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First Berlin Maintains Buy Rating for PSI AG with €30 Price Target

PSI AG experienced a financial year of mixed outcomes in 2023, as indicated by preliminary results. The company saw an 8.9% increase in sales, reaching €269.9 million, up from €247.9 million in 2022. However, its EBIT dropped significantly to €5.6 million from the previous year's €20.2 million. This decrease was primarily attributed to losses incurred from underestimating the amount of man-hours needed for Energy Management segment’s Redispatch 2.0 contracts.

The company's order intake demonstrated a promising growth of 17.2%, totaling €296 million, surpassing the €252.6 million recorded in 2022. Despite the setback in EBIT, the 2023 fiscal year saw PSI meeting its revised guidance following a profit warning issued on July 21, projecting a 10% increase in both order intake and sales with an EBIT range of €5 million to €7 million. This was a downgrade from the initial forecast of €25 million EBIT mentioned in the 2022 annual report.

An analysis by First Berlin Equity Research, with Simon Scholes at the helm, emphasizes the vitality within the Energy Management segment, which experienced a significant upsurge in order intake by 16.1% for the first nine months of 2023. The completion of Redispatch 2.0 projects by the year-end and a substantial increase in license income from PSI Metals' Production Management segment marked a robust Q4 recovery in 2023.

The demand in PSI’s electricity network sector is expected to maintain robust growth. Germany's new solar and onshore wind installations saw an 85% capacity increase in 2023, with projections of continued growth. PSI Metals is anticipated to achieve an EBIT margin between 11-12% in 2023, with expectations to reach 15% in the forthcoming years, thanks to increasing App Store sales.

Despite a cyberattack that delayed the release of PSI's annual report, First Berlin Equity Research reaffirms a Buy recommendation for PSI AG at a consistent target price of €30.00, highlighting a positive outlook for the company's financial growth and market position.

R. E.

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