Cenit AG

CSH.DE

Information Technology Services · Technology

Also trades as: 0MUF.L

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Good

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Winston Score History

The full picture

Cenit AG is a German software and IT consulting company that helps businesses use complex software to design products and manage their operations. Its main services include selling and implementing software from partners like Dassault Systèmes and IBM, plus offering its own software tools. The company mostly serves manufacturers in industries like aerospace, automotive, and engineering.

Cenit makes money by selling software licenses, providing consulting services, and offering ongoing support contracts to its clients. It operates mainly in Germany and other European countries, with a small international presence, and generates roughly €180 million in annual revenue. Its close partnerships with major software vendors give it a degree of competitive stability, but its low gross margin of around 12% shows it depends heavily on reselling other companies' software, which limits pricing power and leaves it exposed if those vendor relationships change.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+153.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

30.7%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

€32M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Cenit AG is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

12.7%

Thin — 12.7% gross margin

Profit after running costs

Operating Margin

5.7%

Thin — 5.7% operating margin

Return on the money invested

ROCE

14.8%

Good — 14.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+1.0%

Nearly flat sales (+1.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

270%

Turns 270% of profit into real cash

Spare cash per sale

FCF Margin

7.0%

Modest free cash flow (7.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.79

Moderate — manageable debt (0.79)

Covers its interest

Interest Cover

2.94x

Tight — interest eats into profit (2.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.1x

no trend

Attractive valuation — P/E 11.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-7.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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