PSI SE
ISIN: DE000A0Z1JH9
WKN: A0Z1JH
10 September 2024 11:51AM

Original-Research: PSI SE (von First Berlin Equity Research GmbH): Buy

PSI SE · ISIN: DE000A0Z1JH9 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20755

Original-Research: PSI SE - from First Berlin Equity Research GmbH

10.09.2024 / 11:50 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
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.


Classification of First Berlin Equity Research GmbH to PSI SE

Company Name: PSI SE
ISIN: DE000A0Z1JH9
 
Reason for the research: Q2 results
Recommendation: Buy
from: 10.09.2024
Target price: €28
Target price on sight of: 12 months
Last rating change: -
Analyst: Simon Scholes

First Berlin Equity Research has published a research update on PSI SE (ISIN: DE000A0Z1JH9). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 28.00 price target.

Abstract:
PSI's Q2 report showed results starting to rebound from the impact of the mid-February cyberattack. Q2/24 sales were up 1.6% at €62.0m after a 13.7% y-o-y decline in Q1/24, while the EBIT loss narrowed to €-4.6m following €-14.8m in Q1/24. Management has maintained the guidance given in the annual report published in June for a €20m-€30m reduction in sales and a high single digit to low double-digit €m loss. Management say the cyberattack has not caused loss of clients, and so we expect 2025 numbers to benefit from sales held over from 2024. We further see the Energy Management segment's EBIT margin returning to around the level recorded in 2023 clean of the Redispatch 2.0 cost overrun (6.5%) next year, and the EBIT margin at Production Management rebounding to the 12%-15% generated in recent years. PSI has committed to achieving a double-digit EBIT margin at Energy Management in the medium term (5 years). CEO Robert Klaffus (joined PSI on 1 November 2023) will reveal more detail on the medium term outlook for the company at a capital markets day in Frankfurt on 17 September. We have made only minor changes to our forecasts following the Q2/24 results, and maintain our Buy recommendation at an unchanged price target of €28.

Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.



First Berlin Equity Research hat ein Research Update zu PSI SE (ISIN: DE000A0Z1JH9) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 28,00.

Zusammenfassung:
Der Q2-Bericht von PSI zeigt, dass sich die Ergebnisse von den Auswirkungen der Cyberattacke Mitte Februar zu erholen beginnen. Der Umsatz in Q2/24 stieg um 1,6 % auf €62,0 Mio. nach einem Rückgang von 13,7 % in Q1/24, während sich der EBIT-Verlust auf €-4,6 Mio. nach €-14,8 Mio. in Q1/24 verringerte. Das Management hält an der im Juni veröffentlichten Jahresprognose fest, die einen Umsatzrückgang von €20 Mio. bis €30 Mio. und einen EBIT-Verlust im hohen einstelligen bis niedrigen zweistelligen € Mio.-Bereich vorsieht. Nach Angaben des Managements hat der Cyberangriff keine Kundenverluste verursacht, so dass wir erwarten, dass die Zahlen für 2025 von aus dem Jahr 2024 übernommenen Umsätzen profitieren werden. Wir gehen ferner davon aus, dass die EBIT-Marge des Segments Energiemanagement im nächsten Jahr wieder in etwa das Niveau von 2023 abzüglich der Kostenüberschreitung bei Redispatch 2.0 (6,5%) erreichen wird, und dass die EBIT-Marge des Segments Produktionsmanagement wieder auf die in den letzten Jahren erzielten 12 % bis 15 % ansteigen wird. PSI hat sich vorgenommen, mittelfristig (5 Jahre) eine zweistellige EBIT-Marge im Energiemanagement zu erreichen. CEO Robert Klaffus (Eintritt in die PSI am 1. November 2023) wird auf dem Kapitalmarkttag am 17. September in Frankfurt die mittelfristigen Perspektiven des Unternehmens näher erläutern. Wir haben unsere Prognosen nach den Q2/24-Ergebnissen nur geringfügig geändert und behalten unsere Kaufempfehlung bei einem unveränderten Kursziel von €28 bei.
 

You can download the research here: http://www.more-ir.de/d/30755.pdf

Contact for questions:
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


1985233  10.09.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 199,16 225,18 217,80 245,49 247,94 269,89 272,00
EBITDA1,2 20,06 28,04 27,17 37,94 34,00 20,16 6,00
EBITDA-Margin3 10,07 12,45 12,48 15,46 13,71 7,47 2,21
EBIT1,4 15,45 17,21 14,95 24,96 20,19 5,56 -9,00
EBIT-Margin5 7,76 7,64 6,86 10,17 8,14 2,06 -3,31
Net Profit (Loss)1 10,59 14,26 10,28 15,84 9,69 0,32 -10,00
Net-Margin6 5,32 6,33 4,72 6,45 3,91 0,12 -3,68
Cashflow1,7 18,99 12,48 24,83 38,75 3,36 16,78 0,00
Earnings per share8 0,68 0,91 0,66 1,01 0,62 0,02 -0,64
Dividend per share8 0,25 0,05 0,30 0,05 0,40 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: RSM Ebner Stolz

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
PSI Software
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A0Z1JH DE000A0Z1JH9 AG 328,07 Mio € 31.08.1998 Halten 9F4MGCF4+FG
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
18,50 30,54 0,61 42,65 2,94 19,55 1,22
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,40 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
26.07.2024 30.06.2024 31.07.2024 31.10.2024 04.06.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-0,48%
20,90 €
ATH 100,02 €
-3,31% -3,19% -17,39% -19,15% -12,11%

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