Bryan Garnier - Software AG (SOW) SOFTWARE AG: FY19 results globally in line, FY20 and mid-term margin goals disappoint | NEUTRAL vs. BUY | Under Review

Report

Bryan Garnier

Gregory Ramirez

SOFTWARE AG: FY19 results globally in line, FY20 and mid-term margin goals disappoint | NEUTRAL vs. BUY | Under Review

SOFTWARE AG - NEUTRAL vs. BUY | Under Review
FY19 results globally in line, FY20 and mid-term margin goals disappoint

FY19 results were globally in line with the consensus
IoT/Cloud disappointed as deals expected for Q4 were delayed
More investment pushes FY20 and mid-term margins downwards

29/01/2020 3 EN

Underlying

Software AG

See profile

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.

See profile

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

Ebusco: The expert e-bus platform

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

Paul de Froment ... (+3)

Paul de Froment
Sebastián Marroquin Mérida
Thomas Mordelle

Nikola Corp: The dual e-trucking arm

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

May 16, 2024 May 16, 2024 1 EN

Paul de Froment ... (+3)

Paul de Froment
Sebastián Marroquin Mérida
Thomas Mordelle

Electrifying the future of on-road HDVs

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

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

SOFTWARE AG: FY19 results globally in line, FY20 and mid-term margin goals disappoint | NEUTRAL vs. BUY | Under Review

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe