Bryan Garnier - Software AG (SOW) SOFTWARE AG: Bookings exceed expectations but revenues are affected by transformation | SELL | EUR36

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Bryan Garnier

Gregory Ramirez

SOFTWARE AG: Bookings exceed expectations but revenues are affected by transformation | SELL | EUR36

SOFTWARE AG - SELL | EUR36(0%)
Bookings exceed expectations but revenues are affected by transformation

Bookings were solid but revenues disappointed in Q3
The switch to subscriptions accelerated the DBP revenue decline
We reiterate our Sell rating

21/10/2020 3 EN

Underlying

Software AG

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Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

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Analysts

Gregory Ramirez

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SOFTWARE AG: Bookings exceed expectations but revenues are affected by transformation | SELL | EUR36

SOFTWARE AG: The impact of the move to subscriptions to revenues is not yet stabilised | SELL | EUR33 vs. EUR36

SOFTWARE SaaS: the virtuous circle of subscriptions

Onward: Model Update

Hugo Boss: Weak China and month of April spoilt the mood

Egetis reports Q1, on track with US trial

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