PSI (PSAN)

Business description

PSI develops and integrates software solutions and complete systems for utilities, manufacturers and infrastructure providers.

Share price chart

Share chart

Stock data

Market cap.€189.8m
Last close€12.09
High / Low (52 weeks)€14.8 / €10.6
Stock market listingDE
Forecast net cash (€m)1.5
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(5.6)1.7(8.7)
Relative *(9.8)(14.8)(27.2)

* % Relative to local index

Other companies in sector Show

Acal accesso Technology Group
ADVA Optical Networking Advanced Computer Software Group
Advanced Micro Devices AIXTRON
All for One Steeb Allocate Software
Allot Communications Alpha and Omega Semiconductor
Amazon Amino Technologies
ANADIGICS Arria NLG
AT&S Austria Technologie & Systemtechnik blinkx
blur Group Brady
Carclo Catapult Group International
CENIT CML Microsystems
Comptel Craneware
Cypress Semiconductor DATAGROUP
DDD Group Dillistone Group
dotDigital DSP Group
e2v technologies Eckoh
Elmos Semiconductor EMIS
Emulex Endace
EnWave Corporation Esker
Evolving Systems Expert System
Facebook FFastFill
First Derivatives First Sensor
Focus Solutions Group Freelancer
Fusionex International GB Group
GBST Holdings GeoOp
GFT Group Globo
GO internet S.p.a. Himax Technologies
ifa systems ikeGPS Group
Infinera Inmarsat
Innovation Group InVision
IS Solutions IXYS
Jenoptik K3 Business Technology Group
LRAD Corporation Magix
Manpower Software Manz
Maxima Holdings Medicsight
Mensch & Maschine Software Micro Focus International
Micron Technology Migme
Monitise Montage Technology
Morse My Net Fone
nearmap Netcall
NetDimensions Netflix
Nexus Management O2Micro International
OMG OmniVision Technologies
Optimal Payments Outsourcery
Patsystems Pericom Semiconductor
Phitek PLX Technology
Prodware Pure Wafer
QSC REALTECH
Redflex Holdings Redstone
Reed Elsevier Regenersis
Reply SpA Results.com
Rex Bionics Rheinmetall
RM SCISYS
Secunet Seeing Machines
Sepura Serko
Seven Principles Siemens
Sigma Designs Silicom
Silicon Image SimiGon
SinnerSchrader SITO Mobile
SLI Systems Smartpay Holdings
SNP Schneider-Neureither & Partner Software AG
Solera Spansion
Spirent Communications SQS Software Quality Systems AG
StatPro Group Store Electronic Systems
SuperCom Synchronica
Technology sector Texas Instruments
Thin Film Electronics Tikit Group
Toumaz TXT e-solutions
TZ Limited Ubisense Group
United Power Technology VASCO Data Security
Virtual Piggy Vislink
Vista Group International Vizrt
VMob Group WANdisco
Wincor Nixdorf WorkPlace Systems International
Xploite Xplore Technologies Corp

Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 180.9 17.0 11.9 63.6 19.0 57.5
2013A 176.3 8.0 3.3 10.6 114.1 105.5
2014E 176.2 12.4 7.3 38.7 31.2 24.3
2015E 196.9 17.7 12.4 65.5 18.5 17.6

Last updated on 23/02/2015

Latest research

Investment summary

Longer term, key structural initiatives to build on PSI’s strengths, consolidate products onto a single platform and move towards a standard software revenue model should improve competitiveness and margins. PSI’s ability to execute will be key, but success should drive sustained double-digit earnings growth. We believe that only modest expansion beyond our forecasts is priced in - with a DCF suggesting that if margins can be expanded to a very achievable 12% by 2020, this would justify a share price above €15. Achieving 15% operating margins would justify a share price above €20.

Last updated on 02/03/2015

Industry outlook

Domestically, investment in the electrical grid ahead of Germany's tariff setting year and improved adaption to renewable generation should boost demand. Internationally, near-term visibility is complicated by continued currency and geopolitical volatility, particularly given PSI's Russian gas and oil industry exposure, which is likely to outweigh the benefit from the strong US dollar and Swiss franc.

Last updated on 02/03/2015

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