Original-Research: init innovation in traffic systems SE (von Quirin Privatba...

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Original-Research: init innovation in traffic systems SE - from Quirin

Privatbank Kapitalmarktgeschäft

19.05.2025 / 15:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to init innovation

in traffic systems SE

Company Name: init innovation in traffic systems SE

ISIN: DE0005759807

Reason for the research: Update

Recommendation: Buy

from: 19.05.2025

Target price: 55.00

Last rating change:

Analyst: Ralf Marinoni

Full year guidance confirmed

In Q1-25, init received orders totaling EUR 75.7m, significantly below the

all-time high previous year's figure (Q1-24: EUR 245.1m), which comprised

mega projects London (iBus NextGen) and Atlanta (AFC2.0). Excluding mega

effects and DILAX acquisition, underlying growth would have been approx. 19%

yoy. In the first quarter of 2025, revenues of EUR 70.4m (Q1 2024: EUR

50.5m) were generated. This means that revenue was approximately EUR 20.0m

higher than the previous year's figure. Of this amount, EUR 4.7m is

attributable to the DILAX Group, which was included for the first time in

Q3-24. In addition, significant contributions to the revenue increase came

from large projects in North America.

EBIT came in at EUR 2.0m, below the previous year's figure (Q1-24: EUR

3.7m). This is primarily due to the expected negative contribution from the

DILAX Group in the quarter. The largest variances result from the

disproportionate development of gross profit, the negative currency result,

and the increase in research and development expenses.

init explained that the key figures for the first quarter of 2025 largely

met the expectations of the Management Board: init operates within the

corridor of the targets set for the full year. Therefore, the company

maintained the existing forecast regarding revenues of approximately EUR 300

- 330m as well as EBIT of EUR 30 - 33m. We leave therefore estimates, the

EUR 55.00 TP and our Buy recommendation unchanged.

You can download the research here: http://www.more-ir.de/d/32668.pdf

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2140762 19.05.2025 CET/CEST

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