PSI (PSAN)

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.€206.9m
Last close€13.18
High / Low (52 weeks)€14.4 / €10.3
Stock market listingDE
Forecast net cash (€m)40.2
Forecast gearing ratio (%)N/A
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual0.70.920.1
Relative *(1.5)(6.6)33.6

* % Relative to local index

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Company news

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

PSI AG gives FY 2016 outlook, to propose dividend

Tue, 22 Mar 2016 07:47:00 GMT

PSI AG awarded contract from MEC-Energietechnik GmbH‍​

Wed, 10 Feb 2016 00:00:00 GMT

PSI AG says chairman of supervisory board to leave at year-end

Mon, 09 Nov 2015 18:58:00 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 47.9 7.6
2015A 183.7 15.3 9.6 49.1 26.8 11.9
2016E 192.8 16.4 11.2 58.6 22.5 15.1
2017E 201.4 19.4 14.2 74.3 17.7 12.4

Last updated on 25/04/2016

Latest research

Investment summary

PSI's FY15 results were in line with expectations with EBIT increasing by 44.2% to €11.1m. Order intake was also robust, up 9% y-o-y and this has continued into the new year with Q1 orders up 13%. However, guidance was cautious reflecting the current turbulent economic and currency environment and the risk of cyclical softening in demand from the domestic gas market. This prompted a 17% reduction to our FY16 EPS estimate. We still believe that PSI’s long-term margin expansion strategy remains intact, while the valuation only appears to be pricing in partial success on this front. In our view the risk/reward trade-off is positive.

Last updated on 03/05/2016

Industry outlook

The reduced guidance reflects the volatile geopolitical and economic picture, as well as currency volatility. Structurally however, we believe that PSI remains very well placed across a range of industries. The successful migration to a more product centric business model with a common core platform is key to unlocking value through enabling margins to expand.

Last updated on 03/05/2016

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