Bryan Garnier - Software AG (SOW) SOFTWARE AG: Q3 2019 call feedback: prepared for the switch to subscriptions | BUY | EUR35 vs. EUR33 (+20%)

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Bryan Garnier

Gregory Ramirez

SOFTWARE AG: Q3 2019 call feedback: prepared for the switch to subscriptions | BUY | EUR35 vs. EUR33 (+20%)

SOFTWARE AG - BUY | EUR35 vs. EUR33 (+20%)
Q3 2019 call feedback: prepared for the switch to subscriptions

Adabas & Natural is now expected at the high-end of the range
Operating margin may be more impacted by Helix in 2020
Software AG is ready for the conversion to subscriptions
We raise our Fair Value to EUR35 from EUR33

23/10/2019 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: Q3 2019 call feedback: prepared for the switch to subscriptions | BUY | EUR35 vs. EUR33 (+20%)

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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