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CENIT

DB:CSH
Snowflake Description

Flawless balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CSH
DB
€105M
Market Cap
  1. Home
  2. DE
  3. Software
Company description

CENIT Aktiengesellschaft operates as an IT software and consulting firm for business processes and financial service providers. The last earnings update was 74 days ago. More info.


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  • CENIT has significant price volatility in the past 3 months.
CSH Share Price and Events
7 Day Returns
-9.3%
DB:CSH
-7.3%
DE Software
-0.7%
DE Market
1 Year Returns
-33.5%
DB:CSH
11.4%
DE Software
-7.6%
DE Market
CSH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CENIT (CSH) -9.3% -10.7% -14% -33.5% -38.5% -2.2%
DE Software -7.3% -4.7% 10.4% 11.4% 48.2% 92.6%
DE Market -0.7% -0.8% -3.8% -7.6% 8.2% 11.1%
1 Year Return vs Industry and Market
  • CSH underperformed the Software industry which returned 11.4% over the past year.
  • CSH underperformed the Market in Germany which returned -7.6% over the past year.
Price Volatility
CSH
Industry
5yr Volatility vs Market

Value

 Is CENIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CENIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CENIT.

DB:CSH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CSH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Software Unlevered Beta Simply Wall St/ S&P Global 1.12
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.118 (1 + (1- 30%) (0%))
1.079
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.08
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.079 * 5.96%)
6.66%

Discounted Cash Flow Calculation for DB:CSH using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CENIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:CSH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 6.66%)
2020 9.49 Analyst x2 8.89
2021 9.87 Analyst x2 8.68
2022 9.84 Analyst x1 8.11
2023 9.78 Analyst x1 7.56
2024 9.74 Est @ -0.36% 7.06
2025 9.73 Est @ -0.18% 6.61
2026 9.72 Est @ -0.06% 6.19
2027 9.72 Est @ 0.03% 5.80
2028 9.73 Est @ 0.09% 5.45
2029 9.74 Est @ 0.13% 5.11
Present value of next 10 years cash flows €69.46
DB:CSH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €9.74 × (1 + 0.23%) ÷ (6.66% – 0.23%)
€151.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €151.84 ÷ (1 + 6.66%)10
€79.68
DB:CSH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €69.46 + €79.68
€149.13
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €149.13 / 8.37
€17.82
DB:CSH Discount to Share Price
Calculation Result
Value per share (EUR) From above. €17.82
Current discount Discount to share price of €11.70
= -1 x (€11.70 - €17.82) / €17.82
34.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CENIT is available for.
Intrinsic value
34%
Share price is €11.7 vs Future cash flow value of €17.82
Current Discount Checks
For CENIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CENIT's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CENIT's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CENIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CENIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CSH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.66
DB:CSH Share Price ** DB (2019-07-22) in EUR €11.7
Germany Software Industry PE Ratio Median Figure of 18 Publicly-Listed Software Companies 34.7x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 19.75x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CENIT.

DB:CSH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= DB:CSH Share Price ÷ EPS (both in EUR)

= 11.7 ÷ 0.66

17.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CENIT is good value based on earnings compared to the DE Software industry average.
  • CENIT is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does CENIT's expected growth come at a high price?
Raw Data
DB:CSH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
8.8%per year
Germany Software Industry PEG Ratio Median Figure of 13 Publicly-Listed Software Companies 1.97x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

DB:CSH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.75x ÷ 8.8%

2.01x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CENIT is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CENIT's assets?
Raw Data
DB:CSH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €4.59
DB:CSH Share Price * DB (2019-07-22) in EUR €11.7
Germany Software Industry PB Ratio Median Figure of 32 Publicly-Listed Software Companies 3.13x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.71x
DB:CSH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= DB:CSH Share Price ÷ Book Value per Share (both in EUR)

= 11.7 ÷ 4.59

2.55x

* Primary Listing of CENIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CENIT is good value based on assets compared to the DE Software industry average.
X
Value checks
We assess CENIT's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. CENIT has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is CENIT expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CENIT expected to grow at an attractive rate?
  • CENIT's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • CENIT's earnings growth is positive but not above the Germany market average.
  • CENIT's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CSH Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CSH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 8.8%
DB:CSH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.1%
Germany Software Industry Earnings Growth Rate Market Cap Weighted Average 25.7%
Germany Software Industry Revenue Growth Rate Market Cap Weighted Average 7.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:CSH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CSH Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 195 2
2022-12-31 191 2
2021-12-31 187 13 9 2
2020-12-31 180 13 8 2
2019-12-31 173 13 8 2
DB:CSH Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 170 6 6
2018-12-31 170 10 6
2018-09-30 173 7 7
2018-06-30 175 11 8
2018-03-31 163 8 8
2017-12-31 152 4 9
2017-09-30 136 9 7
2017-06-30 122 7 7
2017-03-31 124 13 8
2016-12-31 124 9 8
2016-09-30 122 8 7
2016-06-30 124 6 7

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CENIT's earnings are expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
  • CENIT's revenue is expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CSH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from CENIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CSH Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.03 1.07 0.98 2.00
2020-12-31 0.97 0.99 0.94 2.00
2019-12-31 1.01 1.18 0.84 2.00
DB:CSH Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.66
2018-12-31 0.71
2018-09-30 0.89
2018-06-30 0.98
2018-03-31 1.00
2017-12-31 1.05
2017-09-30 0.89
2017-06-30 0.85
2017-03-31 0.95
2016-12-31 0.97
2016-09-30 0.85
2016-06-30 0.85

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CENIT is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess CENIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CENIT has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has CENIT performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CENIT's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CENIT's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • CENIT's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CENIT's 1-year earnings growth is negative, it can't be compared to the DE Software industry average.
Earnings and Revenue History
CENIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CENIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CSH Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 170.29 5.55 6.51
2018-12-31 169.99 5.95 6.51
2018-09-30 172.79 7.43 6.03
2018-06-30 174.54 8.11 6.03
2018-03-31 162.68 8.41 6.03
2017-12-31 151.70 8.80 6.03
2017-09-30 135.67 7.31 5.53
2017-06-30 121.63 7.04 5.53
2017-03-31 124.10 7.86 5.53
2016-12-31 123.77 8.08 5.53
2016-09-30 122.37 7.20 5.48
2016-06-30 123.72 7.14 5.48
2016-03-31 120.68 7.04 5.48
2015-12-31 121.48 7.32 5.48
2015-09-30 121.46 7.10 5.23
2015-06-30 122.89 6.89 5.23
2015-03-31 124.04 6.67 5.23
2014-12-31 123.40 6.36 5.23
2014-09-30 121.08 6.59 5.40
2014-06-30 118.23 6.30 5.40
2014-03-31 116.90 6.19 5.40
2013-12-31 118.92 5.88 5.40
2013-09-30 121.83 5.51 5.61
2013-06-30 121.46 5.46 5.61
2013-03-31 121.55 5.42 5.61
2012-12-31 118.85 5.42 5.61
2012-09-30 116.13 5.28 5.98

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CENIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CENIT used its assets less efficiently than the DE Software industry average last year based on Return on Assets.
  • CENIT's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CENIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CENIT has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is CENIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CENIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CENIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CENIT's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of CENIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • CENIT has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CENIT Company Filings, last reported 3 months ago.

DB:CSH Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 39.41 0.00 27.27
2018-12-31 39.10 0.00 18.04
2018-09-30 35.86 0.00 18.28
2018-06-30 34.22 0.03 19.93
2018-03-31 41.72 0.14 33.74
2017-12-31 40.86 3.15 23.69
2017-09-30 36.49 1.31 24.95
2017-06-30 34.11 0.00 27.25
2017-03-31 41.75 0.00 42.88
2016-12-31 40.58 0.00 33.61
2016-09-30 37.77 0.00 31.18
2016-06-30 35.85 0.00 30.40
2016-03-31 42.29 0.00 39.14
2015-12-31 39.84 0.00 33.94
2015-09-30 37.78 0.00 33.26
2015-06-30 35.87 0.00 34.00
2015-03-31 41.90 0.00 41.74
2014-12-31 39.35 0.00 33.25
2014-09-30 38.06 0.00 26.48
2014-06-30 36.09 0.00 30.97
2014-03-31 37.52 0.00 34.88
2013-12-31 35.93 0.00 26.63
2013-09-30 33.98 0.00 27.08
2013-06-30 32.62 0.00 29.84
2013-03-31 35.93 0.00 32.48
2012-12-31 34.65 0.00 23.78
2012-09-30 33.62 0.00 23.43
  • CENIT has no debt.
  • CENIT had no debt 5 years ago.
  • CENIT has no debt, it does not need to be covered by operating cash flow.
  • CENIT has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess CENIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CENIT has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is CENIT's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.13%
Current annual income from CENIT dividends. Estimated to be 6.84% next year.
If you bought €2,000 of CENIT shares you are expected to receive €103 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CENIT's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • CENIT's dividend is above the markets top 25% of dividend payers in Germany (3.92%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:CSH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Germany Software Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 1.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:CSH Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.90 2.00
2020-12-31 0.80 2.00
2019-12-31 0.70 2.00
DB:CSH Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-01 0.600 4.451
2018-04-03 1.000 6.180
2017-03-31 1.000 4.692
2016-03-29 1.000 5.069
2015-03-05 0.900 5.204
2014-04-08 0.350 2.972
2013-03-18 0.300 3.075
2012-04-16 0.300 4.374
2011-03-03 0.150 2.908
2010-03-01 0.300 5.677
2009-10-30 0.000 0.000
2009-07-30 0.000 0.000
2009-05-07 0.000 0.000
2009-04-30 0.000 0.000
2009-03-02 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CENIT has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but CENIT only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of CENIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess CENIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CENIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CENIT has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of CENIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kurt Bengel
COMPENSATION €541,000
AGE 57
CEO Bio

Dipl.-Ing. Kurt Bengel has been the Member of Management Board of CENIT AG Systemhaus since January 1, 2007 and served as its Chairman of The Management Board and serves as its Head of Operations, Investor Relations and Marketing since 2007 and has been its Chief Executive Officer since 2019. He served for CENIT since it was founded in 1988 and served as a Director of PLM Solutions and as its authorized representative.

CEO Compensation
  • Kurt's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kurt's remuneration is higher than average for companies of similar size in Germany.
Management Team

Kurt Bengel

TITLE
CEO, Head of Operations
COMPENSATION
€541K
AGE
57

Matthias Schmidt

TITLE
CFO, Head of Finances
COMPENSATION
€508K
AGE
50
Board of Directors Tenure

Average tenure of the CENIT board of directors in years:

1.2
Average Tenure
  • The average tenure for the CENIT board of directors is less than 3 years, this suggests a new board.
Board of Directors

Oliver Riedel

TITLE
Chairman of Supervisory Board
COMPENSATION
€19K
TENURE
1.2 yrs

Stephan Gier

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
€14K
TENURE
1.2 yrs

Ricardo Malta

TITLE
Member of Supervisory Board
COMPENSATION
€10K
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess CENIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CENIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is CENIT Aktiengesellschaft’s (FRA:CSH) 19% ROCE Any Good?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for CENIT: 0.19 = €7.9m ÷ (€102m - €60m) (Based on the trailing twelve months to March 2019.) Therefore, CENIT has an ROCE of 19%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. … CENIT's high level of current liabilities boost the ROCE - but its ROCE is still impressive.

Simply Wall St -

Does CENIT Aktiengesellschaft's (FRA:CSH) P/E Ratio Signal A Buying Opportunity?

The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for CENIT: P/E of 19.42 = €12.8 ÷ €0.66 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … The higher the P/E ratio, the higher the price tag of a business, relative to its trailing earnings. … Remember: P/E Ratios Don't Consider The Balance Sheet One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet.

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Could CENIT Aktiengesellschaft's (FRA:CSH) Investor Composition Influence The Stock Price?

With a market capitalization of €104m, CENIT is a small cap stock, so it might not be well known by many institutional investors. … View our latest analysis for CENIT DB:CSH Ownership Summary, June 28th 2019 What Does The Institutional Ownership Tell Us About CENIT? … We can see that CENIT does have institutional investors; and they hold 38% of the stock.

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What Type Of Shareholder Owns CENIT Aktiengesellschaft's (FRA:CSH)?

CENIT is a smaller company with a market capitalization of €104m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for CENIT DB:CSH Ownership Summary, June 28th 2019 What Does The Institutional Ownership Tell Us About CENIT? … We can see that CENIT does have institutional investors; and they hold 38% of the stock.

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Is CENIT Aktiengesellschaft (FRA:CSH) Potentially Undervalued?

A question to answer is whether CENIT's current trading price of €13.85 reflective of the actual value of the small-cap? … My valuation model shows that the intrinsic value for the stock is €17.59, but it is currently trading at €13.85 on the share market, meaning that there is still an opportunity to buy now. … What’s more interesting is that, CENIT’s share price is quite volatile, which gives us more chances to buy since the share price could sink lower (or rise higher) in the future.

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CENIT Aktiengesellschaft (FRA:CSH) Investors Should Think About This Before Buying It For Its Dividend

Dividend Growth Potential Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. … CENIT's earnings per share have been essentially flat over the past five years. … Conclusion To summarise, shareholders should always check that CENIT's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.

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An Intrinsic Calculation For CENIT Aktiengesellschaft (FRA:CSH) Suggests It's 39% Undervalued

by estimating the company's future cash flows and discounting them to their present value. … I will use the Discounted Cash Flow (DCF) model. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

What Are Analysts Saying About CENIT Aktiengesellschaft's (FRA:CSH) Earnings Trajectory?

In December 2018, CENIT Aktiengesellschaft (FRA:CSH) released its most recent earnings announcement, whicha … confirmed

Simply Wall St -

Should You Be Holding CENIT Aktiengesellschaft (FRA:CSH)?

I've been keeping an eye on CENIT Aktiengesellschaft (FRA:CSH) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe CSH has a lot to offer. … that has been able to sustain great financial health over the past

Simply Wall St -

Does CENIT Aktiengesellschaft (FRA:CSH) Have A High Beta?

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Company Info

Description

CENIT Aktiengesellschaft operates as an IT software and consulting firm for business processes and financial service providers. The company operates in two segments, Enterprise Information Management and Product Lifecycle Management (PLM). It offers 3DEXPERIENCE platform for social communication, exchange, information acquisition, and visualization; CATIA for product-design, multidisciplinary construction, and systems engineering; SIMULIA for virtual simulation and optimization of multi-physical product features; ENOVIA for planning, controlling, and monitoring of engineering business processes; DELMIA for planning and simulation of production and production control and optimization; EXALEAD for aggregating and analyzing large amounts of data; 3DCS, a variation analyst suite that supports realistic analysis and simulation of virtual prototypes; cenitSPIN, which helps companies implement product lifecycle management; cenitFLEX+ software solution that simplifies system infrastructure management for administrators and users; and Dymola, an interdisciplinary simulation of physical systems, as well as PLM consulting and support services. The company also provides digital factory solutions, such as layout of cells, facilities, and lines; planning and validation; robot simulation; offline programming for machines and robot; and PLC validation/virtual commissioning. In addition, it offers SAP solutions comprising SAP PLM foundation and integration, as well as application management services for PLM system administration. Further, the company provides 360 degree customer communication solution; solutions for processing documents, files, and transactions; application modernization and migration solution; and planning, predictive analytics, and reporting solutions. The company was formerly known as CENIT Aktiengesellschaft Systemhaus and changed its name to CENIT Aktiengesellschaft in May 2010. The company was founded in 1988 and is headquartered in Stuttgart, Germany.

Details
Name: CENIT Aktiengesellschaft
CSH
Exchange: DB
Founded: 1988
€104,596,975
8,367,758
Website: http://www.cenit.com
Address: CENIT Aktiengesellschaft
Industriestrasse 52-54,
Stuttgart,
Baden-Württemberg, 70565,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
DB CSH Bearer Shares Deutsche Boerse AG DE EUR 07. May 1998
XTRA CSH Bearer Shares XETRA Trading Platform DE EUR 07. May 1998
LSE 0MUF Bearer Shares London Stock Exchange GB EUR 07. May 1998
SWX CSH Bearer Shares SIX Swiss Exchange CH CHF 07. May 1998
BATS-CHIXE CSHd Bearer Shares BATS 'Chi-X Europe' GB EUR 07. May 1998
Number of employees
Current staff
Staff numbers
747
CENIT employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 20:42
End of day share price update: 2019/07/22 00:00
Last estimates confirmation: 2019/06/06
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.