Software AG FY12 results slightly below our ests., setting up ambitious targets for 2018

SELL, Fair Value EUR32 (-8%)

News published on January Tuesday 29, 2013
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This morning Software AG reported final FY12 results slightly below our forecasts but roughly in line with consensus. FY13 company guidance is roughly in line with our expectations for BPE Product sales, but not on ETS, and we understand this year’s top priority will be growth, not margin expansion. Finally, 2018 targets are ambitious. We cannot rule out some profit taking short-term on the back of a 14% share price rebound since the Q3 12 results in October 2012.

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