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
Strong SaaS momentum continues On April 24, 2026, Serviceware released its Q1 2025/2026 financial results and confirmed its guidance for FY 2025/2026. Revenue growth was solid (+5.6% yoy) and exceeding our expectation by 2.0%, driven by strong SaaS momentum, new customer wins, international growth and continued demand for the AI-native platform. However, declining license and maintenance revenues as well as SaaS-related revenue deferrals continued to weigh on reported growth. The EBITDA margin declined from 2.4% to 0.9%, in line, mainly impacted by upfront sales expenses for SaaS projects, higher third-party product costs and the ongoing transition from license to recurring revenues. The strong increase in contractual liabilities to EUR 114.6m supports visibility for the coming quarters. Management confirmed its FY 2025/2026 guidance for 5.0%-15.0% yoy revenue growth and a significant increase in EBITDA and EBIT, in line with our expectation. In our view, the investment case remains supported by the increasing share of recurring revenues and growing international activities. We raise our target price to EUR 33 (previously EUR 30) and confirm our Buy recommendation. You can download the research here: SERVICEWARE_SE_20260511 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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2325290 11.05.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 72,44 | 81,28 | 83,18 | 91,53 | 103,29 | 115,33 | 129,00 | |
| EBITDA1,2 | 1,79 | 2,19 | -1,63 | 0,17 | 3,23 | 5,08 | 8,00 | |
| EBITDA-Margin3 | 2,47 | 2,69 | -1,96 | 0,19 | 3,13 | 4,41 | 6,20 | |
| EBIT1,4 | -1,61 | -1,27 | -5,85 | -3,98 | -0,32 | 0,97 | 4,10 | |
| EBIT-Margin5 | -2,22 | -1,56 | -7,03 | -4,35 | -0,31 | 0,84 | 3,18 | |
| Net Profit (Loss)1 | -1,57 | -2,00 | -3,96 | -3,94 | -0,07 | 1,85 | 3,40 | |
| Net-Margin6 | -2,17 | -2,46 | -4,76 | -4,31 | -0,07 | 1,60 | 2,64 | |
| Cashflow1,7 | -0,65 | 6,01 | 0,78 | 1,27 | 9,89 | 3,92 | 5,30 | |
| Earnings per share8 | -0,15 | -0,20 | -0,37 | -0,38 | -0,01 | 0,17 | 0,33 | |
| 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 | 132,30 Mio € | 20.04.2018 | Kaufen | 9F2C4MC9+58 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 26,81 | 38,18 | 0,70 | -420,00 | 2,77 | 33,77 | 1,15 |
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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 | 24.10.2026 | 27.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +4,20% | -17,81% | -33,16% | -16,56% | -47,50% |
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