Bryan Garnier - Software AG (SOW) SOFTWARE AG: FY18 call feedback: a deep multi-year transformation | BUY | EUR42 vs. EUR50

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Bryan Garnier

Gregory Ramirez

SOFTWARE AG: FY18 call feedback: a deep multi-year transformation | BUY | EUR42 vs. EUR50

SOFTWARE AG - BUY | EUR42 vs. EUR50 (+32%)
FY18 call feedback: a deep multi-year transformation

Project Helix remakes the â€œFish Modelâ€
The goal is to capture the full potential of the DBP business
Organic growth first, but acquisitions are welcome
Buy reiterated but we cut our Fair Value to EUR42 from EUR50

01/02/2019 4 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

Other Reports on these Companies

Bryan Garnier

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

SOFTWARE AG - SELL | EUR33 vs. EUR36 (-4%) The impact of the move to subscriptions to revenues is not yet stabilised We reiterate our Sell rating and cut our target price to EUR33 Faster move to subscriptions causes timing issues on revenues The low-end of the 20-22% margin range is more likely in 2020 Costs related to the malware attack will be limited at this stage

October 22, 2020 October 22, 2020 4 EN

Bryan Garnier

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

October 21, 2020 October 21, 2020 3 EN

Bryan Garnier

SOFTWARE SaaS: the virtuous circle of subscriptions

Software-as-a-service is the main reason why software valuation multiples keep rising. North America is well advanced in this move, and Europe follows with a growing number of SaaS players going public and on-premise vendors moving to SaaS or subscriptions, attracted by the resilience of these models. We expect SaaS IPOs and M&A to accelerate, and SAP is our preferred SaaS player in Europe.

October 16, 2020 October 16, 2020 54 EN

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Following the publication of our industry note entitled "Electrifying the future of on-road HDVs", we initiate coverage of Ebusco with a Buy rating and a price target of EUR5.5.Founded in 2012, Ebusco is a Dutch designer and manufacturer of fully electric transit-buses, both for city or regional us

May 16, 2024 May 16, 2024 1 EN

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Following the publication of our industry note entitled "Electrifying the future of on-road HDVs", we initiate coverage of Nikola Corp with a Buy rating and a price target of USD1.0.Founded in 2015, Nikola is a pioneering American designer and manufacturer of ZE HDV class 8 trucks, leveraging both

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Road transport accounts for about 75% of transport emissions worldwide and is responsible for around 21% of total emissions. More than a third is directly related to medium and heavy-duty vehicles (MHDV) i.e. buses and trucks, the bulk of which relates to freight.With major economies gradually alig

May 16, 2024 May 16, 2024 1 EN

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SOFTWARE AG: FY18 call feedback: a deep multi-year transformation | BUY | EUR42 vs. EUR50

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

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

SOFTWARE SaaS: the virtuous circle of subscriptions

Ebusco: The expert e-bus platform

Nikola Corp: The dual e-trucking arm

Electrifying the future of on-road HDVs

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