| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | 0.49 | -96 |
| Graham Formula | n/a |
EASY SOFTWARE AG is a German-based software company specializing in enterprise content management (ECM), HR process automation, and SAP-integrated solutions. Founded in 1990 and headquartered in Essen, Germany, the company provides a suite of software products designed to streamline HR, procurement, and document management processes, particularly for SAP environments. Its offerings include HR software (recruiting, personnel development, digital personnel files), procurement automation (invoice processing, contract management), and ECM solutions (document capture, workflow management, archiving). EASY SOFTWARE AG serves businesses globally with a mix of on-premise, SaaS, and private cloud deployment options, complemented by consulting and managed services. Operating in the competitive Software - Application sector, the company focuses on mid-market and enterprise clients seeking SAP-compatible efficiency tools. With a market cap of approximately €87.6 million, EASY SOFTWARE AG positions itself as a niche player in the European ECM and HR software markets, leveraging deep SAP integration as a key differentiator.
EASY SOFTWARE AG presents a mixed investment profile. On the positive side, the company operates in growing niches (HR tech and ECM) with a focus on SAP integration—a sticky product feature that could drive recurring revenue. Its debt-free balance sheet (€0 total debt) and positive operating cash flow (€5.69 million in FY2023) provide financial flexibility. However, the company reported a net loss of €1.07 million in 2023, raising questions about profitability scalability. The low beta (0.215) suggests lower volatility relative to the market, but the absence of dividends and modest market cap may limit appeal to institutional investors. Investors should weigh its specialized SAP expertise against intense competition from larger software vendors and the challenges of transitioning to cloud-based models.
EASY SOFTWARE AG competes in fragmented markets (ECM and HR software) where differentiation is critical. Its primary competitive advantage lies in deep SAP integration—a valuable feature for SAP-centric enterprises seeking to extend functionality without complex customizations. The company's focus on mid-market clients allows it to avoid direct competition with enterprise giants like SAP SE or Oracle, instead competing with regional players and best-of-breed solutions. However, its relatively small scale (€52.5 million revenue) limits R&D spending compared to global competitors, potentially hindering innovation pace. The lack of a strong cloud-native portfolio (despite offering SaaS) may become a liability as demand shifts toward cloud-first solutions. EASY's strength in German-speaking markets provides a stable base but could constrain international growth against competitors with broader geographic reach. Its multi-product strategy (HR, procurement, ECM) creates cross-selling opportunities but also spreads resources thin versus specialized rivals. The company's profitability challenges (-€1.07 million net income in 2023) suggest it hasn't yet achieved economies of scale to compete effectively on cost with larger vendors.