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.€211.4m
Last close€13.508
High / Low (52 weeks)€14.8 / €11.4
Stock market listingFRA
Forecast net cash (€m)24.3
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(3.1)4.7(8)
Relative *(0.6)3.2(21.2)

* % 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 21.2 38.9
2013A 176.3 8.0 3.3 10.6 127.4 3.0
2014E 187.9 15.9 10.0 52.7 25.6 6.8
2015E 199.0 19.6 13.4 70.8 19.1 7.5

Last updated on 23/06/2014

Latest research

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

Q1 sales contracted 10% to £40.1m but operating profit was flat at £2.1m and cash flow improved with the cash balance up to £24.4m from £21.8m at year end. Guidance of £12m operating profit for the full year has been maintained, although converting what looks to be a reasonably healthy pipeline will be key to achieving this. Looking longer-term, investment in new products and the progressive transitioning of the business to a more product-driven model give scope for margin expansion substantially beyond our forecast level. Thus we feel the shares remain interesting for those with a recovery remit.

Last updated on 30/06/2014

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 30/06/2014

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