Original-Research: Intershop Communications AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications AG

Company Name:	Intershop Communications AG
ISIN:	DE000A254211
Reason for the research:	Update
Recommendation:	Buy
from:	29.07.2025
Target price:	2.30
Last rating change:
Analyst:	Sebastian Droste

Guidance cut but AI and restructuring offer upside

On July 23, Intershop released its H1 2025 financial results and lowered its guidance for the full year. Revenue development was weak (H1 revenues -9.5% yoy to EUR 17.2m) and came in below our expectations. The decline was driven by weak new customer business, a significant drop in incoming cloud orders, and the expiration of a major customer contract. Service revenues fell sharply due to project transfers and delays in a large project requiring extra resources and provisions. Negative currency effects further weighed on performance. The company now guides revenues to decline by 10.0%-15.0% yoy (previously 5.0%-10.0%) and expects a negative EBIT in the low single-digit EUR million range, implying a margin of around -5% to -7%, both below our estimates. The downgrade reflects demand weakness and Professional Services cost overruns. Positively, management pointed to cost-saving measures, stronger partner collaboration, and new AI-driven features to support growth. Despite those headwinds, the investment case is supported by a growing cloud share and AI-driven solutions, which should strengthen scalability and competitiveness. We decrease our target price to EUR 2.3 (previously EUR 3.2) and confirm our Buy recommendation.
 

You can download the research here: INTERSHOP_COMMUNICATIONS_AG_20250729
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