innoscripta SE

innoscripta is a German software company focused on managing and documenting research and development projects. Its platform helps businesses organise expenses, people, documentation and processes relating to R&D tax incentives. Having established a strong initial presence in Germany, it is expanding internationally, including into the US. Its ambition is to become a broader platform for managing the entire R&D process.

innoscripta offered one of the strongest combinations in the Radar: growth above 40%, EBIT margins near 60%, net cash and a relatively low valuation for that pace of expansion.

The insider pattern was also unusual. Around €2.75 million was bought within days, against a twelve-month history of approximately 25 purchases, no identified sales and about €15.7 million accumulated.

26 August: approximately €739,000 at €73.90.

31 August: approximately €812,500 at €81.25.

2 September: approximately €1.2 million at €80.

The three purchases totalled around €2.75 million.

Repeated purchases on 26 and 31 August and 2 September followed the sell-off. The contrast between a weakened price and a business growing 43%, with high EBIT margins and net cash, justified the assessment.

The company provides software and services for R&D funding and project management, including Clusterix.

H1 revenue was €63.1 million, up 43%; adjusted EBIT €36.4 million, up 49%; and EBIT margin around 58%. Guidance was for at least €140 million of revenue and €80 million of EBIT, with a net-cash balance sheet.

Expansion into France, the UK, the US and other countries could substantially increase the addressable market for a platform that is still relatively small.

Estimated P/E was around 14x for 2026 and 11x for 2027. PEG was approximately 0.5, with some estimates lower still.

That was a low valuation for revenue and EBIT growth above 40%.

10/10. The strongest component: numerous purchases, large amounts and no identified sales during the period reviewed.

1. International expansion

Entering new markets can expand revenue if commercial execution supports the rollout.

2. Clusterix customers

A larger customer base can increase platform use and revenue.

3. Software margins

Relatively low incremental costs could allow EBIT to grow faster than revenue while preserving high margins.

1. Liquidity

Small size and limited free float can amplify price swings and make trading more difficult.

2. Regulation

Part of the business depends on tax regimes and R&D support. Changes could affect demand.

3. Expansion

International entry could prove harder or more expensive than expected, pressuring growth and margins.

The price was near or above the Ichimoku cloud, RSI around 50, and higher lows were beginning to form after the sell-off.

Relevant area: €73–76. Supports: €70–72 and €65–67. Resistances: €84–85 and €89–91.

Historical monthly technical detail was not archived. The monthly score supplied for this assessment is 8.7/10.

Monthly reading: the historical score is retained; there is insufficient archived detail to describe additional indicators.

1INN · Frankfurt Open Market (Freiverkehr), Scale segment · EUR. Ordinary bearer shares; ISIN DE000A40QVM8.

1INN closely matches the methodology: persistent insider buying, a profitable business, strong growth, high margins, net cash and a valuation that did not require perfect execution.

The main reservations concerned liquidity, free float and regulation. The unusually strong insider history helped move the case into 9+ territory.