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.€200m
Last close€12.77
High / Low (52 weeks)€13.8 / €10.3
Stock market listingDE
Forecast net cash (€m)27.8
Forecast gearing ratio (%)N/A

Price performance

Relative *7.813.824.9

* % Relative to local index

Other companies in sector Show

1Spatial Acal
accesso Technology Group ADVA Optical Networking
Advanced Computer Software Group Advanced Micro Devices
AIXTRON All for One Steeb AG
Allocate Software Allot Communications
Alpha and Omega Semiconductor Alphapoint Technology Inc
Amazon Amino Technologies
AT&S Austria Technologie & Systemtechnik blinkx
blur Group Brady
Bulletproof Group Carclo
Catapult Group International CENIT
CityFibre Infrastructure Holdings CML Microsystems
Comptel Craneware
Cypress Semiconductor DATAGROUP
DDD Group Dillistone Group
dotDigital DSP Group
e2v technologies Eagle Eye
Eckoh Elmos Semiconductor
EMIS Emulex
Endace EnWave Corporation
eServGlobal Esker
Evolving Systems Expert System
Facebook FFastFill
FinLab AG First Derivatives
First Sensor Focus Solutions Group
Freelancer Fusionex International
Gamma Communications GB Group
GBST Holdings GeoOp
GFT Group Globo
GO internet S.p.a. Himax Technologies
Hrvatski Telekom ifa systems
ikeGPS Group Infinera
Inmarsat Innovation Group
InVision IS Solutions
IXYS Jenoptik
K3 Business Technology Group Keywords Studios
LRAD Corporation Magix
Manpower Software Manx Telecom
Manz Maxima Holdings
Medicsight Mensch & Maschine Software
Micro Focus International Micron Technology
Migme Monitise
Montage Technology Morse
My Net Fone nearmap
Netcall NetDimensions
Netflix Nexus Management
O2Micro International OMG
OmniVision Technologies Orion Health Group
Outsourcery Panorama Synergy
Patsystems Paysafe Group
Pericom Semiconductor Phitek
PLX Technology Pricer
Prodware Pure Wafer
Redflex Holdings Redstone
Reed Elsevier Regenersis
Reply SpA
Rex Bionics Rheinmetall
Secunet Seeing Machines
Sepura Serko
Seven Principles Siemens
Sigma Designs Silicom
Silicon Image SimiGon
SinnerSchrader SITO Mobile
SLI Systems Smartpay Holdings
SNP Schneider-Neureither & Partner Software AG
Solera Spansion
Spirent Communications SQS Software Quality Systems AG
StatPro Group Store Electronic Systems
Straker Translations SuperCom
Synchronica Taptica
Technology sector Texas Instruments
Thin Film Electronics Tikit Group
Toumaz Track Group
TXT e-solutions TZ Limited
Ubisense Group UMT United Mobility Technology
United Power Technology VASCO Data Security
Virtual Piggy Vislink
Vista Group International Vitec
Vizrt VMob Group
WANdisco Wincor Nixdorf
WorkPlace Systems International Xploite
Xplore Technologies Corp YuuZoo

Company news

Stacking the NFL's offseason agenda

Tue, 09 Feb 2016 15:58:46 GMT

New York AG wants DraftKings, FanDuel to give back money

Fri, 01 Jan 2016 16:46:06 GMT

Gilead CEO to step down amid drug price debates

Sat, 30 Jan 2016 01:32:55 GMT

Harford joins Black History Month celebration

Wed, 03 Feb 2016 18:04:53 GMT

Massey Ferguson Introduces 4700 Series Utility Tractors

Fri, 05 Feb 2016 06:11:15 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 176.3 8.0 3.3 10.6 120.4 111.4
2014A 175.4 11.1 5.9 27.5 46.4 7.3
2015E 179.7 15.3 9.6 50.6 25.2 22.0
2016E 188.4 18.9 13.5 71.0 18.0 13.5

Last updated on 14/12/2015

Investment summary

PSI has delivered a solid recovery in order intake and margins in 2015 thus far and management expects 10%+ growth in orders and revenues into early 2016. While we are mindful of the economic risks and the cyclical investment cycle in Electrical Energy, our confidence that PSI can sustain its growth and margin expansion trend is improving. Demand in FY16 should be supported by the ThyssenKrupp partnership, a healthy product launch pipeline across Automotive & Industrial, Logistics and Energy Trading and follow-on orders in Mining. Our DCF suggests that the current share price factors in low single-digit organic growth, with margins expanding to 10% by 2020. Margin expansion to 15% would justify a share price above €20.

Last updated on 05/01/2016

Industry outlook

Demand is robust in the German electrical energy, gas transportation and the aluminium industries, while the steel industry appears to have stabilised. The company has rationalised InControl in South East Asia due to the difficult trading environment in the region.

Last updated on 05/01/2016

Key management

Dr Harald Schrimpf, CEO
Harald Fuchs, CFO

Company address

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