Software AG: Preliminary FY15 results above expectations, FY16 guidance exceeding hopes

BUY, Fair Value EUR33 (+28%)
News published on January Tuesday 19, 2016
Share on

This morning Software AG pre-announced FY15 results above expectations thanks to an outstanding Q4 in licence sales for the DBP (Digital Business Platform) division, while sales in the A&N (Adabas & Natural) division, and Services, were in line with our forecasts. The strong DBP licence sales and cost control boosted the non-IFRS operating margin to 29.7%, while we expected 29.1%. FY16 company guidance is positive, with DBP growth expected to accelerate as the transformation of the sales approach bears fruit, A&N to erode moderately in view of solid customer retention, and the non-IFRS operating margin to exceed all hopes at 30-31%. We expect the share price to react positively.

For more information please contact 

The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities