7th Annual Pan European Small & Mid Cap Conference - Software AG
7th Annual Pan European Small & Mid Cap Conference - Software AG
7th Annual Pan European Small & Mid Cap Conference - Software AG
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Analyst Expectations Coverage<br />
(in mn. euros)<br />
2007e<br />
2008e<br />
<strong>Software</strong> <strong>AG</strong> | 22 March 2007 | Page 31<br />
Revenue<br />
License<br />
Revenue<br />
EBIT<br />
Margin<br />
EPS<br />
in EUR<br />
Min 514.00 196.00 23.5 2.73<br />
Max 540.00 207.70 25.5 3.25<br />
Average 532.03 202.26 24.3 3.01<br />
∆ yoy + 10.15%<br />
Min 542.00 238.50 23.8 2.87<br />
Max 636.90 258.00 28.9 4.31<br />
Average 601.66 246.90 25.6 3.62<br />
∆ yoy +13.09%<br />
Source: <strong>Software</strong> <strong>AG</strong>, current sell side analysts as of March 2007,<br />
up to 24 international brokers,<br />
yoy calculations based on 2007e vs. 2006 and 2008e based on average 2007e<br />
24 Banks / Broker cover<br />
<strong>Software</strong> <strong>AG</strong>’s stock:<br />
Arete<br />
Berenberg Bank<br />
BNP Paribas<br />
Chevreux<br />
Citigroup<br />
DDL<br />
Deutsche Bank<br />
DrKW<br />
DZ Bank<br />
Helaba Trust<br />
HSBC<br />
HVB/Unicredit<br />
JP Morgan<br />
Kepler Equities<br />
LB BW<br />
Merck Finck<br />
Merrill Lynch<br />
Metzler<br />
MM Warburg<br />
Sal. Oppenheim<br />
Societe Generale<br />
UBS<br />
West LB<br />
MainFirst
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