Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: Serviceware SE - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE
AI drives solid H1 growth On July 25, Serviceware released its H1 2024/2025 financial results and reaffirmed its full-year guidance. Revenue growth was strong at 10.3% yoy (EUR 55.5m), in line with our expectation (+10%). The main drivers were a 30.5% yoy increase in SaaS/Service revenues to EUR 42.8m, driven by continued transition from license to SaaS and strong demand for the AI-native ESM platform. Additional support came from new customer wins across banking, industrial, and education sectors, as well as ongoing international expansion, including further engagement with a Fortune Global 500 client in Asia and the first North American deal via Maryville Consulting. Order backlog rose by 21.3% to EUR 97.8m, providing good revenue visibility. The EBITDA margin improved from 3.2% to 3.4%, in line with our estimate, supported by higher SaaS share and operating leverage, although investments in SaaS transformation and expansion likely limited further improvement. The focus on AI integration and recurring SaaS revenues strengthens the investment case by improving visibility and supporting mid-term profitability potential. We increase our target price to EUR 27.50 (26.50) and confirm our Buy recommendation. You can download the research here: SERVICEWARE_SE_20250728 For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/
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2175500 28.07.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 66,57 | 72,44 | 81,28 | 83,18 | 91,53 | 103,29 | 114,00 | |
| EBITDA1,2 | -1,18 | 1,79 | 2,19 | -1,63 | 0,17 | 3,23 | 5,00 | |
| EBITDA-Margin3 | -1,77 | 2,47 | 2,69 | -1,96 | 0,19 | 3,13 | 4,39 | |
| EBIT1,4 | -2,31 | -1,61 | -1,27 | -5,85 | -3,98 | -0,32 | 1,50 | |
| EBIT-Margin5 | -3,47 | -2,22 | -1,56 | -7,03 | -4,35 | -0,31 | 1,32 | |
| Net Profit (Loss)1 | -1,15 | -1,57 | -2,00 | -3,96 | -3,94 | -0,07 | 1,05 | |
| Net-Margin6 | -1,73 | -2,17 | -2,46 | -4,76 | -4,31 | -0,07 | 0,92 | |
| Cashflow1,7 | -7,23 | -0,65 | 6,01 | 0,78 | 1,27 | 9,89 | 7,50 | |
| Earnings per share8 | -0,11 | -0,15 | -0,20 | -0,37 | -0,38 | -0,01 | 0,10 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Nexia
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| Serviceware | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2G8X3 | DE000A2G8X31 | SE | 175,88 Mio € | 20.04.2018 | Kaufen | 9F2C4MC9+58 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 45,27 | 0,00 | 0,00 | -558,33 | 3,73 | 17,78 | 1,70 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 28.05.2026 | 24.04.2026 | 24.07.2026 | 24.10.2025 | 21.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -3,76% | +2,57% | +30,80% | +27,73% | -31,88% |
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