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1. Company Snapshot

1.a. Company Description

Intershop Holding AG, a real estate company, focuses on the purchase, development, and sale of real estate in Switzerland.The company engages in the rental of office, and commercial and retail space.It also develops properties.


The company was founded in 1962 and is headquartered in Zurich, Switzerland.

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1.b. Last Insights on ISN

Intershop Holding AG's recent performance was positively driven by the appointment of Markus Dranert as the new CEO, effective September 1, 2025. This move aims to revitalize the company's leadership and strategy. Additionally, the reduction of the Management Board is expected to streamline decision-making processes. Although the company recently reduced its full-year forecast due to weak new customer business in the Cloud segment and resource-intensive major projects, the new CEO's arrival may signal a turnaround. According to recent reports, the company is taking measures to improve results.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Intershop Holding First Half 2025 Earnings: EPS: CHF19.08 (vs CHF5.72 in 1H 2024)

Aug -28

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Intershop Communications AG: Reduction of the Management Board - Markus Dranert Becomes New CEO

Aug -25

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Intershop Publishes Figures for the First Half of 2025

Jul -23

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.45%)

6. Segments

Commercial Properties

Expected Growth: 6.37%

Strong demand for e-commerce solutions, increasing adoption of omnichannel retailing, and strategic partnerships drive growth in Commercial Properties segment. Intershop's innovative platform and services enable businesses to thrive in a competitive market, resulting in a 6.37% growth rate.

Development Properties

Expected Growth: 8.9%

Strong demand for e-commerce solutions, strategic partnerships, and expansion into new markets drive Development Properties' 8.9% growth. Intershop Holding AG's expertise in omnichannel commerce and digital transformation also contribute to this growth, as retailers seek to enhance their online presence and customer experience.

Promotion Properties

Expected Growth: 10.5%

Promotion Properties' 10.5% growth is driven by increasing e-commerce adoption, strategic partnerships, and effective omnichannel marketing. Intershop Holding AG's expertise in digital transformation and cloud-based solutions also contribute to the growth. Furthermore, the company's focus on customer experience, personalization, and data-driven insights enables Promotion Properties to stay ahead in the competitive market.

Commercial Buildings

Expected Growth: 4.65%

Strong demand for e-commerce solutions, increasing adoption of omnichannel retailing, and growing need for digital transformation in the commercial building sector drive Intershop Holding AG's 4.65% growth. Additionally, the company's focus on cloud-based services, innovative product offerings, and strategic partnerships contribute to its growth momentum.

Proceeds from Development Properties

Expected Growth: 7.3%

Strong demand for e-commerce solutions, strategic partnerships, and successful project deliveries drove Proceeds from Development Properties growth at Intershop Holding AG. Additionally, the company's focus on innovation, investments in digital transformation, and expansion into new markets contributed to the 7.3% growth.

Residential Properties

Expected Growth: 4.83%

Strong demand for residential properties in prime locations, driven by urbanization and favorable demographics, coupled with Intershop Holding AG's strategic expansion into emerging markets and effective cost management, resulting in a 4.83% growth rate.

Investment Properties

Expected Growth: 6.4%

Intershop Holding AG's 6.4% growth in Investment Properties is driven by increasing e-commerce adoption, strategic partnerships, and expansion into new markets. Additionally, the company's focus on omnichannel solutions, cloud-based services, and digital transformation initiatives have contributed to its growth momentum.

Real Consult (Facility Management)

Expected Growth: 8.9%

Real Consult's 8.9% growth is driven by increasing demand for facility management services, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization, sustainability, and cost optimization resonates with clients, leading to increased market share and revenue growth.

Sold Properties

Expected Growth: 4.83%

The 4.83% growth in sold properties from Intershop Holding AG is driven by increasing e-commerce adoption, strategic partnerships, and expansion into new markets. Additionally, the company's focus on omnichannel solutions, improved customer experience, and optimized supply chain management have contributed to this growth.

Service Income WTCL

Expected Growth: 11.43%

WTCL's 11.43% service income growth is driven by increasing e-commerce adoption, strategic partnerships, and expanding customer base. Intershop's innovative omnichannel solutions and cloud-based services also contribute to this growth, as they enable businesses to enhance their online presence and improve customer experience.

Other Income

Expected Growth: 10.27%

The 10.27% growth in Other Income from Intershop Holding AG is driven by increasing demand for e-commerce solutions, strategic partnerships, and expansion into new markets. Additionally, the company's focus on innovation, cost optimization, and effective capital allocation have contributed to this growth.

Service Income from Intershop Management

Expected Growth: 10.5%

The 10.5% growth in Service Income from Intershop Management is driven by increasing e-commerce adoption, strategic partnerships, and expansion into new markets. Additionally, Intershop's investments in cloud-based solutions, omnichannel commerce, and artificial intelligence have enhanced its service offerings, leading to higher revenue from existing and new clients.

7. Detailed Products

Intershop Commerce Platform

A scalable and flexible e-commerce platform for B2B and B2C businesses, enabling companies to create omnichannel shopping experiences

Intershop Order Management

A cloud-based order management system that streamlines order processing, inventory management, and fulfillment

Intershop PWA

A progressive web app solution that provides a fast, secure, and engaging mobile shopping experience

Intershop API

A set of APIs that enable developers to integrate Intershop's e-commerce capabilities into their applications

Intershop Managed Services

A range of managed services that provide ongoing support, maintenance, and optimization of Intershop solutions

Intershop Consulting Services

Expert consulting services that help businesses design, implement, and optimize their e-commerce strategies

8. Intershop Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Intershop Holding AG is moderate, as there are alternative e-commerce platforms available in the market, but Intershop's strong brand presence and customer loyalty mitigate this threat to some extent.

Bargaining Power Of Customers

The bargaining power of customers is low, as Intershop's e-commerce solutions are highly customized and integrated with clients' systems, making it difficult for customers to switch to alternative providers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as Intershop relies on a few key technology partners and suppliers, but the company's strong relationships and contractual agreements mitigate this risk.

Threat Of New Entrants

The threat of new entrants is high, as the e-commerce platform market is attractive and has low barriers to entry, but Intershop's established brand and customer base provide some protection.

Intensity Of Rivalry

The intensity of rivalry is high, as the e-commerce platform market is highly competitive, with many established players and new entrants vying for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.54%
Debt Cost 3.95%
Equity Weight 69.46%
Equity Cost 5.93%
WACC 5.33%
Leverage 43.96%

11. Quality Control: Intershop Holding AG passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Olav Thon Eiendomsselskap

A-Score: 6.3/10

Value: 5.4

Growth: 4.4

Quality: 6.1

Yield: 5.0

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

Stock-Card
Intershop Holding

A-Score: 5.8/10

Value: 3.4

Growth: 0.9

Quality: 7.9

Yield: 7.5

Momentum: 8.5

Volatility: 6.7

1-Year Total Return ->

Stock-Card
Cibus Nordic Real Estate

A-Score: 5.4/10

Value: 3.6

Growth: 3.4

Quality: 5.6

Yield: 7.5

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

Stock-Card
Selvaag Bolig

A-Score: 5.3/10

Value: 6.0

Growth: 1.1

Quality: 3.7

Yield: 8.1

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

Stock-Card
Realia Business

A-Score: 4.6/10

Value: 5.4

Growth: 3.2

Quality: 5.6

Yield: 1.2

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

Stock-Card
Norden

A-Score: 3.9/10

Value: 8.1

Growth: 2.0

Quality: 3.4

Yield: 5.0

Momentum: 4.0

Volatility: 0.7

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

160.4$

Current Price

160.4$

Potential

-0.00%

Expected Cash-Flows