软件与IT服务行业估值与预测

DeutscheNumisSoftware & IT Services Sector Valuation & Forecasts Tintin Stormont| tintin.stormont@db.com| +44 20 754 11558 Software & IT Services Software & IT Services Appendix 1Important Disclosures *PricesarecurrentasoftheendoftheprevioustradingsessionunlessotherwiseindicatedandaresourcedfromlocalexchangesviaReuters,Bloombergandothervendors.OtherinformationissourcedfromDeutscheBank,subjectcompanies,andothersources.Fordisclosurespertainingtorecommendationsorestimatesmadeonsecuritiesotherthantheprimarysubjectofthisresearch,pleaseseethemostrecentlypublishedcompanyreportorvisitourglobaldisclosurelook-uppageonourwebsiteathttps://research.db.com/Research/Disclosures/EquityResearchDisclosures.Asidefromwithinthisreport,important TheviewsexpressedinthisreportaccuratelyreflectthepersonalviewsoftheundersignedleadanalystaboutthesubjectissuersandtheAnalyst Certification securitiesofthoseissuers.Inaddition,theundersignedleadanalysthasnotandwillnotreceiveanycompensationforprovidingaspecificrecommendationorviewinthisreport.TintinStormont. Company Rating and Dispersion Key:The table provides a snapshot ofDeutsche Bank's company research rating distribution across our coveredcompanies. We also present the percentage of companies where Deutsche Bank has provided Investment Banking Services in the past 12 months and/or MIFID Investment and Ancillary services, in the past 12 months.Please see the key and definition of our rating below. Covered: The overall rating distribution across all companies under coveragewith a rating. w/Banking relation: Percentage of companies under coverage with a ratingwithin each of the "buy", "hold" and "sell" categories for which DeutscheBank has provided Investment Banking Services within the previous 12 w/MiFID services: Percentage of companies under coverage with a ratingwithin each of the "buy", "hold" and "sell" categories for which Deutsche Bank has provided MIFID Investment and Ancillary services within theprevious 12 months. Buy/Hold/Sell Percentages: These percentages reflect the proportion ofcompanies within each category that have been assigned the correspondingrating, based on our 12-month view of Total Shareholder Return (TSR). Rating definitions:Buy: Based on a current 12-month view of TSR, we recommend that investors buy the stock.Sell: Based on a current 12-month view of TSR, we recommend thatinvestors sell the stock. Hold: We take a neutral view on the stock 12-months out and, based on thistime horizon, do not recommend either a Buy or Sell. TSR: Total Shareholder Return. Percentage change in share price fromcurrent price to projected target price plus projected dividend yield.Newly issued research recommendations and target prices supersede TheinformationandopinionsinthisreportwerepreparedbyDeutscheBankAGoroneofitsaffiliates(collectively'DeutscheBank').ThoughtheinformationhereinisbelievedtobereliableAdditionalInformation andhasbeenobtainedfrompublicsourcesbelievedtobereliable,DeutscheBankmakesnorepresentationastoitsaccuracyorcompleteness.Hyperlinkstothird-partywebsitesinthisreportareprovidedforreaderconvenienceonly.DeutscheBankneitherendorsesthecontentnorisresponsiblefortheaccuracyorsecuritycontrolsofthosewebsites. IfyouusetheservicesofDeutscheBankinconnectionwithapurchaseorsaleofasecuritythatisdiscussedinthisreport,orisincludedordiscussedinanothercommunication(oralorwritten)fromaDeutscheBankanalyst,DeutscheBankmayactasprincipalforitsownaccountorasagentforanotherperson. DeutscheBankmayconsiderthisreportindecidingtotradeasprincipal.Itmayalsoengageintransactions,foritsownaccountorwithcustomers,inamannerinconsistentwiththeviewstakeninthisresearchreport.OtherswithinDeutscheBank,includingstrategists,salesstaffandotheranalysts,maytakeviewsthatareinconsistentwiththosetakeninthisresearchreport.DeutscheBankissuesavarietyofresearchproducts,includingfundamentalanalysis,equity-linkedanalysis,quantitativeanalysisandtradeideas.Recommendationscontainedinonetypeofcommunicationmaydifferfromrecommendationscontainedinothers,whetherasaresultofdifferingtimehorizons,methodologies,perspectivesorotherwise.DeutscheBankand/orits Opinions,estimatesandprojectionsconstitutethecurrentjudgmentoftheauthorasofthedateofthisreport.TheydonotnecessarilyreflecttheopinionsofDeutscheBankandaresubjecttochangewithoutnotice.DeutscheBankprovidesliquidityforbuyersandsellersofsecuritiesissuedbythecompaniesitcovers.DeutscheBankresearchanalystssometimeshaveshorter-termtrade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings.Some trade ideas for equities are listed as Catalyst Calls onthe Research Website (https://research.db.com/Research/),andcanbefoundonthegeneralcoveragelistandalsoonthecoveredcompany'spage.ACatalystCallrepresentsahigh-convictionbeliefbyananalystthatastockwilloutperformorunderperformthemarketand/oraspecifiedsectoroveratimeframeofnolessthantwoweeksandnomorethanthreemonths.InadditiontoCatalystCalls,analystsmayoccasionallydiscusswithourclients,andwithDeut