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.€189.3m
Last close€12.095
High / Low (52 weeks)€14.8 / €11.4
Stock market listingDE
Forecast net cash (€m)16.9
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(6.3)(10.3)(6.3)
Relative *(5)(5.8)(19.2)

* % Relative to local index

Other companies in sector Show

Acal accesso Technology Group
ADVA Optical Networking Advanced Computer Software Group
Advanced Micro Devices AIXTRON
Allocate Software Allot Communications
Alpha and Omega Semiconductor Amazon
Amino Technologies ANADIGICS
Arria NLG blinkx
blur Group Brady
CENIT CML Microsystems
Comptel Craneware
Cypress Semiconductor DDD Group
Dillistone Group dotDigital
DSP Group e2v technologies
Eckoh Elmos Semiconductor
EMIS Emulex
Endace EnWave Corporation
Esker Evolving Systems
Facebook FFastFill
First Derivatives Focus Solutions Group
Fusionex International GB Group
GBST Holdings GFT Group
Globo GO internet S.p.a.
Himax Technologies ifa systems
Infinera Inmarsat
Innovation Group InVision
IS Solutions IXYS
K3 Business Technology Group LRAD Corporation
Magix Manpower Software
Manz Maxima Holdings
Medicsight Micro Focus International
Micron Technology Monitise
Montage Technology Morse
Netcall NetDimensions
Netflix Nexus Management
O2Micro International OMG
OmniVision Technologies Optimal Payments
Outsourcery Patsystems
Pericom Semiconductor PLX Technology
Prodware Pure Wafer
QSC Redstone
Reed Elsevier Regenersis
RM SCISYS
Secunet Seeing Machines
Sepura Seven Principles
Siemens Sigma Designs
Silicom Silicon Image
SimiGon Single Touch Systems
SinnerSchrader SLI Systems
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 Ubisense Group
United Power Technology VASCO Data Security
Virtual Piggy Vislink
Vizrt WANdisco
WorkPlace Systems International Xploite
Xplore Technologies Corp
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 34.8
2013A 176.3 8.0 3.3 10.6 114.1 2.7
2014E 177.7 13.6 8.5 44.8 27.0 10.8
2015E 188.5 17.0 11.9 62.9 19.2 8.4

Last updated on 18/08/2014

Latest research

Adjusting for more volatile times

Update | Technology | 18/08/2014

Daily comment

Institutional Comment | Technology | 02/04/2014

Entering 2014 in better shape

Update | Technology | 02/04/2014

Rebasing estimates

Update | Technology | 05/11/2013

Issues to be ironed out, solid long-term prospects

Update | Technology | 06/08/2013

Solving complex control problems

Outlook | Technology | 16/04/2013

Some patience needed

QuickView | Technology | 02/11/2012

Investment summary

PSI’s first half saw a contraction in order book and revenues. Underlying earnings moved ahead, but were affected by adjustments and restructuring charges in logistics. A recovery in order intake and growth is expected in H2, but geopolitical risk is increasing. Hence we trim our earnings estimates for FY14 by 15% (2% underlying) and for FY15 by 11%.

Last updated on 18/08/2014

Industry outlook

PSI is well established in Germany. While the government’s energy transition policy (away from nuclear towards renewables) creates a near-term headwind domestically, investment needs to resume at some stage to support changes in the supply-demand dynamic. Once current issues are worked through, PSI should be able to return to a robust growth and margin expansion trajectory.

Last updated on 05/08/2014

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