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.€193.4m
Last close€12.36
High / Low (52 weeks)€14.8 / €10.6
Stock market listingDE
Forecast net cash (€m)1.5
Forecast gearing ratio (%)N/A

Price performance

Relative *(4.6)(10.7)(27.2)

* % 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 19.4 58.8
2013A 176.3 8.0 3.3 10.6 116.6 107.8
2014E 176.2 12.4 7.3 38.7 31.9 24.9
2015E 196.9 17.7 12.4 65.5 18.9 18.0

Last updated on 23/02/2015

Latest research

Investment summary

Longer term, key structural initiatives to build on PSI’s strengths, consolidate products onto a single platform and move towards a standard software revenue model should improve competitiveness and margins. PSI’s ability to execute will be key, but success should drive sustained double-digit earnings growth. We believe that only modest expansion beyond our forecasts is priced in - with a DCF suggesting that if margins can be expanded to a very achievable 12% by 2020, this would justify a share price above €15. Achieving 15% operating margins would justify a share price above €20.

Last updated on 02/03/2015

Industry outlook

Domestically, investment in the electrical grid ahead of Germany's tariff setting year and improved adaption to renewable generation should boost demand. Internationally, near-term visibility is complicated by continued currency and geopolitical volatility, particularly given PSI's Russian gas and oil industry exposure, which is likely to outweigh the benefit from the strong US dollar and Swiss franc.

Last updated on 02/03/2015

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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