Buy
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Original-Research: PSI SE - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to PSI SE
First Berlin Equity Research has published a research update on PSI SE (ISIN: DE000A0Z1JH9). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 28.00 price target. Abstract: PSI's Q2 report showed results starting to rebound from the impact of the mid-February cyberattack. Q2/24 sales were up 1.6% at €62.0m after a 13.7% y-o-y decline in Q1/24, while the EBIT loss narrowed to €-4.6m following €-14.8m in Q1/24. Management has maintained the guidance given in the annual report published in June for a €20m-€30m reduction in sales and a high single digit to low double-digit €m loss. Management say the cyberattack has not caused loss of clients, and so we expect 2025 numbers to benefit from sales held over from 2024. We further see the Energy Management segment's EBIT margin returning to around the level recorded in 2023 clean of the Redispatch 2.0 cost overrun (6.5%) next year, and the EBIT margin at Production Management rebounding to the 12%-15% generated in recent years. PSI has committed to achieving a double-digit EBIT margin at Energy Management in the medium term (5 years). CEO Robert Klaffus (joined PSI on 1 November 2023) will reveal more detail on the medium term outlook for the company at a capital markets day in Frankfurt on 17 September. We have made only minor changes to our forecasts following the Q2/24 results, and maintain our Buy recommendation at an unchanged price target of €28. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. First Berlin Equity Research hat ein Research Update zu PSI SE (ISIN: DE000A0Z1JH9) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 28,00. Zusammenfassung: Der Q2-Bericht von PSI zeigt, dass sich die Ergebnisse von den Auswirkungen der Cyberattacke Mitte Februar zu erholen beginnen. Der Umsatz in Q2/24 stieg um 1,6 % auf €62,0 Mio. nach einem Rückgang von 13,7 % in Q1/24, während sich der EBIT-Verlust auf €-4,6 Mio. nach €-14,8 Mio. in Q1/24 verringerte. Das Management hält an der im Juni veröffentlichten Jahresprognose fest, die einen Umsatzrückgang von €20 Mio. bis €30 Mio. und einen EBIT-Verlust im hohen einstelligen bis niedrigen zweistelligen € Mio.-Bereich vorsieht. Nach Angaben des Managements hat der Cyberangriff keine Kundenverluste verursacht, so dass wir erwarten, dass die Zahlen für 2025 von aus dem Jahr 2024 übernommenen Umsätzen profitieren werden. Wir gehen ferner davon aus, dass die EBIT-Marge des Segments Energiemanagement im nächsten Jahr wieder in etwa das Niveau von 2023 abzüglich der Kostenüberschreitung bei Redispatch 2.0 (6,5%) erreichen wird, und dass die EBIT-Marge des Segments Produktionsmanagement wieder auf die in den letzten Jahren erzielten 12 % bis 15 % ansteigen wird. PSI hat sich vorgenommen, mittelfristig (5 Jahre) eine zweistellige EBIT-Marge im Energiemanagement zu erreichen. CEO Robert Klaffus (Eintritt in die PSI am 1. November 2023) wird auf dem Kapitalmarkttag am 17. September in Frankfurt die mittelfristigen Perspektiven des Unternehmens näher erläutern. Wir haben unsere Prognosen nach den Q2/24-Ergebnissen nur geringfügig geändert und behalten unsere Kaufempfehlung bei einem unveränderten Kursziel von €28 bei. You can download the research here: http://www.more-ir.de/d/30755.pdf Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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1985233 10.09.2024 CET/CEST
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