Bryan Garnier - Software AG (SOW) SOFTWARE AG: Q2 2019 call feedback: a more realistic turnaround scenario | BUY | EUR33 vs. EUR42 (+28%)

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Bryan Garnier

Gregory Ramirez

SOFTWARE AG: Q2 2019 call feedback: a more realistic turnaround scenario | BUY | EUR33 vs. EUR42 (+28%)

SOFTWARE AG - BUY | EUR33 vs. EUR42 (+28%)
Q2 2019 call feedback: a more realistic turnaround scenario

Software AG is rebuilding sales and marketing in North America
DBPâ€™s refocus is under way under Project Helix
The dynamic is solid on IoT and hybrid integration
We cut our DCF-derived Fair Value to EUR33 from EUR42

22/07/2019 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

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SOFTWARE AG: Q2 2019 call feedback: a more realistic turnaround scenario | BUY | EUR33 vs. EUR42 (+28%)

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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