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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 EQ

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. Thi

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 previou

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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