软件与IT服务行业估值与预测

信息技术 2025-07-11 德意志银行一切如初

Group List: Includes Software & IT Services companies like Softwareaccesso, AutoStore, Cerillion, Dotdigital, Eurowag, GB Group, Ocado, Bytes, FDM, Kainos, NCC, Reply, Softcat, Video Games (Frontier Devs, everplay), and Venture.
Valuation Metrics: Listed Price, Target Market Cap, EV/Revenue (x), Rating (Buy/Hold), Current FM/Em, Revenue Forecasts (2024-2026E), Headline Profit Metrics (EBITDA, Op Pft), and Price/NAV (x).
Key Ratings: Majority rated "Buy" (Softwareaccesso, Cerillion, Dotdigital, Eurowag, GB Group, Ocado, Kainos, Softcat), with some "Hold" (Bytes, Venture) and no specific ratings for others.
EV/Revenue: Ranges from 1.2x to 32.4x, indicating varied market valuations across the sector.

Revenue Forecasts: Detailed revenue projections for each company from 2024 to 2026, with specific dates for fiscal year reporting (e.g., Dec 2024, Jun 2025).
Profit Metrics: Headline profit metrics (EBITDA, Op Pft) provided for each company, showing expected profitability trends.
Outlook: Generally positive with revenue and profit growth expectations, though specifics vary by company.

Source: Deutsche Bank estimates and company data.
Conflicts: Deutsche Bank's role as a corporate broker and financial interests in covered companies disclosed.
Risk Warnings: Emphasizes risks in derivative transactions, currency fluctuations, and market volatility.
Investor Advice: Encourages independent assessment of investment decisions and professional advice.

Geographical Distribution: Report intended for professional investors in various regions (US, EEA, UK, HK, India, Japan, Korea, South Africa, Singapore, Taiwan, Qatar, Russia, Saudi Arabia, UAE, Australia, New Zealand).
ESG Scores: Notes the use of a novel ESG scoring method developed by Deutsche Bank Research.
Performance Disclaimer: Advises against reliance on backtested or hypothetical performance results.
Legal Compliance: Ensures compliance with local regulations and investor protection requirements.