Original-Research: Intershop Communications (von Quirin Privatbank Kapitalmar...
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Original-Research: Intershop Communications - from Quirin Privatbank
Kapitalmarktgeschäft
11.05.2026 / 21:16 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop
Communications
Company Name: Intershop Communications
ISIN: DE000A254211
Reason for the research: Update
Recommendation: Buy
from: 11.05.2026
Target price: 1.90
Last rating change:
Analyst: Sebastian Droste
Cost discipline drives profitability
On April 22, 2026, Intershop released its Q1 2026 financial results and
confirmed its guidance for 2026. Revenue development was weak (-13.0% yoy)
but exceeded our expectation by 2.0%. The decline was mainly driven by
sharply lower license and maintenance revenues as well as weaker service
revenues due to the Partner-First strategy and subdued customer demand amid
macroeconomic uncertainty. In addition, negative net new ARR due to contract
expirations continued to weigh on recurring revenue momentum. In contrast,
cloud revenues and incoming cloud orders increased yoy. The EBITDA margin
improved from 9.0% to 12.0%, in line, supported by the cost-cutting measures
implemented in 2025, lower operating expenses, improved service
profitability and a higher cloud revenue share. Management confirmed its
outlook for slightly lower revenues and a balanced EBIT in 2026, in line
with our expectations, implying a continued focus on cost discipline. While
AI functionality enhancements and the planned Spring Release 2026 could
support the company's positioning in B2B commerce, weak ARR momentum and
cautious customer spending remain key challenges. We leave our target price
unchanged and confirm our Buy recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=df28a875e4a8af9275ce6ab4a696f3ff
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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2325610 11.05.2026 CET/CEST
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