Software AG : Model adjustments for HELIX; trimming our TP to € 45; Q1-19e affected by late sales kick-off; bumpy road in 2019-2020e; but valuation undemanding
>Detailed bottom-up segment model revision - We now adjust our detailed bottom-up segment model for Software AG (SOW) based on recent discussions with the company. HELIX will significantly affect SOW’s strategic and competitive positioning over the next four years. In this context, management is investing € 50m in 2019, including c.€ 20-30m new investment capital, leveraging the strength of SOW’s FCF, and the rest sourced from re-allocation mainly within R&D. Furtherm...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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