Software AG: Q2 2018 conference call feedback: let’s look on the bright side…
Software AG: (BUY, Fair Value EUR50 vs. EUR49 (+24%))Q2 2018 conference call feedback: let’s look on the bright side…
We reiterate our Buy rating and uptick our DCF-derived fair value to EUR50 from EUR49 following the conference call held yesterday. We increase our adj. EPS estimates by 1% for 2019 and 3% for 2020 due to the revival of Adabas & Natural licence sales, and as we are more confident in the ramp-up of the IoT ecosystem, which would be accretive to the non-IFRS operating margin as IoT sales require minimal sales effort especially since revenues are usage-based.
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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