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2016 11 03 Intershop Communications AG 18 January 2017 Intershop Communications AG FIRST BERLIN Equity Research 18 Int Intershop Communications AG er RATING ADD GERMANY / Technology Reinitiation of Primary Exchange: Frankfurt PRICE TARGET €1.25 Bloomberg: ISH2 GR Coverage Return Potential 9.6% ISIN: DE000A0EPUH1 Risk Rating High RIDING THE B2B DIGITALISATION WAVE IN THE WHOLESALE SECTOR Karsten von Blumenthal, Tel. +49 (0)30 - 80 93 96 85 Intershop Communications AG is restructuring its operations to increase COMPANY PROFILE its efficiency, and regain growth momentum. The “Lighthouse 2020” plan Intershop is a leading independent provider of sets a 2020 revenue target of €50m at a 5% EBIT margin. I nvestments in omni-channel commerce solutions offering sales & marketing, a focus on t he wholesale sector, where digitalisation of high-performance packaged software for internet sales. The company also acts as a sales channels is a top priority, and a cooperation with Microsoft in the business process outsourcing provider, cloud business look set to increase revenues and margins from 2017E on. covering all aspects of online retailing. The We reinitiate coverage with an Add rating and a €1.25 price target. company has over 300 customers worldwide including HP, BMW, and Deutsche Telekom. Riding the B2B digitalisation wave in the wholesale sector Quick and professional digitalisation of sales channels is vital for wholesalers so that they can remain competitive and prevent themselves from being circumvented by MARKET DATA As of 1/17/2017 manufacturers’ own sale s channels. High scope for further digitalisation and Closing Price € 1.14 Intershop’s existing strong competitive position make the wholesale sector a Shares outstanding 31.68m natural focus for Intershop. Market Capitalisation € 36.12m 52-week Range € 1.03 / 1.71 Restructuring in 2016, but growth in 2017E For 2016E, Intershop is guiding Avg. Volume (12 Months) 30,994 towards revenues of €34-36m and EBIT between €-1m and €-2.5m including Multiples 2015 2016E 2017E restructuring costs of ca. €1m. Annual cost savings in central functions of ca. P/E 7223.8 n.a. 114.4 €3m will be invested in sales & marketing to increase brand awareness and to EV/Sales 0.7 0.8 0.8 focus on wholesale. For 2017E, we expect revenues of ca. €38m (+12% y/y) at a EV/EBIT 172.5 n.a. 54.1 positive EBIT margin of 1.4%. We view the wholesale sector and the growing Div. Yield 0.0% 0.0% 0.0% cloud business as main revenue drivers for this year . Intershop’s balance sheet is still solid. At the end of 9M/16, Intershop had liquid funds of €10.9m, a net cash STOCK OVERVIEW position of €7.1m and an equity ratio of 61%. 1,8 700 1,7 1,6 650 Intershop is still a potential takeover target Intershop is one of the few 1,5 1,4 600 remaining independent providers of e-commerce solutions. Recent t akeovers of 1,3 1,2 550 NetSuite by Oracle and Demandware by Salesforce show that larger players still 1,1 view e-commerce software providers as attractive takeover targets. Although we 1 500 0,9 are currently unaware of any deal involving Intershop in the works , we do not rule 0,8 450 Jan 16 Mar 16 May 16 Jul 16 Sep 16 Nov 16 Jan 17 out a takeover bid in the future. Intershop Communications AG DAXsubsector Internet FINANCIAL HISTORY & PROJECTIONS COMPANY DATA As of 30 Sep 2016 2014 2015 2016E 2017E 2018E 2019E Liquid Assets € 10.89m Revenue ( €m) 46.18 42.72 34.18 38.28 42.11 45.90 Current Assets € 16.66m Y-o-y growth n.a. -7.5% -20.0% 12.0% 10.0% 9.0% Intangible Assets € 8.97m EBIT ( €m) -6.28 0.17 -2.16 0.54 1.43 2.11 Total Assets € 27.46m EBIT margin -13.6% 0.4% -6.3% 1.4% 3.4% 4.6% Current Liabilities € 7.63m Net income ( €m) -6.64 0.01 -2.30 0.32 1.20 1.88 Shareholders’ Equity € 16.73m EPS (diluted) ( €) -0.22 0.00 -0.07 0.01 0.04 0.06 DPS (€) 0.00 0.00 0.00 0.00 0.00 0.00 SHAREHOLDERS FCF ( €m) -2.60 2.65 -2.53 -0.06 0.48 1.33 Shareholder Value 24.9% Net gearing -36.2% -48.7% -40.2% -39.1% -39.2% -42.2% BNY Mellon Service 9.3% Liquid assets ( €m) 6.36 15.23 11.70 10.64 10.12 10.46 Free Float 65.8% RISKS Risks include, but are not limited to, increasing competition, rapid technological change, currency risks, and financial solidity. Analyst: Karsten von Blumenthal, Tel. +49 (0)30 - 80 93 96 85 18 January 2017 Intershop Communications AG B CONTENTS PAGE Intershop Communications AG – Executive Summary .................................................................................1 Investment Case........................................................................................................................................... 3 SWOT Analysis............................................................................................................................................. 4 Valuation....................................................................................................................................................... 5 Company Profile ........................................................................................................................................... 7 Competitive Position: an Excellent Product Amidst Strong Competitors..................................................... 11 Financial History and Outlook ..................................................................................................................... 13 Financial History.................................................................................................................................... 13 Financial Forecast................................................................................................................................. 17 Market Environment: E-Commerce Market Poised for Further Growth....................................................... 20 B2C E-Commerce Remains a Growth Market....................................................................................... 20 B2B E-Commerce Market Looks Set to Outpace B2C .......................................................................... 21 German Mittelstand Is a Digitalisation Laggard..................................................................................... 22 Products and Services ................................................................................................................................ 23 Flagship Product Intershop Commerce Suite........................................................................................ 23 Product Deployment Models ................................................................................................................. 23 Services ................................................................................................................................................23 Management............................................................................................................................................... 25 Shareholders & Stock Information .............................................................................................................. 26 Income Statement....................................................................................................................................... 27 Balance Sheet............................................................................................................................................. 28 Cash Flow Statement.................................................................................................................................. 29 Page 2/32 18 January 2017 Intershop Communications AG B INVESTMENT CASE LEADING PROVIDER OF E-COMMERCE SOLUTIONS WITH EXCELLENT PRODUCTS Intershop is a well-established player in the e-commerce solutions market. The company has frequently been short-listed by industry analysts such as Gartner and Forrester Research as one of the leading industry players. Intershop has 24 years of experience in the e-commerce market and is one of the few independent providers with both excellent B2C (business-to-consumer) and B2B (business-to-business) capabilities. Intershop has more than 300 enterprise customers around the globe, including Hewlett Packard, BMW, Deutsche Telekom, and Würth. In a recent study by Gartner, a leading IT research and advisory company, Intershop’s flagship product Intershop Commerce Suite ranked among the top 3 solutions for digital commerce. Gartner evaluated 19 vendors’ products and analysed 14 critical product capabilities. Only the industry heavyweights IBM and SAP achieved slightly better scores. This shows that in terms of product quality, Intershop is competitive with the largest players in the industry and is among the global technology leaders in e-commerce solutions. Intershop’s Commerce Suite shows very convincing performance with respect to complex, diverse and large operations, the use of multiple channels, global selling, and both B2C & B2B. STRATEGIC REPOSITIONING INCREASES COMPETITIVENESS In recent years, Intershop has transitioned from a service company to an integrated omni- commerce solution provider with a focus on product offerings. This opens the door to higher market penetration and new client segments, as small- and medium-sized companies can now start with a cost-effective cloud-based solution. As part of a cooperation with Microsoft, the Intershop Commerce Management Platform will be offered in the Microsoft Azure cloud. In addition, Intershop’s solutions will be integrated into Microsoft’s cloud-based Dynamics NAV enterprise resource planning (ERP) system which has more than eight million users in 54 countries and
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