Märkte & Kurse

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

14.08.2025 / 12:41 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:                       14.08.2025
     Target price:               60.00
     Last rating change:
     Analyst:                    Ralf Marinoni


Solid H1-25 development
init's development in the first half of FY 2025 was characterized by a
strong sales increase; in July, the company increased its FY 2025 guidance
following a rise of a customer's order from Atlanta. We adjusted our
estimates and increase the DCF-based TP from EUR 55.00 to EUR 60.00. The
recommendation remains, of course, Buy.

H1-25 overview
In the first six months of 2025, init generated revenue of EUR 141.8m. This
is ~ 24% above the previous year's figure of EUR 114.5m. The DILAX group
(acquired in September 2024) contributed around EUR 10.1m to the increase in
revenue, meaning organic growth amounted to around 15% compared to H1-24.
Intensive project activities in North America remained the main driver of
organic growth. EBIT came in at EUR 6.5m. In the same period of the previous
year, EBIT amounted to EUR 6.7m.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6899e1d908708eb2d5aa3bced49775d6
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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