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Software AG reported Q1 figures that were above consensus and our expectations. The Digital Business again drove the revenue increase with another quarter of consecutive growth. The bookings growth within both the Digital Business and Adabas & Natural was in line with the company’s ambitions. The company also registered growth in ARR. Operating profit, too, was better than our estimates due to higher sales and lower costs. Following this release, the group confirmed its FY22 targets. Its FY23 ta
Companies: Software AG
AlphaValue
Software’s FY21 numbers were broadly in line with consensus on revenues but much higher on profitability. Bookings targets for A&N were met even though slippage caused DB’s bookings to be below guidance. Regardless, there was a good transition of bookings into revenues and DB did show some acceleration in the last quarter. The company’s guidance for FY22 is slightly above expectations and the confirmation of FY23 targets is a reassuring factor.
With its Q3 results, Software AG reported another consecutive quarter of total revenue growth. This was mainly driven by Digital Business. Bookings growth in Digital Business was affected by deal slippages. The shift to SaaS though, remained strong and annual recurring revenue also grew yoy. A&N bookings were better than expected. Operating margins were in line with expectations. The group, however, revised its bookings outlook for the year, which was a tad negative in our view.
As opposed to Q1, Q2 was above expectations both in terms of financials and bookings. This quarter showed an increased shift to subscriptions which supported the strong product revenue growth. Margins, too, improved due to lower than expected costs. The group signed various new logos and saw growth across all deal types. However, the company kept its guidance unchanged which implies that the second half will see more investments as part of the Helix programme.
Software AG’s Q1 results were broadly in line with management’s guidance, where Q1 saw growth in bookings and profitability subsided as a result of increased investment related to the Helix programme. Recurring revenues also grew yoy. Management confirmed FY21 targets and reiterated FY23 ambitions. All in all, 2021 indeed looks set to be a year of transformation and would, hopefully, lead to the anticipated growth and profitability over the medium term.
Software AG’s Q4 results beat our expectations in terms of bookings but were broadly in line with regards to other financial metrics. Q4 showed a brisk pace in subscription & SaaS bookings. Annual recurring revenue also increased qoq as well as yoy. The group also put forward its FY21 guidance and re-confirmed its FY23 ambitions mentioned in the previous quarter.
Software AG’s Q3 results were broadly in line with our expectations. The transformation of the group continues with a transition to a subscription-based model. Overall, H2 seems to be developing positively compared to H1 and this can be seen in the group’s updated guidance for FY20. The targets for FY23 remain unchanged.
Companies: SOW SOW SWDAF SOW SOW
Software AG ended 2019 with mixed results: positive development for the ARR metric, but missed the street’s expectations on cloud and IoT. DBP licence revenue stayed in negative territory, while Cloud and IoT have not taken off yet. Further investments are needed to support the Helix strategy and growth momentum in 2020, which should impact margins by 700-900bps. Although the transformation looks as though it is on track, this remains a risky bet.
Software AG released a very encouraging set of Q3 results, which clearly showed a strong improvement sequentially. Although there is still a mixed performance among divisions, with DBP (excluding IoT) back in positive territories and DBP Cloud & IoT declining, we have started to see the early benefits of the Helix strategy. Buy rating confirmed.
Software AG released a mixed set of results. Q2 revenue and profit were in line with the street’s expectations, which is very good news, while the DBP 2019 outlook was reduced. With both a new CEO and strategy announced in FY18 (Helix), upside is likely but it will take time.
In Q1 18, total revenues declined 9.4% to €186.6m but EBIT remained stable at around €42.1m (company definition) Revenues of the Business line IoT/Cloud jumped 115% from €3m to €6.4m Management raised its outlook for IoT/Cloud from 70-100% to 100-135% Revenues of DBP licences plummeted 36% to €23.4m and including IoT/Cloud 24% Stable operating performance driven by a strong A&N licence business
The company reported preliminary Q2 17 results. Final results will be reported on 20 July. Revenues increased 2% to €207.4m. EBIT improved 10.6% to €46.2m and the EBIT margin increased from 20.5% to 22.3%. The operating performance was driven by the two divisions Adabas & Natural and Digital Business Platform (DBP). Both divisions increased operating segment results. The EBIT margin of A&N improved from 66.9% to 69.6% and of the DBP division from 28.4% to 29.4%. Management confirmed the revenue
The company reported first quarter results. Revenues declined marginally by 0.1% to €205.9m. Total licence revenues dropped 21.7% to €46.3m, maintenance revenues increased 8.4% to €107.2m and service revenues grew by 8.7% to €52.1m. The gross margin increased from 72.8% to 73.3%. Real EBIT, however, dropped 19.1% to €39.6m and the EBIT margin declined from 21.3% to 19.2%. The non-IFRS EBITA margin, according to the company, declined from 28.7% to 27.4%. Based on real numbers, the EBITA margin de
The agenda of the AGM, which will be held on 17 May 2017, is quite interesting. Management is proposing to convert bearer shares into registered shares. The reason according to management is to address better and contact directly the shareholders. To become a new shareholder, the company has to agree before being registered in the share registry.
The company released Q4 16 results. Management was excited about the performance but it must have been a different company they were talking about. In Q4 16, total revenues increased 2.5% to €264m. EBIT declined by 6.4% to €73.6m. The EBIT margin reached 27.9% compared to 30.5% in Q4 15. The real EBITA remained nearly stable at €89.2m and the EBITA margin declined from 34.9% to 33.8%. According to management, the non-IFRS EBITA margin declined from 35.8% to 34.2%. In the financial year 2016, re
Research Tree provides access to ongoing research coverage, media content and regulatory news on Software AG. We currently have 5 research reports from 4 professional analysts.
Concurrent Technologies delivered a record £31.7m revenue and a substantial increase in profitability in FY23. Management has successfully navigated through the challenging period of worldwide component supply problems that characterised FY22 and delivered a strong recovery in FY23. The business has been completely transformed since the new management team started in 2021 and the focused strategy is delivering. With revenue from the increased number of design-in wins secured in FY23 starting to
Companies: Concurrent Technologies Plc
Cavendish
Altitude has released a trading update for the year to 31 March 2024 confirming Management expects FY24 results to at least meet market expectations. Our unchanged forecasts show annual revenue growth of 38.9% in FY24 as the Group’s Merchanting division expanded significantly, driven by increased numbers of sales Affiliates and by the US Gear Shops. This translates to adjusted PBT growth of 29.4% to £1.2m on our FY24 estimates. In line results also means that over the last two years both revenue
Companies: Altitude Group plc
Zeus Capital
Companies: CNC RNO MAI IUG CUSN POLB
Intelligent Ultrasound has reported its results for the 12 months to December 2023. In line with the January trading update, the company has reported group revenues of £11.2m, up 11% reported or c36% adjusting for one-off sales in FY22. Importantly, the company generated £2.0m from its Clinical AI product portfolio versus £0.7m in FY22 and we note GE HealthCare has expanded the range of Voluson ultrasound machines that include SonoLyst, powered by Intelligent Ultrasound’s ScanNav software. The c
Companies: Intelligent Ultrasound Group Plc
Companies: STX FADL POLB
Cambridge Cognition has released FY23 preliminary results in line with the positive January trading update (and after which we reduced the forecast loss).
Companies: Cambridge Cognition Holdings Plc
Dowgate Capital
Maintel’s finals to December 2023 demonstrate performance in line with expectations upgraded at the time of the January trading update: EBITDA of £9.1m (FY22: £4.4m) from revenue of £101m (FY22: £91m), led to year end net bank debt of £18.1m (£16.6m). Actions taken during the year generated £7m of exceptionals, of which £3.4m were cash, delivering cost and revenue focus for Maintel after the strategic review at the beginning of the 2023. The effects of the review should be twofold: costs (adjust
Companies: Maintel Holdings Plc
FADEL’s FY23 results show revenue growth of +10% to $14.5m, including recurring revenue growth of +31% to 79% of group revenue, net cash of $3.0m in line with the January trading update, and a promising start to FY24 with the overall sales pipeline now as large and diverse as at any point in the company’s history. As the management team is now fully focused on scaling SaaS revenue alongside selectively scaling the operations, we revise our FY24E and FY25E revenue, upgrade our FY24E net cash, and
Companies: Fadel Partners, Inc.
Pinewood Technologies’ results for the 13 months to 31 January 2024 confirmed good growth in user numbers, revenue and operating profit for the continuing automotive software business. Our unchanged forecasts (see 6 March research) show strong revenue growth, high margins, and good cash generation over the period to FY26 as the Group executes its accelerated growth plan. As of Tuesday this week, Pinewood’s shares are ex-dividend and a 1-for-20 share consolidation is effective, meaning our discou
Companies: Pinewood Technologies Group PLC
1st May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: REDX Pharma (REDX.L) has delisted from the AIM Market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing
Companies: TXP CNC RNO MAI ANX IUG CUSN POLB
Hybridan
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: SKL ENET CHSS
Allenby Capital
Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H
Companies: Alphawave IP Group PLC
Capital Access Group
This morning's update from PEN confirms that the company delivered significant upside to numbers in FY23E, in line with our forecasts (£15.5m sales, £1.3m adj. PBT). PEN provides software / integrated product support solutions to an extensive client list of OEM's and governments, while also supplying complex training products to a prestigious global client base including BAE Systems, Boeing and others. The gross margin has again moved ahead materially, to 50% (H1-23E: 47%, FY22A: 42%) as the
Companies: Pennant International Group plc
WHIreland
Companies: CML Microsystems Plc
Shore Capital
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