Report
Gregory Ramirez

SOFTWARE AG | BUY Top Picks | EUR50 Q1 results keep reflecting the business model transition

SOFTWARE AG | BUY Top Picks | EUR50
Q1 results keep reflecting the business model transition
We reiterate our Buy rating
The transition to subscriptions continue to be successful
We remain confident in the achievement of FY21 guidance
Software AG remains the best example of software model transition
Underlying
Software AG

Software is a holdinc company. Co. is engaged as a provider of process and integration software. Co.'s operates through three reporting lines: business process management or Business Process Excellence (BPE), data management or Enterprise Transaction Systems (ETS) and Consulting. The BPE segment consists of software products for integrated solutions in the field of Business Process Management for organizations of all industries and sizes. The ETS segment is engaged in providing database solutions for mainframes and the development of mainframe-based IT systems. The Consulting segment includes all consulting and services pertaining to the BPE, ETS and IDS Scheer Consulting business lines.

Provider
Bryan Garnier
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.

Analysts
Gregory Ramirez

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