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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  SimCorp A/S    SIM   DK0060495240

SIMCORP A/S

(SIM)
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SimCorp A/S : reports revenue of EUR 310m and EBIT margin of 21% for...

11/12/2020 | 02:17am EST

Q3 2020 highlights:

  • In Q3 2020, four new SimCorp Dimension deals were signed, of which
    • Two deals were included in order intake and revenue
    • One deal was included in order intake, but revenue recognition has been deferred
    • For one deal, both order intake and revenue recognition have been deferred.
  • Order intake was EUR 21.7m, an increase of EUR 2.6m or 13.6% compared with Q3 2019.
  • Reported revenue was EUR 100.2m, a decrease of 14.7% compared with Q3 2019, due to a very strong Q3 2019 and revenue recognition of two new license deals being deferred.
  • EBIT was EUR 22.4m and EBIT margin was 22.3% compared with EBIT of EUR 35.2m and EBIT margin of 30.0% in Q3 2019.
  • Free cash flow was EUR 17.7m, a decrease of 16.7% compared with Q3 2019.
  • On August 12, SimCorp announced that it had completed the next phase in its cloud transformation, now offering SimCorp Dimension as a Service, on Microsoft Azure.

9M 2020 highlights:

  • In 9M 2020, seven new SimCorp Dimension and three new stand-alone SimCorp Co-ric license deals were signed, of which
    • Six deals were included in order intake and revenue
    • One deal was included in order intake, but revenue recognition has been de-ferred
    • For three deals, both order intake and revenue recognition have been de-ferred.
  • Order intake was EUR 58.5m, a decrease of EUR 4.6m or 7.3% compared with 9M 2019.
  • On September 30, 2020, the order book amounted to EUR 43.8m, an increase of EUR 8.8m compared with the order book at the same date last year.
  • Reported revenue was EUR 309.8m, a decrease of 5.2% compared with 9M 2019, due to a very strong 9M 2019 and revenue recognition of four new license deals be-ing deferred.
  • EBIT was EUR 65.9m compared with EUR 93.9m in 9M 2019.
  • EBIT margin was 21.3% compared with 28.7% in 9M 2019.
  • Net profit was EUR 45.7m compared with EUR 72.6m in 9M 2019.
  • Free cash flow was EUR 70.5m, an increase of 6.8% compared with 9M 2019.
  • SimCorp entered Q4 2020 with EUR 399m of the full year's revenue signed, which is at the same level as at the same time last year.

Subsequent events:

  • Since the closing of Q3 2020, two SimCorp Dimension contracts and one new SimCorp Coric contract have been signed.
  • On October 12, SimCorp and State Street Bank International GmbH announced a non-binding Term Sheet to form a business partnership to provide a premier, fully in-tegrated, front-to-back investment outsourcing solution, for insurance firms in EMEA.
  • Financial guidance 2020:

    • SimCorp maintains its expectations for revenue growth and EBIT margin measured in local currencies for 2020 as announced in its Q2 interim report and company an-nouncement dated October 12, 2020.
    • Revenue growth measured in local currencies is expected to be between -5% and 5%, and the expectation for EBIT margin measured in local currencies is between 22.0% and 27.0%.
    • Approximately 1.5%-points (previously 2%-point) of the expected revenue growth is re-lated to the acquisition of AIM Software, and the acquisition is expected to impact the EBIT margin negatively by approximately 1%-point, implying an expected organic reve-nue growth of between -6.5% and 3.5% (previously between -7% and 3%) and an EBIT margin of between 23.0% to 28.0%.

    Klaus Holse, SimCorp CEO comments: 'With a total of ten new clients in the first nine months of the year, our win rate has been satisfactory despite the challenges caused by the Covid-19 pandemic. A strong focus on building strategic partnerships, most recently with State Street, a highly loyal client base, and not least a deeply committed team make me confident that we are well positioned for closing the year on a strong note.'  


Investor presentation

SimCorp's Executive Management Board will present the report at a conference call on Thurs-day November 12, 2020 at 11:00 am (CET). Please use any of the following phone numbers to dial in to the conference call:

From Denmark: +45 32720417
From USA: +1 6467413167
From other countries: +44 (0) 2071 928338
Pin code to access the call: 6677753

At the end of the presentation there will be a Q&A session.

It will also be possible to follow the presentation via this link: https://edge.media-server.com/mmc/p/9g6c46eg

The presentation will be available prior to the conference call via SimCorp's website http://www.simcorp.com/en/about/investor/presentations-and-events/quarterly-and-annual-investor-meetings.

Enquiries regarding this announcement should be addressed to:

Investor contacts: Klaus Holse, Chief Executive Officer, SimCorp A/S (+45 3544 8800, +45 2326 0000)
Michael Rosenvold, Chief Financial Officer, SimCorp A/S (+45 3544 8800, +45 5235 0000)
Anders Hjort, Head of Investor Relations, SimCorp A/S (+45 3544 8822, +45 2892 8881)

Media contact: Mette Trier, Communications Principal, SimCorp A/S (+45 4060 8296)
Mittal Shah, PR Manager - SimCorp UK, North America, Asia Pacific (+44 (0)207 397 8072)

Disclaimer

SimCorp A/S published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 07:16:02 UTC


© Publicnow 2020
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Financials
Sales 2020 464 M 564 M 564 M
Net income 2020 91,3 M 111 M 111 M
Net cash 2020 10,1 M 12,3 M 12,3 M
P/E ratio 2020 50,8x
Yield 2020 0,83%
Capitalization 4 600 M 5 572 M 5 591 M
EV / Sales 2020 9,89x
EV / Sales 2021 8,92x
Nbr of Employees 1 906
Free-Float 97,5%
Chart SIMCORP A/S
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Technical analysis trends SIMCORP A/S
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 109,54 €
Last Close Price 116,04 €
Spread / Highest target 24,6%
Spread / Average Target -5,61%
Spread / Lowest Target -42,1%
EPS Revisions
Managers and Directors
NameTitle
Klaus Holse Chief Executive Officer
Peter Schütze Chairman
Christian Peter Kromann Chief Operating Officer
Michael Rosenvold Chief Financial Officer
Hervé Pierre André Couturier Independent Director
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