Original-Research: PSI Software (von Quirin Privatbank Kapitalmarktgeschäft)...

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Original-Research: PSI Software - from Quirin Privatbank
Kapitalmarktgeschäft

09.05.2025 / 16:33 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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.


You can download the research here: http://www.more-ir.de/d/32546.pdf
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2134504 09.05.2025 CET/CEST

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