Software AG : Model adjustments for US go-to-market delays and economic cooldown; TP lowered to € 35; valuation at historic lows; attractive risk/reward
>Q2 licence revs down 7% but EBIT margin remains within expectations - We have adjusted our model for Software AG (SOW) to reflect: i/ the company’s revised 2019 DBP revenue guidance due to the longer than expected reorganization of webMethods’ salesforce in North America, and ii/ the current economic cooldown. Q2 2019 group revenue and group product revenue both grew 1% yoy cc, roughly in line with expectations, supported by a strong 141% yoy cc increase in Cloud Io...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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