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.€178.8m
Last close€11.39
High / Low (52 weeks)€14.8 / €10.6
Stock market listingDE
Forecast net cash (€m)28.3
Forecast gearing ratio (%)N/A

Price performance

Relative *(3.2)(13.4)(25.3)

* % Relative to local index

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Company news

BRIEF-PSI AG Q1 sales up 6 pct to EUR 43.2 mln

Tue, 28 Apr 2015 07:29:57 GMT

BRIEF-PSI AG 9-month sales 127.2 mln euros vs 129.1 mln euros yr ago

Thu, 30 Oct 2014 08:48:45 GMT

Germany stocks higher at close of trade; DAX up 1.93%

Mon, 27 Apr 2015 16:19:37 GMT

Europe Stocks Climb After Weekly Drop as Syngenta Gains With DAX

Mon, 04 May 2015 06:25:50 GMT

When Bad Banks Fight Each Other

Fri, 22 May 2015 13:22:19 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 176.3 8.0 3.3 10.6 107.5 99.3
2014A 175.4 11.1 5.9 27.5 41.4 6.5
2015E 185.0 14.5 9.6 50.7 22.5 18.2
2016E 190.9 18.2 13.6 71.3 16.0 11.8

Last updated on 30/04/2015

Latest research

Investment summary

Despite geopolitical and economic headwinds, PSI’s Q1 trading update shows growth in bookings, sales and profitability. While it is still early in the year, the company looks on track to reach our full year estimates. Management’s drive to transform the business, through consolidating products onto a single platform and moving from a services-led to a product-led software revenue model remains the key value driver. Both Q1 and FY operating profit will be suppressed by development work on the energy trading and material extraction product sets, which are expected to continue to Q116 and Q4 respectively. Our analysis suggests that, while some margin improvement beyond our forecasts is priced in, successful execution should unlock value significantly north of €15.

Last updated on 06/05/2015

Industry outlook

Robust demand from the German electrical energy, gas transportation and the aluminium industries is being offset by weakness from the steel industry and for PSI InControl in South East Asia.

Last updated on 06/05/2015

Key management

Dr Harald Schrimpf, CEO
Harald Fuchs, CFO

Company address

PSI AG Headquarter
Dircksenstraße 42-44
+49 30 2801-0
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