Bryan Garnier - Software AG (SOW) SOFTWARE AG: Q1 2020 call feedback: improved execution and well-managed costs | NEUTRAL | EUR29 vs. EUR25 (-8%)

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Bryan Garnier

Gregory Ramirez

SOFTWARE AG: Q1 2020 call feedback: improved execution and well-managed costs | NEUTRAL | EUR29 vs. EUR25 (-8%)

SOPRA STERIA GROUP - BUY | EUR143(+38%)
Q1 2020 sales above estimates, no surprise on H1 2020 guidance

Q1 2020 revenues were slightly ahead of expectations
Solid performance in Scandinavia and at Sparda-Bank
H1 2020 guidance in line with our expectations

24/04/2020 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

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SOFTWARE AG: Q1 2020 call feedback: improved execution and well-managed costs | NEUTRAL | EUR29 vs. EUR25 (-8%)

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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