German Software Undervalued over 20% based on DCF

SAP

Market Cap: €173.8b

Provides enterprise application and business solutions worldwide.

Bechtle

Market Cap: €3.7b

Provides information technology (IT) services in Germany, France, Benelux, and Europe.

IONOS Group

Market Cap: €3.5b

Provides web presence and productivity, and cloud solutions for companies in Germany, the United States, the United Kingdom, Spain, France, Poland, and Austria.

ATOSS Software

Market Cap: €1.2b

Offers technology and consulting solutions for professional workforce management and demand optimized personnel deployment in Germany, Austria, Switzerland, Netherlands, Romania, and internationally.

Kontron

Market Cap: €1.2b

Provides Internet of Things software and solutions in Europe and internationally.

Nagarro

Market Cap: €584.4m

Provides digital product engineering and technology solutions in Germany, the United States of America, and internationally.

GFT Technologies

Market Cap: €467.8m

Provides digital transformation services.

init innovation in traffic systems

Market Cap: €401.2m

Engages in the provision of intelligent transportation systems solutions for public transportation in Germany and internationally.

Novabase S.G.P.S

Market Cap: €334.0m

Through its subsidiaries, provides IT consulting and services in Portugal, rest of Europe, Africa, the Middle East, and internationally.

Serviceware

Market Cap: €133.4m

Provides a portfolio of software solutions for the digitalization and automation of service processes in Germany, Austria, Switzerland, and internationally.

Spir Group

Market Cap: €99.2m

Provides software solutions in Norway, Sweden, and internationally.

ORBIS

Market Cap: €48.0m

Provides software and business consultancy services in Germany and internationally.