Industry

Information Technology

Sector

Software

Country

Denmark

Company description

SimCorp is a Danish company that provides IT solutions and systems to financial institutions and asset management companies such as banks, pension funds, asset management funds, national banks and insurance companies. The company was founded in 1971 and it now operates throughout Europe, Asia and North America with more than 1.500 employees.

Market cap.

DKKm 17,638

Share price

DKK 446

Earnings per share (EPS)

EUR 2

Dividend per share (DPS)

EUR 1

Price / earnings

0.0x

Price / sales

0.0x

Price / book value

0.0x

Enterprise value / EBITDA

-0.4x

CEO

Klaus Holse

Chairman of the Board of Directors

Peter Schutze

CFO

Michael Rosenvold

Investor relations

Anders Hjort

Ticker symbol

SIM

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060495240

Phone

0045 35 44 88 00

Website

simcorp.com

Address

Weidekampsgade 16, Copenhagen

Income statements

EUR'000 2012201320142015201620172018
Sales 209,190225,129241,069277,927295,930343,405382,626
Other income 000000
Total income 209,190225,129241,069277,927295,930343,405382,626
Total expenses -158,540-168,042-180,066-203,700-224,347-250,554-273,358
EBITDA 50,65057,08761,00374,22771,58392,851109,268
Depreciation tangible assets -3,063-2,539-2,322-2,323-2,452-2,205-2,139
Write-downs tangible assets 0000000
EBITA 47,58754,54858,68171,90469,13190,646107,129
Amortisation intangible assets -672-312-796-866-908-1,752-3,784
Income from associated companies 00-6220000
Earnings before interest and taxes (EBIT) 46,91554,23657,26371,03868,22388,894103,345
Financial income 2,0062,3751,8191,7962,6943,4254,694
Financial expenses -2,066-2,494-1,616-3,860-3,418-4,680-5,591
Income from associated companies 141-11150126945188
Earnings before taxes (EBT) 46,99654,00657,51669,10067,59387,690102,536
Taxes 12,52214,670-15,933-16,516-16,601-21,193-25,565
Profit from continuing operations 59,51868,67641,58352,58450,99266,49776,971
Discontinued operations 0000000
Minorities 0000000
Net profit or loss 59,51868,67641,58352,58450,99266,49776,971

Cash flow statements

EUR'000 2012201320142015201620172018
EBITDA 50,65057,08761,00374,22771,58392,851109,268
Net interest paid 1,062524-428-324-150-119-329
Taxes paid -11,864-14,388-15,018-21,174-13,093-14,898-22,281
Investments in working capital 4,2851,186-3,870-4,9121,997-7,93121,917
Other operating cash items 2,5323,0382,7036,3895,081-14,371-26,360
Cash flow from operations (CFFO) 46,66547,44744,39054,20665,41855,53282,215
Capital expenditures (capex) -2,843-766-2,487-1,965-4,609-7,079-1,720
Acquisitions 00-138-5,0580-19,8510
Disposals 0000000
Other investing cash items 0000000
Cash flow from investing activities -2,843-766-2,625-7,023-4,609-26,930-1,720
Free cash flow to equity holders (FCFE) 43,82246,68141,76547,18360,80928,60280,495
Dividends paid -17,266-20,078-22,131-24,457-28,450-33,235-34,444
Share buy-backs -25,518-42,850-24,455-21,221-44,406-25,0590
New share issues 0000000
Increase/(decrease) in debt 0000030,000-30,000
Other financing cash flows 4,456-4,2903,844293-48637
Cash flow from financing activities (CFFF) -42,784-58,472-50,876-41,834-72,563-28,780-64,407
Discontinued activities and other 000000
Net cash flow / Change in cash position -11,791-9,1115,349-11,754-17816,088

Balance sheets

EUR'000 2012201320142015201620172018
Goodwill 8757924,3314,5793,97628,00927,937
Other intangible assets 6233867,3467,1917,01916,24712,507
Total intangible assets 1,4981,17811,67711,77010,99544,25640,444
Fixed tangible assets 5,2134,8394,6354,3334,7795,5285,377
Shares and associated companies 1,3641,221338628551854723
Other financial assets 2,0952,1111,8732,1021,8901,9951,983
Deferred tax assets 5,6806,2196,9849,0788,5343,1232,328
Other non-current assets 0000000
Total fixed assets 15,85015,56825,50727,91126,74955,75650,855
Inventories 0000000
Trade receivables 46,12449,33657,99468,14480,04186,08079,165
Other current assets 4,9205,4596,31110,1308,54857,36892,747
Cash and cash equivalents 58,89747,10637,99543,34431,59031,41247,500
Total current assets 109,941101,901102,300121,618120,179174,860219,412
Total assets 125,791117,469127,807149,529146,928230,616270,267
Equity 85,86471,56673,38089,82072,571116,581169,059
Non-controlling interests (minorities) 0000000
Shareholders equity 85,86471,56673,38089,82072,571116,581169,059
Pension liabilities 0000000
Deferred tax liabilities 4082135139731,1498,51411,728
Long-term provisions 2,9043,1774,1794,6875,5738,0258,258
Convertible debt 0000000
Long-term debt 74901,4802,343000
Other long-term liabilities 0000000
Total long-term liabilities 4,0613,3906,1728,0036,72216,53919,986
Short-term debt 0000030,0000
Trade payables 29,15533,49835,53942,21550,92250,35859,675
Other current liabilities 6,7119,01512,7169,49116,71317,13821,547
Total current liabilities 35,86642,51348,25551,70667,63597,49681,222
Total equity and liabilities 125,791117,469127,807149,529146,928230,616270,267

Growth rates

[%] 2012201320142015201620172018
Sales growth 0.0%8.0%7.0%15.0%6.0%16.0%11.0%
EBITDA growth 0.0%13.0%7.0%22.0%-4.0%30.0%18.0%
EBITA growth 0.0%15.0%8.0%23.0%-4.0%31.0%18.0%
EBIT growth 0.0%16.0%6.0%24.0%-4.0%30.0%16.0%
EBT growth 0.0%15.0%7.0%20.0%-2.0%30.0%17.0%
Earnings growth 0.0%15.0%-39.0%26.0%-3.0%30.0%16.0%

Margins

[%] 2012201320142015201620172018
EBITDA-margin 24.0%25.0%25.0%27.0%24.0%27.0%29.0%
EBITA-margin 23.0%24.0%24.0%26.0%23.0%26.0%28.0%
EBIT-margin 22.0%24.0%24.0%26.0%23.0%26.0%27.0%
EBT-margin 22.0%24.0%24.0%25.0%23.0%26.0%27.0%
Earnings-margin 28.0%31.0%17.0%19.0%17.0%19.0%20.0%

Other key figures

EUR'000 2012201320142015201620172018
Tax rate -27.0%-27.0%28.0%24.0%25.0%24.0%25.0%
Net working capital balance (NWC) 15,17812,28216,05026,56820,95475,95290,690
Net interest bearing debt (NIBD) -58,148-47,106-36,515-41,001-31,590-1,412-47,500
Invested capital (including goodwill) 27,71624,46036,86548,81940,981115,169121,559
Invested capital (excluding goodwill) 26,84123,66832,53444,24037,00587,16093,622
Enterprise value (EV) -57,426-45,922-35,618-38,882-29,736458-45,137

Share data

2012201320142015201620172018
Shares outstanding, millions (excl. treasury) 42,59841,36341,09940,76240,04739,40440
Market capitalisation (DKKm) 5,3848,8316,67915,81613,78413,92217,638
Market capitalisation (EUR'000) 7221,1848972,1191,8541,8702,363
Share price (DKK) 126.4213.5162.5388.0344.2353.3445.6
Earnings per share (EPS), (EUR) 0.80.91.01.31.31.72.0
Dividend per share (DPS), (EUR) 0.50.50.50.60.70.80.9

Price multiples

2012201320142015201620172018
Price/Earnings (P/E) 0.0x0.0x0.0x0.0x0.0x0.0x0.0x
Price/Sales (P/S) 0.0x0.0x0.0x0.0x0.0x0.0x0.0x
Price/Book value (P/B) 0.0x0.0x0.0x0.0x0.0x0.0x0.0x

Enterprise value (EV) multiples

2012201320142015201620172018
Enterprise value/Sales (EV/Sales) -0.3x-0.2x-0.2x-0.1x-0.1x0.0x-0.1x
Enterprise value/EBITDA (EV/EBITDA) -1.1x-0.8x-0.6x-0.5x-0.4x0.0x-0.4x
Enterprise value/EBITA (EV/EBITA) -1.2x-0.8x-0.6x-0.5x-0.4x0.0x-0.4x
Enterprise value/EBIT (EV/EBIT) -1.2x-0.9x-0.6x-0.6x-0.4x0.0x-0.4x