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

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/