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.€166m
Last close€10.60
High / Low (52 weeks)€14.8 / €10.6
Stock market listingDE
Forecast net cash (€m)16.9
Forecast gearing ratio (%)N/A

Price performance

Relative *4.7(10.6)(10.2)

* % Relative to local index

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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 16.7 30.5
2013A 176.3 8.0 3.3 10.6 100.0 2.4
2014E 177.7 13.6 8.5 44.8 23.7 9.5
2015E 188.5 17.0 11.9 62.9 16.9 7.4

Last updated on 22/09/2014

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 have trimmed our earnings estimates for FY14 by 15% and for FY15 by 11%. The shares trade on recovery multiples with a relatively high P/E but low EV/sales. While patience will be needed, we feel the ingredients for a recovery are there. The unification of the product platform and shift towards a product-led model should give scope for operating margins to expand to the c 15% level over time.

Last updated on 30/09/2014

Industry outlook

A recovery is now being anticipated in the German energy market, and prospects in the US are buoyed by renewed investment in the US metals industries. However, the outlook is less certain in some key overseas markets, with potential sanctions in Russia, martial rule in Thailand and the local debt build up in China clouding visibility.

Last updated on 30/09/2014

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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