Original-Research: PSI Software (Von Quirin Privatbank Kapitalmarktgeschäft)

2025-05-09 02:06:31

(MENAFN- EQS Group)

Original-Research: PSI Software - from Quirin Privatbank Kapitalmarktgeschäft
09.05.2025 / 16:33 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to PSI Software

Company Name:	PSI Software
ISIN:	DE000A0Z1JH9

Reason for the research:	Update
Recommendation:	Buy
from:	09.05.2025
Target price:	35.50
Last rating change:
Analyst:	Sebastian Droste

Orders surge & outlook confirmed

On April 30, PSI Group released its Q1 financial results and confirmed its guidance for 2025. Revenue growth was strong and exceeded our expectation. Growth was driven by record new orders, a higher order backlog, broad‐based segment gains in Grid&Energy Management, Process Industries&Metals, Discrete Manufacturing and Logistics, plus initial cloud/SaaS uptake and the Google Cloud partnership. Challenges include execution risk on large contracts and integration of new solutions. EBIT margin rebounded from a cyberattack‐hit loss and beat expectations, supported by better fixed‐cost absorption and segment profit recovery, though ongoing cloud investments may weigh on margins. Management guided 10.0% yoy revenue growth and a 4.0% adjusted EBIT margin for 2025, both in line with our forecasts. The investment case rests on PSI's transition to cloud/SaaS, reinforced by its strategic Google Cloud partnership, which should drive a growing base of high‐margin recurring revenue and enhance earnings predictability. We raise our target price to EUR 35.50, reflecting the roll forward of our DCF valuation and confirm our Buy recommendation.

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Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
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