PSI Software SE

XTRA:PSAN Stock Report

Market Cap: €325.2m

PSI Software Valuation

Is PSAN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PSAN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PSAN (€21.3) is trading below our estimate of fair value (€44.45)

Significantly Below Fair Value: PSAN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PSAN?

Key metric: As PSAN is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PSAN. This is calculated by dividing PSAN's market cap by their current revenue.
What is PSAN's PS Ratio?
PS Ratio1.3x
Sales€262.86m
Market Cap€325.25m

Price to Sales Ratio vs Peers

How does PSAN's PS Ratio compare to its peers?

The above table shows the PS ratio for PSAN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.1x
OSP2 USU Software
1.7x8.2%€225.8m
GKS GK Software
3x8.7%€468.2m
EQS EQS Group
5.5x18.6%€394.9m
FAA Fabasoft
2.3x9.9%€200.5m
PSAN PSI Software
1.3x8.9%€325.2m

Price-To-Sales vs Peers: PSAN is good value based on its Price-To-Sales Ratio (1.3x) compared to the peer average (3.2x).

Price to Sales Ratio vs Industry

How does PSAN's PS Ratio compare vs other companies in the DE Software Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.3x5.5%US$70.93m
CLIQ Cliq Digital
0.09x12.9%US$27.11m
LSX LS telcom
0.5x5.0%US$21.24m
8DQ GetSwift Technologies
0.07xn/aUS$2.53m
PSAN 1.3xIndustry Avg. 1.8xNo. of Companies8PS02.44.87.29.612+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PSAN is good value based on its Price-To-Sales Ratio (1.3x) compared to the German Software industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is PSAN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PSAN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.3x
Fair PS Ratio0.9x

Price-To-Sales vs Fair Ratio: PSAN is expensive based on its Price-To-Sales Ratio (1.3x) compared to the estimated Fair Price-To-Sales Ratio (0.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PSAN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.30
€31.08
+45.9%
15.6%€40.00€25.00n/a6
Nov ’25€21.50
€31.17
+45.0%
15.0%€40.00€26.00n/a6
Oct ’25€22.10
€31.52
+42.6%
14.6%€40.00€26.00n/a6
Sep ’25€20.70
€29.85
+44.2%
7.9%€33.50€27.00n/a6
Aug ’25€20.60
€29.85
+44.9%
7.9%€33.50€27.00n/a6
Jul ’25€22.00
€30.18
+37.2%
7.3%€33.50€27.00n/a6
Jun ’25€22.00
€34.20
+55.5%
12.7%€41.00€29.00n/a5
May ’25€22.50
€34.17
+51.9%
11.6%€41.00€29.00n/a6
Apr ’25€23.00
€34.42
+49.6%
10.7%€41.00€30.00n/a6
Mar ’25€20.50
€34.42
+67.9%
10.7%€41.00€30.00n/a6
Feb ’25€23.20
€34.42
+48.3%
10.7%€41.00€30.00n/a6
Jan ’25€25.30
€34.42
+36.0%
10.7%€41.00€30.00n/a6
Dec ’24€23.05
€34.42
+49.3%
10.7%€41.00€30.00n/a6
Nov ’24€21.15
€34.96
+65.3%
9.3%€41.00€30.00€21.506
Oct ’24€24.55
€36.75
+49.7%
9.5%€41.00€32.00€22.106
Sep ’24€25.00
€36.83
+47.3%
9.4%€41.00€32.00€20.706
Aug ’24€25.95
€38.40
+48.0%
10.8%€45.00€34.00€20.605
Jul ’24€32.85
€38.60
+17.5%
10.2%€45.00€34.50€22.005
Jun ’24€34.40
€38.60
+12.2%
10.2%€45.00€34.50€22.005
May ’24€29.45
€38.67
+31.3%
10.9%€45.00€34.50€22.506
Apr ’24€27.35
€38.58
+41.1%
11.4%€45.00€33.00€23.006
Mar ’24€24.85
€37.20
+49.7%
9.8%€44.00€33.00€20.505
Feb ’24€24.65
€37.20
+50.9%
9.8%€44.00€33.00€23.205
Jan ’24€22.45
€37.20
+65.7%
9.8%€44.00€33.00€25.305
Dec ’23€23.05
€38.20
+65.7%
14.6%€49.00€33.00€23.055
Nov ’23€23.40
€42.12
+80.0%
16.3%€53.00€33.00€21.156

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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