SOFTWARE AG: Solid on bookings, but let’s wait and see on revenues | SELL | EUR35 vs. EUR33 (-5%)
SOFTWARE AG - SELL | EUR35 vs. EUR33 (-5%)Solid on bookings, but let’s wait and see on revenues
We raise our target price to EUR35 but reiterate our Sell rating
Admittedly, FY20 bookings guidance has been revised upwards…
…but we prefer to stay cautious for 2021 at this stage
Software is a holdinc company. Co. is engaged as a provider of process and integration software. Co.'s operates through three reporting lines: business process management or Business Process Excellence (BPE), data management or Enterprise Transaction Systems (ETS) and Consulting. The BPE segment consists of software products for integrated solutions in the field of Business Process Management for organizations of all industries and sizes. The ETS segment is engaged in providing database solutions for mainframes and the development of mainframe-based IT systems. The Consulting segment includes all consulting and services pertaining to the BPE, ETS and IDS Scheer Consulting business lines.
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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