First Berlin – PSI AG Research Update (31/07/2018)

First Berlin Equity Research has published a research update on PSI AG (ISIN: DE000A0Z1JH9). Analyst Simon Scholes reiterated his ADD rating and maintained his EUR 18.00 price target.

Q2/18 was another quarter of strong order intake growth at PSI (+27% to €42m) with both the Energy Management and the Production Management segments contributing to the rise. Q2/18 sales, which climbed 11.5% to €48.8m (Q2/17: €43.8m) and EBIT, which was 9.4% ahead at €3.4m (Q2/17: €3.1m), were close to our forecasts. PSI looks well placed to reach management's full year guidance of €200m for sales and for EBIT in excess of €15m. We maintain our Add recommendation and price target of €18.00.