Update: Transformation imperative accentuated
PSI’s FY14 sales and earnings fell short of expectations as the economic and geopolitical turmoil held up progress in a number of areas, although cash flow performance was meaningfully ahead. We pare back our FY15 and FY16 estimates to reflect PSI’s ongoing geopolitical and economic risks. This further setback highlights the importance of management’s drive to transform the business, through consolidating products onto a single platform and moving from a services-led to a product-led software revenue model. Our analysis suggests that, while some margin improvement beyond our forecasts is priced in, successful execution should unlock value significantly north of €15.PSI AG fuer Produkte und Systeme der Informationstechnologie is engaged in the development and selling of sofware products. Co. is divided into three main business segments: energy management, which developes solutions for electricity, gas, oil and water utilities; production management, which provides software products and customized solutions for production planning, other production controls and efficient logistics; and infrastructure management, which provides control solutions for monitoring and effective operations in the areas of traffic, public safety, environmental protection and disaster prevention.
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