Software AG: Consensus too high on Q1 13 forecasts

SELL, Fair Value EUR30 (-3%)

News published on March Wednesday 13, 2013
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We reiterate our Sell rating on Software AG following last Friday’s detailing made by the IR team on consensus figures. The last consensus figures published for the company for Q1 13 are too high (by 2% for sales according to our calculations), while the ETS business in Q1 and Q2 13 will suffer from tough comps. While 2018 targets look appealing as Software AG may deliver an EPS CAGR of 11-12% for 2013-18, we contend it is too early to buy the shares until probing signs of growth take place.

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