secunet Security Networks AG – Value Analysis (XETRA:YSN) : December 26, 2017

Capitalcube gives secunet Security Networks AG a score of 97.

Our analysis is based on comparing secunet Security Networks AG with the following peers – SQS Software Quality Systems, PSI Software AG and SYZYGY AG (SQS-DE, PSAN-DE and SYZ-DE).

Investment Outlook

secunet Security Networks AG has a fundamental score of 97 and has a relative valuation of OVERVALUED.

Fundamental Score

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Company Overview

  • With respect to peers, relative outperformance over the last year is in contrast to the more recent underperformance.
  • It currently trades at a Price/Book ratio of (13.02).
  • YSN-DE outperforms its peers with a relatively high operating performance and the market also expects faster growth relative to its peers
  • YSN-DE has a successful operating model with relatively high net profit margins and asset turns.
  • The company’s year-on-year change in revenues and earnings are better than the median among its peer group.
  • YSN-DE‘s return on assets currently and over the past five years suggest that its relatively high operating returns are sustainable.
  • The company’s relatively high pre-tax margin suggests tight control on operating costs versus peers.
  • Compared with the peers chosen, YSN-DE has had faster revenue growth in prior years and a current P/E ratio that suggests faster growth in the future suggesting superior growth expectations.
  • The company’s level of capital investment seems appropriate to support the company’s growth.
  • YSN-DE currently does not have any debt.

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Leverage & Liquidity

YSN-DE currently does not have any debt.

  • We consider the company to have a Quick & Able profile as it currently does not have any debt. In comparison, the median level of debt as percent of enterprise value for its peer group is currently 0.62%.
  • Of the 3 chosen peers for the company, only 2 of the stocks have an outstanding debt balance. Companies with no debt include SYZ-DE.

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Key Liquidity Items

Company Debt/Enterprise Value (%) Current Ratio Interest Coverage (x) Cash Flow To Total Debt (%)
SQS Software Quality Systems 28.08 1.17 10.4 37.28
PSI Software AG 1.24 1.81 15.56 552.88
SYZYGY AG 0 1.36 No interest exp 999
secunet Security Networks AG 0 2.3 No interest exp 999
Peer Median 0.62 1.59 507.28 775.94
Best In Class 1.24 2.3 No interest exp 999

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Company Profile

secunet Security Networks AG is an Information Technology specialist offering security solutions and products in the field of Information Technology. The company operates its business through two segments: Public Sector and Business Sector. The Public sector involves processes and IT infrastructure for public customers that are particularly challenging in term of information security. It offers advice to national and international sector and defense customers, using state-of-the-art products and services that can be tailored to customers’ needs, as well as individual security solutions. The business Sector provides IT security for companies and industry solutions. It attacks on company network, industrial espionage, cyber crime and date protection requirements necessitate intelligent IT security solutions. The company was founded in 1997 and is headquartered in Essen, Germany.


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