SOFTWARE AG: The impact of the move to subscriptions to revenues is not yet stabilised | SELL | EUR33 vs. EUR36
SOFTWARE AG - SELL | EUR33 vs. EUR36 (-4%)The impact of the move to subscriptions to revenues is not yet stabilised
We reiterate our Sell rating and cut our target price to EUR33
Faster move to subscriptions causes timing issues on revenues
The low-end of the 20-22% margin range is more likely in 2020
Costs related to the malware attack will be limited at this stage
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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