Quirin Privatbank Kapitalmarktgeschäft: PSI Software AG | Rating: Buy

Einstufung von Quirin Privatbank Kapitalmarktgeschäft zu PSI Software AG

Unternehmen:	PSI Software AG
ISIN:	DE000A0Z1JH9
Anlass der Studie:	Update
Empfehlung:	Buy
seit:	31.07.2025
Kursziel:	36.50
Letzte Ratingänderung:
Analyst:	Sebastian Droste

Strong rise in orders, efficiency gains from 2026 likely

On July 30, PSI released its H1 2025 results and confirmed its guidance for 2025. Revenue growth was strong at 18.3% yoy to EUR 132.9m, exceeding our expectation of +12% by 6.3pp. The increase was driven by a sharp rise in new orders (+36.4% yoy to EUR 210.0m), broad-based growth across all segments, and the absence of last year’s cyberattack impact. A stable order backlog of EUR 206.0m despite the Mobility division sale also supported topline visibility. EBIT margin improved from -17.3% to 1.6%, in line with our estimate of 1.7%, mainly due to normalization after the prior-year cyberattack and efficiency gains, while restructuring costs still weighed on profitability. PSI confirmed its guidance of around 10% revenue growth and an adjusted EBIT margin of around 4.0%, in line with our estimates. Strong order intake and transformation efforts support mid-term growth, Near-term profitability is limited by one-off restructuring expenses, but benefits from cost savings are expected from 2026. We raise our target price to EUR 36.50 (previously EUR 35.50) and confirm our Buy recommendation.
 

Die vollständige Analyse können Sie hier downloaden: PSI_SOFTWARE_AG_20250731
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: https://research.quirinprivatbank.de/

Kontakt für Rückfragen:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/