CENIT is highly cash-generative and growth in proprietary software, which is currently a small proportion of sales (13% in H115) but growing quickly (26% y-o-y), could provide further margin upside. With a strong balance sheet and cash position, investors could benefit from accretive acquisitions or accelerated dividend payments. The stock continues to trade at a discount to peers on an EV/EBIT and EV/EBITDA basis.
