SOFTWARE AG: Q1 2020 results above estimates, FY20 bookings guidance lowered | NEUTRAL | EUR25
SOFTWARE AG - NEUTRAL | EUR25Q1 2020 results above estimates, FY20 bookings guidance lowered
Q1 2020 results were ahead of our forecasts and the consensus
Adabas & Natural and IoT exceeded revenue expectations
FY20 bookings guidance is lowered, but margin is unchanged
We expect a positive reaction in the short term
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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