Analyse Software AG

Fundamentele Analyse : Q1 2018

11-5 De koers van het aandeel is vandaag gesloten op 43,66 EUR, ruim 1% boven de weerstands lijn van 43,13 EUR. Het aandeel is 'strong overbought' .

 

De profitability verbetert zich y/o/y bij toenemende roa en operating margin. De prijsratio's staan daarentegen onder druk, mede door het gestegen koers niveau. Zowel p/e als ev/ebitda nemen toe.

 

10-5 Verkoop @ 43,86 EUR

 


Fundamentele Analyse : FY 2017

25-1 Software AG today released its financial results (IFRS, preliminary) for the fourth quarter and 2017 fiscal year. The company reported the most successful quarter in its history for its growth engine Digital Business Platform. Both license and maintenance revenues reached all-time quarterly highs. New strategic IoT partnerships formed in 2017 with global corporations laid the foundation for scalable and dynamic growth. Accordingly, Software AG will report its IoT / Cloud revenues separately starting in 2018. License revenue in the Adabas & Natural database business also demonstrated above average growth in the fourth quarter. Along with a total revenue increase, Software AG was also able to increase profitability. The company’s operating profit margin (EBITA, non-IFRS) set a new record in Q4, climbing 250 basis points to hit 36.7 percent. These results confirm Software AG’s growing relevance in the global IT market and underline the company’s increasing momentum in strategic IoT and Industry 4.0 projects, which lay the foundation for further profitable growth.

 

Software AG CEO Karl-Heinz Streibich stated: “Thanks to our initiatives in the areas of the Internet of Things and Industry 4.0, we started seeing initial results and gained increased market share in 2017. We will continue in this direction in 2018 and will extend our market leadership.”

 

Software AG CFO Arnd Zinnhardt added: “There is enormous growth potential in the global IoT market. This is why we established a new business area on IoT / Cloud. We have built a solid foundation for dynamic, exponential growth, and we are convinced to outperform the market in 2018.”

 

Source : Press Release Software AG, Darmstadt, Germany, January 25, 2018

 

26-1 Afkoeling 

 

Wat zich in de dagen voorafgaande aan de publicatie van de voorlopige jaarcijfers al aftekende heeft zich inmiddels voltrokken. De hoge verwachtingen zijn in onvoldoende mate in het resultaat over 2017 zichtbaar geworden. De beleggers beloonden het aandeel met een forse afwaardering van 9.0%. Vrijdag 19 januari bereikte het aandeel intra-day nog een hoogste koers van 49.80 EUR. Een week later staat er intra-day een laagste koers van 42.28 EUR op de borden (-15%).

 

Fundamenteel ziet het aandeel er prima uit - met een trendmatig oplopende winstgevendheid (2017 : 11.4) en een weliswaar oplopende maar concurrerende koers/ winst verhouding (p/e = 22.8).

 

De vraag dringt zich dan op of er technisch gezien kansen liggen op herstel. In de grafiek is een steunlijn getrokken die zowel de top van juni 2017 markeert als de bodem van november. Toevallig of niet, rond dit koersniveau vindt de koers voorlopig zijn Waterloo. Alvorens tot een geheel of gedeeltelijke (50%) aankoop over te gaan, zoeken we naar een bevestiging van het herstel vanaf de steunlijn. 

 

Het aandeel is strong oversold (stoch << 20).

 


Fundamentele Analyse : FY 2016

Karl-Heinz Streibich, CEO of Software AG commented : “Software AG’s digital growth division, the Digital Business Platform, achieved historic quarterly records for license and maintenance revenues. These results and the growing adoption of the company’s leading technology by key industry players across the globe underline the increasing relevance of Software AG— also driven by the megatrend Internet of Things (IoT). On top of these achievements, the Group significantly improved its profitability in 2016. The full year operating profit margin (EBITA, non-IFRS) rose by 150 basis points to 31.2 percent which equals an all-time high for this strategic KPI. This development demonstrates that the efficiency and effectiveness of Software AG’s new customer-centric go-to-market transformation is continuously bearing fruit. Based on this positive momentum, Software AG is confident that it will successfully continue on its profitable growth track in 2017. For 2017 we are better positioned than ever to capture the growing demand of digital transformation across all industries including huge growth potential in the IoT market, where many industrial corporations increasingly cooperate with software companies,"

 

Source : Press Release Software AG, Darmstadt, Germany, January 26, 2017