First Berlin Equity Research has published a research update on PSI SE (ISIN: DE000A0Z1JH9). Analyst Simon Scholes reiterated his ACCEPT THE OFFER rating and increased the price target from EUR 45.00 to EUR 45.15.

Abstract
Q3/26 profitability was above our forecast with adjusted EBIT coming in at €5.7m (FBe: €2.6m; Q3/25: €2.3m) thanks mainly to a very strong quarter at Grid & Energy Management. The segment’s adjusted EBIT margin jumped to 20% (Q3/25: 5.0%) as recent restructuring measures kicked in. The German authorities gave regulatory approval for the Warburg Pincus takeover of PSI in early July. Shareholders who tendered their shares received the offer price of €45 per share. Warburg Pincus and persons acting jointly with the bidder now hold 83% of all outstanding PSI shares. Warburg Pincus made an offer of €45.15 per share to the remaining shareholders on 20 October in connection with the delisting of the shares from the Frankfurt Stock Exchange. The offer price is based on the legally mandated minimum price which corresponds to the six-month volume-weighted average price prior to the initial announcement of the offer on 8 September. Shareholders can accept the delisting offer up to and including 17 November. The shares are likely to remain listed in Hamburg, but trading liquidity and the quantity of information on the development of the business will fall markedly as the listing will no longer be Prime Standard. For these reasons we recommend that shareholders accept the delisting offer of €45.15 (upside: 0.3%).