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CENIT Aktiengesellschaft (CSH) Fair Value & Analysis

Technology · DE · Market cap €61.4M

CA CENIT Aktiengesellschaft CSH · XETRA
Price€6.76
Fair Value€2.95
Upside-56.4%
Quality53/100
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Mixed Growth
Thin margins · 2.9% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/13)
Narrow moat 39/100
Evidence: Medium Range €2.95 – €4.45 Share as image

Fair value as of: Jul 13, 2026

From 14 valuation models · updated 28 days ago

Fair value updated Jul 13, 2026, revised from €16.12 to €2.95 (−81.7%) since Jun 24, 2026. Share price −7.9% over the past month.

A solid business, but screening 56% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€4.45). The favourable scenario is already priced in.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

€16.29 €5.98 Fair Value €2.95 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range €5.98 – €16.29 · fair‑value band €2.95 – €4.45 · the €6.76 price screens above the €2.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

CENIT Aktiengesellschaft (CSH) currently trades at €6.76, while our model-based Fair Value estimate is €2.95, implying the stock looks roughly 56.4% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, CENIT Aktiengesellschaft generated revenue of €210M at a net margin of 2.9%. Revenue grew 1.9% year over year. It earns a return on equity of 12.3%. Net debt stands at €25.4M. Fundamentals as of Jul 13, 2026

Our scenario range runs from €2.95 (bear case) to €4.45 (bull case); at €6.76, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at -56%, CSH screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF €9.98 €13.47 €17.40 80
Rev-Margin DCF €4.85 €6.87 €9.19 74
ROIC Compounder €0.2500 €0.4500 72
All 14 models by family
DCF Models
FCF DCF €9.89 €13.81 €18.47 38
Owner Earnings €6.67 €9.54 €12.95 31
5Y Revenue Exit €4.85 €6.61 €8.61 39
5Y EBITDA Exit €10.96 €17.64 €25.13 41
10Y Revenue Exit €6.98 €8.89 €11.04 36
10Y EBITDA Exit €10.33 €15.31 €21.46 37
Earnings-Based
EPV €0.2500 €0.4500 59
Multiples
EV/EBIT €2.44 €3.94 €5.43 53
EV/EBITDA €13.82 €19.12 €24.41 54
EV/Revenue €0.9800 €2.27 €3.57 43
Asset-Based
NCAV (Graham) €2.37 €3.17 €4.73 50
Growth DCF
Growth DCF €9.98 €13.47 €17.40 80
Rev-Margin DCF €4.85 €6.87 €9.19 74
Economic Profit
ROIC Compounder €0.2500 €0.4500 72

Widest divergence: DCF Models (€9.54) versus Earnings-Based (€0.2500). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €210M
Revenue growth (YoY) +1.9%
Net margin 2.9%
Return on equity 12.3%
Free cash flow €12.5M FY2025
P/E ratio 12.9
More key figures
Operating margin 5.7%
EPS (TTM) €0.7500
EPS growth (YoY) +13.3%
Net debt €25.4M FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 51 · Market factors (momentum, volatility) 43

Profitability 32
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

CENIT Aktiengesellschaft provides software solutions and integration services. The company operates in two segments: Product Lifecycle Management (PLM) and Enterprise Information Management.

Full company description

CENIT Aktiengesellschaft provides software solutions and integration services. The company operates in two segments: Product Lifecycle Management (PLM) and Enterprise Information Management. The company offers 3DS solutions, SAP PLM solutions, and digital factory solutions, as well as 360-degree customer communication, processing, and file and customer communication management. It also provides project management and implementation, data and system migration, application management, visionary technology decisions, digitize efficiently, system integration, and strategic and process-oriented services. In addition, the company 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 amount of data; 3DCS, a software suite to optimize product quality tolerance simulation; cenitFLEX+ software solution; and FASTSUITE Edition 2 to simulate and program industrial robots and machines in a 3D virtual environment, as well as 3DEXPERIENCE-SAP integration, 3DEXPERIENCE-business-process-integrator, CENIT ICN toolbox, cenitCONNECT advanced process management, fastPOST suite, and SAP ECTR interface for CATIA V5 solutions. Further, it provides SAP, IBM, and other solutions. The company was incorporated in 1988 and is headquartered in Stuttgart, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CENIT Aktiengesellschaft reported revenue of €210M in FY2025 versus €146M in FY2021, a compound +9.4%/yr. Reported net income was −€1.2M in FY2025.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€210M
Latest YoY
+1.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.1%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.5%
Revenue +9.4%/yr
FY21 €146M
FY22 €162M
FY23 €185M
FY24 €207M
FY25 €210M
Net income
FY21 €4.3M
FY22 €6.3M
FY23 €4.5M
FY24 −€71.0K
FY25 −€1.2M

CSH screens 56% overvalued. Compare with SAP SE →

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Cite: Fair Value Calculator (2026). "CENIT Aktiengesellschaft Fair Value". https://www.fairvalue-calculator.com/stock/CSH

Peer Group

Software - Application · 709 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 53 · Below median
Fair Value upside −56% · Below median
Return on equity (TTM) 12% · Above median
Return on assets 3% · Above median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 2% · Below median
Debt / equity 0.84× · Higher than 75% of peers

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 9.8× · Cheaper than 75% of peers
P/B 1.79× · Cheaper than median
P/S (TTM) 0.34× · Cheaper than 75% of peers
P/FCF 5.7× · Cheaper than median
EV/EBITDA 5.9× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 10 · sector 38
PAST 49 · sector 13
HEALTH 58 · sector 98
DIVIDEND 0 · sector 28

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAPS C$12.69 C$16.26 +28%
Shopify Inc SHOP C$173.23 C$20.54 -88%
Uber Technologies, Inc UBER $72.67 $51.11 -30%
Salesforce, Inc CRM $170.77 $182.10 +7%
ServiceNow, Inc NOW $107.71 $33.12 -69%
Cadence Design Systems, Inc CDNS $384.17 $80.41 -79%
Snowflake Inc SNOW $271.87 $34.04 -87%
Adobe Inc ADBE $230.61 $379.48 +65%
Automatic Data Processing, Inc ADP $241.92 $177.51 -27%
Intuit Inc INTU $291.09 $258.69 -11%

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Frequently asked questions

Is CENIT Aktiengesellschaft (CSH) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of €2.95 versus a price of €6.76, about −56% (overvalued).
What is the fair value of CSH?
Our model-based fair value for CENIT Aktiengesellschaft is €2.95 (as of Jul 13, 2026), built from audited fundamentals. The current price is €6.76.
What is the quality score of CSH?
CENIT Aktiengesellschaft has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CENIT Aktiengesellschaft (CSH)?
CENIT Aktiengesellschaft reported trailing-twelve-month revenue of about €210M (latest available figure, as of Jul 13, 2026).
What is the net profit margin of CSH?
The net profit margin of CENIT Aktiengesellschaft is about 2.9%, meaning it keeps roughly 2.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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