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PSI Software

XTRA:PSAN
Snowflake Description

Flawless balance sheet with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PSAN
XTRA
€271M
Market Cap
  1. Home
  2. DE
  3. Software
Company description

PSI Software AG develops and sells software systems and products for the energy supply, production, infrastructure, software technology, Internet applications, and business consultancy sectors worldwide. The last earnings update was 51 days ago. More info.


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PSAN Share Price and Events
7 Day Returns
0.3%
XTRA:PSAN
3.7%
DE Software
0.7%
DE Market
1 Year Returns
8.8%
XTRA:PSAN
14.4%
DE Software
-8.7%
DE Market
PSAN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PSI Software (PSAN) 0.3% 0.9% -1.4% 8.8% 33% 28.2%
DE Software 3.7% 1.9% 15.9% 14.4% 68.9% 110.7%
DE Market 0.7% -1.2% 0.2% -8.7% 10% 8.1%
1 Year Return vs Industry and Market
  • PSAN underperformed the Software industry which returned 14.4% over the past year.
  • PSAN outperformed the Market in Germany which returned -8.7% over the past year.
Price Volatility
PSAN
Industry
5yr Volatility vs Market

Value

 Is PSI Software undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PSI Software to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PSI Software.

XTRA:PSAN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for XTRA:PSAN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Software Unlevered Beta Simply Wall St/ S&P Global 1.14
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.138 (1 + (1- 30%) (8.75%))
1.139
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.139 * 5.96%)
7.02%

Discounted Cash Flow Calculation for XTRA:PSAN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for PSI Software is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

XTRA:PSAN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.02%)
2019 13.20 Analyst x1 12.33
2020 12.12 Analyst x3 10.58
2021 14.20 Analyst x2 11.59
2022 15.80 Analyst x2 12.05
2023 18.60 Analyst x1 13.25
2024 20.42 Est @ 9.78% 13.59
2025 21.83 Est @ 6.91% 13.58
2026 22.90 Est @ 4.91% 13.31
2027 23.70 Est @ 3.5% 12.88
2028 24.30 Est @ 2.52% 12.33
Present value of next 10 years cash flows €125.50
XTRA:PSAN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €24.30 × (1 + 0.23%) ÷ (7.02% – 0.23%)
€358.78
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €358.78 ÷ (1 + 7.02%)10
€182.10
XTRA:PSAN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €125.50 + €182.10
€307.60
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €307.60 / 15.67
€19.62
XTRA:PSAN Discount to Share Price
Calculation Result
Value per share (EUR) From above. €19.62
Current discount Discount to share price of €17.30
= -1 x (€17.30 - €19.62) / €19.62
11.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price PSI Software is available for.
Intrinsic value
12%
Share price is €17.3 vs Future cash flow value of €19.62
Current Discount Checks
For PSI Software to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • PSI Software's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • PSI Software's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PSI Software's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PSI Software's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
XTRA:PSAN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €0.68
XTRA:PSAN Share Price ** XTRA (2019-06-19) in EUR €17.3
Germany Software Industry PE Ratio Median Figure of 19 Publicly-Listed Software Companies 32.43x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.53x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of PSI Software.

XTRA:PSAN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:PSAN Share Price ÷ EPS (both in EUR)

= 17.3 ÷ 0.68

25.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PSI Software is good value based on earnings compared to the DE Software industry average.
  • PSI Software is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does PSI Software's expected growth come at a high price?
Raw Data
XTRA:PSAN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 25.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
17.9%per year
Germany Software Industry PEG Ratio Median Figure of 14 Publicly-Listed Software Companies 2.01x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

XTRA:PSAN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 25.43x ÷ 17.9%

1.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PSI Software is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on PSI Software's assets?
Raw Data
XTRA:PSAN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €5.71
XTRA:PSAN Share Price * XTRA (2019-06-19) in EUR €17.3
Germany Software Industry PB Ratio Median Figure of 33 Publicly-Listed Software Companies 2.84x
Germany Market PB Ratio Median Figure of 575 Publicly-Listed Companies 1.78x
XTRA:PSAN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:PSAN Share Price ÷ Book Value per Share (both in EUR)

= 17.3 ÷ 5.71

3.03x

* Primary Listing of PSI Software.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PSI Software is overvalued based on assets compared to the DE Software industry average.
X
Value checks
We assess PSI Software's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. PSI Software has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is PSI Software expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
17.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PSI Software expected to grow at an attractive rate?
  • PSI Software's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • PSI Software's earnings growth is expected to exceed the Germany market average.
  • PSI Software's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
XTRA:PSAN Future Growth Rates Data Sources
Data Point Source Value (per year)
XTRA:PSAN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 17.9%
XTRA:PSAN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 4.2%
Germany Software Industry Earnings Growth Rate Market Cap Weighted Average 19.2%
Germany Software Industry Revenue Growth Rate Market Cap Weighted Average 7.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
XTRA:PSAN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
XTRA:PSAN Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 258 2
2022-12-31 247 4
2021-12-31 240 17 5
2020-12-31 231 18 15 6
2019-12-31 219 14 12 5
XTRA:PSAN Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 205 19 11
2018-12-31 199 19 11
2018-09-30 196 8 12
2018-06-30 194 12 11
2018-03-31 188 8 10
2017-12-31 186 1 9
2017-09-30 184 10 9
2017-06-30 181 8 9
2017-03-31 180 10 9
2016-12-31 179 13 9
2016-09-30 177 17 8
2016-06-30 180 18 8

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PSI Software's earnings are expected to grow by 17.9% yearly, however this is not considered high growth (20% yearly).
  • PSI Software's revenue is expected to grow by 4.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
XTRA:PSAN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from PSI Software Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:PSAN Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.08 1.08 1.08 1.00
2020-12-31 0.94 1.00 0.87 3.00
2019-12-31 0.75 0.75 0.75 1.00
XTRA:PSAN Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 0.68
2018-12-31 0.68
2018-09-30 0.75
2018-06-30 0.69
2018-03-31 0.62
2017-12-31 0.61
2017-09-30 0.59
2017-06-30 0.59
2017-03-31 0.57
2016-12-31 0.55
2016-09-30 0.48
2016-06-30 0.48

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • PSI Software is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess PSI Software's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
PSI Software has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has PSI Software performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare PSI Software's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • PSI Software has delivered over 20% year on year earnings growth in the past 5 years.
  • PSI Software's 1-year earnings growth is less than its 5-year average (10.6% vs 26.9%)
  • PSI Software's earnings growth has not exceeded the DE Software industry average in the past year (10.6% vs 17.1%).
Earnings and Revenue History
PSI Software's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from PSI Software Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

XTRA:PSAN Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 205.40 10.66 13.04
2018-12-31 199.16 10.59 13.04
2018-09-30 195.85 11.78 12.35
2018-06-30 194.35 10.73 12.35
2018-03-31 188.06 9.64 12.35
2017-12-31 186.10 9.50 12.35
2017-09-30 184.07 9.21 12.15
2017-06-30 181.35 9.18 12.15
2017-03-31 180.08 8.93 12.15
2016-12-31 178.88 8.55 12.15
2016-09-30 176.51 7.56 13.06
2016-06-30 179.84 7.51 13.06
2016-03-31 184.66 7.49 13.06
2015-12-31 185.26 7.46 13.06
2015-09-30 188.72 5.92 13.10
2015-06-30 185.62 5.25 13.10
2015-03-31 181.71 4.31 13.10
2014-12-31 179.32 4.10 13.10
2014-09-30 172.01 5.11 12.80
2014-06-30 171.06 -0.10 12.80
2014-03-31 172.81 -0.03 12.80
2013-12-31 179.47 0.37 12.80
2013-09-30 188.84 1.06 12.92
2013-06-30 187.88 6.92 12.92
2013-03-31 187.51 9.60 12.92
2012-12-31 180.89 9.36 12.92
2012-09-30 178.98 9.62 11.73
2012-06-30 178.98 9.66 11.73

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • PSI Software has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • PSI Software used its assets less efficiently than the DE Software industry average last year based on Return on Assets.
  • PSI Software has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess PSI Software's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
PSI Software has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is PSI Software's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PSI Software's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PSI Software is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • PSI Software's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of PSI Software's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 104.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from PSI Software Company Filings, last reported 2 months ago.

XTRA:PSAN Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 89.55 23.74 44.97
2018-12-31 86.63 1.80 44.58
2018-09-30 82.98 1.28 35.47
2018-06-30 81.04 1.37 35.79
2018-03-31 82.19 2.14 42.56
2017-12-31 80.30 2.62 38.13
2017-09-30 74.08 2.87 39.81
2017-06-30 73.16 2.93 34.63
2017-03-31 76.57 0.00 42.20
2016-12-31 75.27 0.00 43.01
2016-09-30 73.16 1.62 35.93
2016-06-30 72.95 3.43 34.76
2016-03-31 75.40 3.44 41.21
2015-12-31 73.15 3.46 38.83
2015-09-30 71.91 5.80 29.44
2015-06-30 71.65 7.31 27.81
2015-03-31 71.32 6.09 31.57
2014-12-31 68.29 5.27 29.31
2014-09-30 69.90 7.02 22.75
2014-06-30 68.42 6.23 17.12
2014-03-31 68.02 6.36 24.45
2013-12-31 68.81 6.49 21.80
2013-09-30 65.80 7.47 21.54
2013-06-30 70.78 7.21 23.91
2013-03-31 75.44 8.47 36.15
2012-12-31 73.64 8.42 33.34
2012-09-30 74.60 4.21 24.20
2012-06-30 73.38 4.53 25.81
  • PSI Software's level of debt (1.5%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (9.4% vs 1.5% today).
  • Debt is well covered by operating cash flow (1405.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 13x coverage).
X
Financial health checks
We assess PSI Software's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PSI Software has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is PSI Software's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.45%
Current annual income from PSI Software dividends. Estimated to be 2.1% next year.
If you bought €2,000 of PSI Software shares you are expected to receive €29 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • PSI Software's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • PSI Software's dividend is below the markets top 25% of dividend payers in Germany (3.91%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
XTRA:PSAN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Germany Software Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 1.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

XTRA:PSAN Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 0.61 1.00
2021-12-31 0.44 3.00
2020-12-31 0.34 6.00
2019-12-31 0.27 4.00
XTRA:PSAN Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-06 0.250 1.449
2018-03-22 0.230 1.416
2017-04-04 0.220 1.356
2017-01-16 0.220 1.815
2016-03-23 0.210 1.631
2016-01-15 0.210 1.558
2014-10-30 0.000 0.000
2014-07-31 0.000 0.000
2014-05-02 0.000 0.000
2014-04-14 0.000 0.000
2013-04-17 0.300 2.195
2012-07-30 0.250 1.565
2012-02-23 0.250 1.548
2012-01-16 0.250 1.468
2011-02-28 0.230 1.299
2010-03-15 0.210 1.546

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PSI Software has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but PSI Software only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of PSI Software's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.3x coverage).
X
Income/ dividend checks
We assess PSI Software's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can PSI Software afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PSI Software has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of PSI Software's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Harald Schrimpf
COMPENSATION €1,121,000
AGE 54
TENURE AS CEO 5.9 years
CEO Bio

Dr. Harald Schrimpf has been the Chairman at PSI Aktiengesellschaft für Produkte und Systeme der Informationstechnologie (PSI AG) since June 30, 2013. Dr. Schrimpf has been Chief Executive Officer of PSI AG since July 1, 2013. Dr. Schrimpf is responsible for Marketing, Sales, Technology and Investor Relations at PSI AG. He has held different management positions at DaimlerChrylser and EADS, with responsibility for major IT projects. As of 2001 He operated as Centre Director for software at Volkswagen subsidiaries gedas. In 1995, he joined DaimlerBenz Aerospace as Technical Head of military management software, where he was responsible for various major IT projects, first as Department head and then as main department head. Since 2001, he was software center director at the Volkswagen subsidiary gedas in Berlin. Dr. Schrimpf has been a Director of PSI AG since July 8, 2002. He served as the Vice Chairman of the Supervisory Board of Intershop Communications AG from June 6, 2016 to December 3, 2016. He serves as a Member of Advisory Board at Greencom Networks GmbH. He served as Member of Supervisory Board at Kontron AG from June 5, 2013 to December 5, 2016. He served as a Member of the Supervisory Board of Intershop Communications AG from January 5, 2015 to December 3, 2016. His doctoral thesis was on distributed real-time operating systems. He graduated in electrical engineering from Rheinisch-Westfälische Technische Hochschule Aachen, majoring in Technical Computer Sciences.

CEO Compensation
  • Harald's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Harald's remuneration is higher than average for companies of similar size in Germany.
Management Team

Harald Schrimpf

TITLE
Chairman of Executive Board & CEO
COMPENSATION
€1M
AGE
54
TENURE
5.9 yrs

Harald Fuchs

TITLE
CFO & Member of Executive Board
COMPENSATION
€658K
AGE
53
TENURE
3.4 yrs

Karsten Pierschke

TITLE
Head of Investor Relations & Corporate Communications
Board of Directors Tenure

Average tenure and age of the PSI Software board of directors in years:

3.7
Average Tenure
56
Average Age
  • The tenure for the PSI Software board of directors is about average.
Board of Directors

Karsten Trippel

TITLE
Chairman of Supervisory Board
AGE
56
TENURE
3.3 yrs

Ulrich Jaroni

TITLE
Deputy Chairman of Supervisory Board
AGE
67
TENURE
5.1 yrs

Uwe Hack

TITLE
Member of Supervisory Board
AGE
56
TENURE
2.1 yrs

Elena Günzler

TITLE
Employee Representative Member of the Supervisory Board
TENURE
7.2 yrs

Uwe Seidel

TITLE
Employee Representative Member of the Supervisory Board
AGE
52
TENURE
4.1 yrs

Andreas Böwing

TITLE
Member of Supervisory Board
AGE
63
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess PSI Software's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PSI Software has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Calculating The Intrinsic Value Of PSI Software AG (ETR:PSAN)

Today, we will estimate the stock's intrinsic value by projecting its future cash flows and then discounting them to today's value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (€, Millions) €13.20 €12.12 €14.20 €15.80 €18.60 €20.42 €21.83 €22.90 €23.70 €24.30 Growth Rate Estimate Source Analyst x1 Analyst x3 Analyst x2 Analyst x2 Analyst x1 Est @ 9.78% Est @ 6.91% Est @ 4.91% Est @ 3.5% Est @ 2.52% Present Value (€, Millions) Discounted @ 7.06% €12.33 €10.57 €11.57 €12.02 €13.22 €13.56 €13.54 €13.26 €12.82 €12.28 Present Value of 10-year Cash Flow (PVCF)= €125.18m "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … XTRA:PSAN Intrinsic value, June 6th 2019 The assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Why PSI Software AG (ETR:PSAN) Is A Dividend Rockstar

Dividend Growth Potential With a relatively unstable dividend, it's even more important to evaluate if earnings per share (EPS) are growing - it's not worth taking the risk on a dividend getting cut, unless you might be rewarded with larger dividends in future. … It's good to see PSI Software has been growing its earnings per share at 96% a year over the past 5 years. … We were also glad to see it growing earnings, but it was concerning to see the dividend has been cut at least once in the past.

Simply Wall St -

Do Insiders Own Shares In PSI Software AG (ETR:PSAN)?

Our analysis of the ownership of the company, below, shows that institutions own shares in the company. … Check out our latest analysis for PSI Software XTRA:PSAN Ownership Summary, May 17th 2019 What Does The Institutional Ownership Tell Us About PSI Software? … Insider Ownership Of PSI Software The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Introducing PSI Software (ETR:PSAN), A Stock That Climbed 36% In The Last Five Years

For example, long term PSI Software AG (ETR:PSAN) shareholders have enjoyed a 36% share price rise over the last half decade, well in excess of the market return of around 13% (not including dividends). … During the five years of share price growth, PSI Software moved from a loss to profitability. … Given that the company made a profit three years ago, but not five years ago, it is worth looking at the share price returns over the last three years, too.

Simply Wall St -

Is PSI Software AG's (ETR:PSAN) Growth Strong Enough To Justify Its April Share Price?

Growth expectations for PSI Software AG (ETR:PSAN) are high, but many investors are starting to ask whether its last close at €17.7 can still be rationalized by the future potential. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … What are the future expectations.

Simply Wall St -

What Do Analysts Think About PSI Software AG's (ETR:PSAN) Earnings Trend?

The most recent earnings announcement PSI Software AG's (ETR:PSAN) released in December 2018a … showed

Simply Wall St -

PSI Software AG (ETR:PSAN): Has Recent Earnings Growth Beaten Long-Term Trend?

Did PSAN beat its long-term earnings growth trend and its industry. … PSAN's trailing twelve-month earnings (from 31 December 2018) of €11m has. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 31%, indicating the rate at which PSAN is growing has slowed down

Simply Wall St -

Don’t Buy PSI Software AG (ETR:PSAN) Until You Understand Its ROCE

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Is PSI Software AG's (ETR:PSAN) CEO Pay Justified?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Harald Schrimpf's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that PSI Software AG has a market cap of €261m, and is paying total annual CEO compensation of €597k.

Simply Wall St -

Should You Be Excited About PSI Software AG's (ETR:PSAN) 14% Return On Equity?

This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each €1 of shareholders' equity it has, the company made €0.14 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Company Info

Description

PSI Software AG develops and sells software systems and products for the energy supply, production, infrastructure, software technology, Internet applications, and business consultancy sectors worldwide. The company operates in three segments: Energy Management, Production Management, and Infrastructure Management. The Energy Management segment provides intelligent solutions for utility companies in the electricity, gas, oil, and water sectors, as well as for the district heating sector. It develops control systems for electrical grids, cross-sector control systems, and gas and pipeline management systems; and solutions for energy trading, energy distribution, virtual power plants, power plant optimization, and gas industry planning. The Production Management segment offers software products and solutions for planning and controlling production processes in raw material extraction, metal production, logistics, mechanical engineering, and automotive manufacturing. The Infrastructure Management segment provides control system solutions for the monitoring and operation of infrastructure in the areas of transport, public safety, environmental protection, and disaster management. The company also offers a range of data processing services; sells electronic equipment; and operates data processing systems. The company was founded in 1969 and is headquartered in Berlin, Germany.

Details
Name: PSI Software AG
PSAN
Exchange: XTRA
Founded: 1969
€271,173,849
15,674,789
Website: http://www.psi.de
Address: PSI Software AG
Dircksenstrasse 42– 44,
Berlin,
Berlin, 10178,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA PSAN Ordinary Shares XETRA Trading Platform DE EUR 31. Aug 1998
DB PSAN Ordinary Shares Deutsche Boerse AG DE EUR 31. Aug 1998
LSE 0KUR Ordinary Shares London Stock Exchange GB EUR 31. Aug 1998
SWX PSAN Ordinary Shares SIX Swiss Exchange CH CHF 31. Aug 1998
BATS-CHIXE PSAND Ordinary Shares BATS 'Chi-X Europe' GB EUR 31. Aug 1998
Number of employees
Current staff
Staff numbers
1,931
PSI Software employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 21:03
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/05/07
Last earnings filing: 2019/04/29
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.