensus price target down from €5.40 to €5.00. Share price fell 3.0% to €2.95 over the past week. Price Target Changed • Oct 27
Price target decreased to €5.00 Down from €5.50, the current price target is an average from 2 analysts. New target price is 67% above last closing price of €2.99. Stock is down 37% over the past year. The company is forecast to post a net loss per share of €0.12 compared to earnings per share of €0.057 last year. Price Target Changed • Sep 30
Price target decreased to €5.40 Down from €5.85, the current price target is an average from 2 analysts. New target price is 86% above last closing price of €2.91. Stock is down 42% over the past year. The company is forecast to post earnings per share of €0.032 for next year compared to €0.057 last year. Reported Earnings • Jul 28
Second quarter 2022 earnings released: €0.048 loss per share (vs €0.037 profit in 2Q 2021) Second quarter 2022 results: €0.048 loss per share (down from €0.037 profit in 2Q 2021). Revenue: €9.31m (down 1.7% from 2Q 2021). Net loss: €685.0k (down 231% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 7.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 27
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €4.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 60% per annum over the same time period. Announcement • May 12
INTERSHOP Communications Aktiengesellschaft Elects Oliver Bendig as Fourth Supervisory Board Member INTERSHOP Communications Aktiengesellschaft announced that shareholders elected Mr. Oliver Bendig, CEO of Matrix42 AG, as member of the Supervisory Board. Before joining Matrix42 in 2009, he was responsible for international product management at several German and US software vendors. Major Estimate Revision • May 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €0.08 to €0.03. Revenue forecast unchanged from €39.7m at last update. Net income forecast to grow 12% next year vs 14% growth forecast for Software industry in Germany. Consensus price target of €5.85 unchanged from last update. Share price fell 2.3% to €4.58 over the past week. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: €0.01 loss per share (down from €0.01 profit in 1Q 2021). Revenue: €9.21m (up 4.4% from 1Q 2021). Net loss: €132.0k (down 165% from profit in 1Q 2021). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 12%, compared to a 14% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 19
Now 23% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be €6.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.9% per annum. Earnings is also forecast to grow by 41% per annum over the same time period. Major Estimate Revision • Mar 05
Consensus EPS estimates increase by 40% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €39.7m to €42.6m. EPS estimate increased from €0.08 to €0.11 per share. Net income forecast to grow 96% next year vs 22% growth forecast for Software industry in Germany. Consensus price target of €5.85 unchanged from last update. Share price fell 2.7% to €3.91 over the past week. Major Estimate Revision • Mar 02
Consensus revenue estimates fall by 13% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from €45.6m to €39.7m. EPS estimate fell from €0.15 to €0.08 per share. Net income forecast to grow 168% next year vs 31% growth forecast for Software industry in Germany. Consensus price target of €5.85 unchanged from last update. Share price fell 5.6% to €3.87 over the past week. Major Estimate Revision • Feb 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €42.2m to €42.6m. EPS estimate fell from €0.13 to €0.11 per share. Net income forecast to grow 96% next year vs 30% growth forecast for Software industry in Germany. Consensus price target broadly unchanged at €5.85. Share price fell 5.9% to €3.96 over the past week. Reported Earnings • Feb 22
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €0.06 (up from €0.056 in FY 2020). Revenue: €36.0m (up 7.1% from FY 2020). Net income: €810.0k (up 2.1% from FY 2020). Profit margin: 2.3% (down from 2.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 32%. Over the next year, revenue is forecast to grow 27%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 09
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from €35.7m to €36.6m. EPS estimate fell from €0.10 to €0.09 per share. Net income forecast to grow 44% next year vs 31% growth forecast for Software industry in Germany. Consensus price target of €5.95 unchanged from last update. Share price rose 2.3% to €3.98 over the past week. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 25% share price decline to €3.40, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 31x in the Software industry in Germany. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.92 per share. 
