Original-Research: init innovation in traffic systems SE (von Quirin Privatbank Kapitalmarktgeschäft)

August 14, 2025

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.

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: INIT_SE_20250814k
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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