ATOSS Software SE (von NuWays AG): BUY 20.10.2026, 09:01 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: ATOSS Software SE - from NuWays AG



20.10.2026 / 09:00 CET/CEST
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Classification of NuWays AG to ATOSS Software SE



     Company Name:                ATOSS Software SE
     ISIN:                        DE0005104400



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 134
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Steady quarter ahead, margin upside in reach




ATOSS will release preliminary Q3 figures on Friday. We expect another
strong quarter, which should make the margin guidance look conservative. In
detail:



We expect Q3 sales of EUR 53.3m (+12.9% yoy, eCons: EUR 53.3m), driven by
continued strong momentum in Cloud & Subscription (eNuW: +25% yoy).
Visibility remains good with Cloud ARR up 25% at H1 to EUR 114m and net
retention of 111%. Larger enterprise migrations such as Rossmann and
Berlin-Chemie should add to this, as contributions from migrations should
further increase in Q3. Moreover, the broader rollout of the first ATC agent
should support upselling. On the other hand, legacy licenses and maintenance
should keep shrinking as planned, pushing the recurring share further up.



On the bottom-line, we see an EBIT at EUR 18.4m (eCons: EUR 18.6m), implying a
margin of 34.5%. We are deliberately conservative here, as on the one hand
ATOSS keeps investing in sales capacity with sales headcount up 12% at H1
and on the other hand renewed geopolitical tensions and higher energy prices
could lengthen decision cycles and keep pressure on new logo pricing.
Nevertheless, cloud scaling and the internal AI rollout remain intact and
management indicated in the Q2 CC, that holding or even exceeding the H1
level (35.1%) would not be a surprise.



On FY26 guidance, management calls for sales of EUR 210-215m and an EBIT
margin of >=34%. For sales, our model indicates the mid-range with with EUR
213m (+12.4% yoy, eCons: EUR 213m). On EBIT however, we see ATOSS closer to
the 35% (eNuW & eCons: 34.9%) despite our conservative H2 estimates, which
do not reflect the typical H2 seasonality. An EBIT guidance upgrade with the
Q3 release therefore remains a real possibility, in our view.



Beyond FY26, management guides for FY27 sales of EUR 235-245m (eNuW & eCons: EUR
242m) and an EBIT margin of >=35% (eNuW: 35.4%, eCons: 35.3%). The groundwork
for this is already laid. With almost 74% of sales recurring and Cloud ARR
growing 25% yoy, a large part of FY27 revenue is already visible. The
installed base keeps expanding, which is visible in the strong net retention
and driven by upselling and annual price increases. Large enterprise
customers are moving to the cloud at higher ticket sizes while ATOSS's moat
in complex, highly regulated environments keeps switching costs high. Two
new growth levers add to this: the ASES agents, launching at the end of Q4
and monetised through usage-based subscriptions, and the international
business, which already accounts for 8% of sales (non-DACH +51% yoy at H1).
On the margin side, cloud scaling and the internal AI rollout across
development, sales and service should keep cost growth below revenue growth,
making the outlook appear comfortable, in our view.



Reiterate BUY with an unchanged EUR 134 PT based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=7127768183b2825b417b7842b822fa03
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2418422 20.10.2026 CET/CEST