Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy
|
Original-Research: Serviceware SE - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE
AI-native demand accelerates growth On July 24 2026, Serviceware released its H1 financial results and confirmed its guidance for 2025/2026. Revenue growth was strong (13.0% yoy), exceeding our expectation by 2.6%. Growth was driven by strong SaaS demand, new customer wins across several industries, higher license revenues, international expansion, new partnerships and greater market visibility for the AI-native platform. The higher order backlog also supports future revenue visibility. However, lower maintenance and consulting revenues partly offset the positive development. The H1 EBIT margin increased from 0.0% to 0.3%, in line, supported by personnel and other operating expenses growing slower than revenues. One-off restructuring costs, higher cost of materials and the upfront sales costs related to multi-year SaaS contracts limited the improvement. Management confirmed revenue growth of 5.0%-15.0% yoy and a significant increase in EBIT and EBITDA, both in line with our expectations. Strong Q2 momentum, recurring SaaS revenues, efficiency measures and international expansion support the investment case. We raise our target price to EUR 34 (previously EUR 33) and confirm our Buy recommendation. You can download the research here: SERVICEWARE_SE_20260727 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/
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||
2372264 27.07.2026 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 | ||||||
| ©boersengefluester.de | ||||||
| Serviceware | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2G8X3 | DE000A2G8X31 | SE | 149,63 Mio € | 20.04.2018 | Kaufen | 9F2C4MC9+58 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 30,32 | 43,18 | 0,70 | -475,00 | 3,14 | 38,19 | 1,30 |
|
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 |
| +15,23% | -3,44% | -24,40% | -19,72% | -40,63% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
