Report
Gregory Ramirez

SOFTWARE AG: Towards a reset of medium-term ambitions | BUY | EUR46 vs. EUR54

SOFTWARE AG - BUY | EUR46 vs. EUR54
Towards a reset of medium-term ambitions

Software AG has the means to boost organic revenue growth with StreamSets
We estimate dilution to non-IFRS operating margin at 2.8ppt in 2025
Our new target price reflects the new financial structure and potential integration challenges
Underlying
Software AG

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.

Provider
Bryan Garnier
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.

Analysts
Gregory Ramirez

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