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.€187.1m
Last close€11.92
High / Low (52 weeks)€14.4 / €11.6
Stock market listingDE
Forecast net cash (€m)40.2
Forecast gearing ratio (%)N/A

Price performance

Relative *(14.6)(16.9)(8.7)

* % Relative to local index

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Company news

PSI and Irisa collaborate on production management solutions

Fri, 30 Sep 2016 10:06:44 GMT

PSI receives first energy order from the Republic of Kazakhstan

Wed, 31 Aug 2016 09:05:25 GMT

PSI Group H1 sales down at 85.1 mln euros

Wed, 27 Jul 2016 07:07:34 GMT

PSI AG maintains cautious targets for FY 2016

Thu, 28 Apr 2016 08:39:00 GMT

PSI AG receives significant control system orders in Q1

Thu, 21 Apr 2016 00:00:00 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2014A 175.4 11.1 5.9 27.5 43.3 6.8
2015A 183.7 15.3 9.6 49.1 24.3 10.7
2016E 192.8 16.4 11.2 58.6 20.3 13.7
2017E 201.4 19.4 14.2 74.3 16.0 11.2

Last updated on 27/09/2016

Latest research

Investment summary

While group bookings performance moderated in Q2 from the very robust Q1, the pipeline for H2 looks positive and management's €11-13m FY EBIT guidance looks prudent. The recent win of a network control system in Kazakhstan should support H2 performance. We maintain our view that PSI’s long-term margin expansion strategy remains intact, while the valuation only appears to be pricing in partial success on this front.

Last updated on 11/10/2016

Industry outlook

Structurally, we believe that PSI remains well placed across a range of industries. Cautious guidance reflects the volatile geopolitical and economic picture, as well as currency volatility. Business is currently being supported by domestic demand, particularly in Energy Management boosted by the energy tariff setting cycle, although demand from other industries/geographies will need to take up some slack as domestic energy demand moderates. The company is now starting to see demand strengthen from investment in next generation, Industry 4.0 projects.

Last updated on 11/10/2016

Key management

Dr Harald Schrimpf, CEO
Harald Fuchs, CFO

Company address

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