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.€200m
Last close€12.77
High / Low (52 weeks)€13.8 / €10.3
Stock market listingDE
Forecast net cash (€m)27.8
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(2.8)(6.6)4.0
Relative *7.813.824.9

* % Relative to local index

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Company news

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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 10.6 120.4 111.4
2014A 175.4 11.1 5.9 27.5 46.4 7.3
2015E 179.7 15.3 9.6 50.6 25.2 22.0
2016E 188.4 18.9 13.5 71.0 18.0 13.5

Last updated on 14/12/2015

Investment summary

PSI has delivered a solid recovery in order intake and margins in 2015 thus far and management expects 10%+ growth in orders and revenues into early 2016. While we are mindful of the economic risks and the cyclical investment cycle in Electrical Energy, our confidence that PSI can sustain its growth and margin expansion trend is improving. Demand in FY16 should be supported by the ThyssenKrupp partnership, a healthy product launch pipeline across Automotive & Industrial, Logistics and Energy Trading and follow-on orders in Mining. Our DCF suggests that the current share price factors in low single-digit organic growth, with margins expanding to 10% by 2020. Margin expansion to 15% would justify a share price above €20.

Last updated on 05/01/2016

Industry outlook

Demand is robust in the German electrical energy, gas transportation and the aluminium industries, while the steel industry appears to have stabilised. The company has rationalised InControl in South East Asia due to the difficult trading environment in the region.

Last updated on 05/01/2016

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