PSI (PSAN)

Business description

PSI develops and integrates software control systems: electricity, gas, oil, water solutions; production planning, control, logistics software; monitoring and operating solutions for critical transport, public safety, environmental and disaster prevention.

Stock data

Market cap.€180.4m
Last close€11.49
High / Low (52 weeks)€14.4 / €11.5
Stock market listingDE
Forecast net cash (€m)37.2
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(5.3)(15.5)(11.9)
Relative *(5.4)(15.5)(5.8)

* % Relative to local index

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Company news

PSI: Bosnia and Herzegovina power utility decides for PSIcontrol

Thu, 01 Dec 2016 06:12:12 GMT

PSI Group 9-mth net result up 3 pct to EUR 3.9 mln

Mon, 31 Oct 2016 08:02:53 GMT

PSI and Irisa collaborate on production management solutions

Fri, 30 Sep 2016 10:06:44 GMT

PSI receives first energy order from the Republic of Kazakhstan

Wed, 31 Aug 2016 09:05:25 GMT

PSI Group H1 sales down at 85.1 mln euros

Wed, 27 Jul 2016 07:07:34 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2014A 175.4 11.1 5.9 27.5 41.8 6.6
2015A 183.7 15.3 9.6 49.1 23.4 10.4
2016E 181.1 15.6 10.8 56.8 20.2 20.3
2017E 187.6 17.7 12.9 67.7 17.0 10.6

Last updated on 21/11/2016

Latest research

Investment summary

PSI’s underwhelming financial performance and lower revenue guidance for FY16 reflect difficult trading conditions as well as retaining price discipline and moving away from lower-quality business lines. The transformation of the PSI’s model should advance in FY17 with the migration of key Production Management modules to its new software platform. We still see significant upside potential if PSI can execute its plan and expand margins well into double digits, although this may be at the expense of organic top-line growth in the near term.

Last updated on 29/11/2016

Industry outlook

Structurally, we believe that PSI remains well placed across a range of industries. Cautious guidance reflects the volatile geopolitical and economic picture, as well as currency volatility. Business is currently being supported by domestic demand, particularly in Energy Management boosted by the energy tariff setting cycle, although demand from other industries/geographies will need to take up some slack as domestic energy demand moderates. The company is now starting to see demand strengthen from investment in next generation, Industry 4.0 projects.

Last updated on 29/11/2016

Key management

Dr Harald Schrimpf, CEO
Harald Fuchs, CFO

Company address

PSI AG Headquarter
Dircksenstraße 42-44
Berlin
10178
Germany
+49 30 2801-0
View website