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.€189.6m
Last close€12.11
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 *(6.7)(5.9)(22.9)

* % 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 19.0 57.6
2013A 176.3 8.0 3.3 10.6 114.3 105.6
2014E 176.2 12.4 7.3 38.7 31.3 24.4
2015E 196.9 17.7 12.4 65.5 18.5 17.6

Last updated on 16/12/2014

Latest research

Investment summary

While near-term visibility is limited, 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 22/12/2014

Industry outlook

Rising geopolitical/economic risk has prompted the company to withdraw full year profit guidance. However, there are also more encouraging signs. Demand from the German electrical energy market is recovering, the Logistics operations appear on a recovery path, and the crisis in Ukraine could eventually drive demand in gas and oil as new pipelines are built to mitigate risk.

Last updated on 22/12/2014

Key management

Dr Harald Schrimpf, CEO
Harald Fuchs, CFO

Company address

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