CENIT Aktiengesellschaft

DB:CSH Stock Report

Market Cap: €71.1m

CENIT Valuation

Is CSH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CSH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CSH (€8.6) is trading below our estimate of fair value (€37.58)

Significantly Below Fair Value: CSH is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CSH?

Key metric: As CSH is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CSH. This is calculated by dividing CSH's market cap by their current earnings.
What is CSH's PE Ratio?
PE Ratio23.5x
Earnings€3.03m
Market Cap€71.13m

Price to Earnings Ratio vs Peers

How does CSH's PE Ratio compare to its peers?

The above table shows the PE ratio for CSH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average31.3x
BSS Beta Systems Software
63.2x27.7%€115.0m
FAA Fabasoft
21.2x3.3%€195.2m
OSP2 USU Software
37.8x39.7%€226.8m
CLIQ Cliq Digital
2.9x59.3%€24.6m
CSH CENIT
23.5x47.3%€71.1m

Price-To-Earnings vs Peers: CSH is good value based on its Price-To-Earnings Ratio (23.5x) compared to the peer average (31.3x).

Price to Earnings Ratio vs Industry

How does CSH's PE Ratio compare vs other companies in the European Software Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CSH 23.5xIndustry Avg. 28.1xNo. of Companies19PE020406080100+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CSH is good value based on its Price-To-Earnings Ratio (23.5x) compared to the European Software industry average (28.1x).

Price to Earnings Ratio vs Fair Ratio

What is CSH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CSH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.5x
Fair PE Ratio21.8x

Price-To-Earnings vs Fair Ratio: CSH is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the estimated Fair Price-To-Earnings Ratio (21.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CSH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€8.60
€18.84
+119.1%
11.7%€22.00€17.00n/a5
Nov ’25€9.55
€21.11
+121.0%
11.0%€24.15€18.00n/a5
Oct ’25€11.40
€22.01
+93.1%
7.9%€24.15€19.00n/a5
Sep ’25€11.10
€22.01
+98.3%
7.9%€24.15€19.00n/a5
Aug ’25€13.30
€21.09
+58.6%
6.2%€23.00€19.00n/a5
Jul ’25€11.20
€20.76
+85.4%
5.5%€22.00€19.00n/a4
Jun ’25€12.10
€20.76
+71.6%
5.5%€22.00€19.00n/a4
May ’25€12.50
€20.76
+66.1%
5.5%€22.00€19.00n/a4
Apr ’25€12.50
€19.48
+55.8%
8.4%€21.00€17.00n/a4
Mar ’25€13.45
€19.48
+44.8%
8.4%€21.00€17.00n/a4
Feb ’25€14.05
€19.48
+38.6%
8.4%€21.00€17.00n/a4
Jan ’25€11.95
€19.23
+60.9%
7.5%€20.90€17.00n/a4
Dec ’24€12.30
€19.23
+56.3%
7.5%€20.90€17.00n/a4
Nov ’24€11.65
€19.25
+65.2%
7.7%€21.00€17.00€9.554
Oct ’24€13.05
€19.25
+47.5%
7.7%€21.00€17.00€11.404
Sep ’24€13.70
€19.25
+40.5%
7.7%€21.00€17.00€11.104
Aug ’24€12.50
€18.94
+51.5%
5.0%€20.00€18.00€13.304
Jul ’24€12.75
€18.94
+48.5%
5.0%€20.00€18.00€11.204
Jun ’24€12.80
€18.58
+45.2%
4.4%€19.75€18.00€12.103
May ’24€14.75
€18.92
+28.2%
3.8%€19.75€18.00€12.503
Apr ’24€12.70
€18.10
+42.5%
0.6%€18.20€18.00€12.502
Mar ’24€12.75
€18.10
+42.0%
0.6%€18.20€18.00€13.452
Feb ’24€12.40
€16.60
+33.9%
9.6%€18.20€15.00€14.052
Jan ’24€12.00
€16.60
+38.3%
9.6%€18.20€15.00€11.952
Dec ’23€12.85
€17.07
+32.8%
8.6%€18.20€15.00€12.303
Nov ’23€13.30
€17.68
+32.9%
6.1%€19.00€16.00€11.654

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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