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SimCorp Gains on Speculation of Cash Return: Copenhagen Mover

SimCorp A/S rose the most in more than five months in Copenhagen trading as Danske Bank A/S and Nordea Bank AB said the Danish maker of asset-management software will return more cash to shareholders.

SimCorp rose as much as 5.9 percent, the most since Sept. 6. The stock gained 4.1 percent to 1,451 kroner at 10:06 a.m. in the Danish capital with trading volume at 82 percent of the three-month daily average.

SimCorp, based in Copenhagen, said yesterday it will buy back own shares for 25 million euros ($33 million) and pay 35 kroner a share in dividend, the highest in five years. Danske today raised its recommendation on the stock to buy from hold and said the company will deliver “strong” cash returns going forward.

Danske’s analysts “continue to see SimCorp as a very strong investment case with further long-term potential,” the Copenhagen-based bank said in a note, and raised its share price estimate to 1,650 kroner from 1,400 kroner.

SimCorp yesterday reported 2012 earnings before interest and tax of 46.9 million euros, matching the average estimate in a Bloomberg survey of five analysts. The company said it expects a 2013 Ebit margin of 22 percent “or more,” compared with a reported margin of 22.4 percent for 2012.

“We’re confident that the company will exceed its cautious expectations for 2013,” Nordea said in a note to clients, repeating a buy recommendation. “We note that SimCorp has very solid cash flows. A new share buy-back program later in the year can’t be ruled out.”

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