Company Name: USU Software AG ISIN: DE000A0BVU28   Reason for the research: Update Recommendation: Buy from: 25.10.2024 Target price: EUR 30.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Revisiting USU: An appealing special situation Half a year ago we put out our last piece on USU, advis [ … ]

Higher than expected offer price still way below intrinsic value Yesterday, USU announced to have reached a delisting-agreement with AUSUM GmbH (Udo Strehl) and NUNUS GmbH, a wholly owned subsidiary of AUSUM. While AUSUM already holds 53.7% of voting rights in USU, NUNUS currently does not hold any shares. On the basis of the agreement, NUNUS w [ … ]

Delisting intention a punch in the face for investors On Tuesday evening, USU Software published an ad-hoc stating the intention to delist the company from the stock exchange. Here is what you need to know: Supported by the supervisory board, the management board of USU aims to delist the company. In order to do so, management consulted major [ … ]

Q4 preview: Sequential improvements following license recovery Topic: USU Software is going to release its 2023 annual report on March 28th, which is seen to show further sequential improvements during Q4, partly driven by a recovery of the license sales as well as continuously growing SaaS sales. Q4 sales are seen coming in at € 34.9m,  [ … ]

Strong order intake to start transitionary 2024e This week, USU announced to have won two public sector framework contracts to start the year on a positive note: (1) Germany’s Federal Employment Agency (BA) commissioned USU for its TEBIT (Technical Inventory Management System IT) project. The TEBIT system of the BA is based on the USU Val [ … ]

Final Q3 in line with est. amid sequential improvements; chg. Yesterday, USU released a solid set of Q3 results, showing sequential improvements compared to the second quarter despite an ongoing underperformance of license revenues. Q3 sales increased 4.2% qoq to € 32.9 (eNuW: € 33.3m), implying a muted 1% yoy growth against a tough [ … ]

Q3e: Sequential improvements as headwinds remain; chg.   USU will report Q3 figures on 22 November, which are seen to show sequential improvements compared to the previous quarter, especially on the margin side. This comes despite ongoing headwinds in connection with longer sales cycles, particularly in the license business, which led to a w [ … ]