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Original-Research: Serviceware SE - from Quirin Privatbank
Kapitalmarktgeschäft
28.07.2025 / 15:46 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE
Company Name: Serviceware SE
ISIN: DE000A2G8X31
Reason for the research: Update
Recommendation: Buy
from: 28.07.2025
Target price: 27.50
Last rating change:
Analyst: Sebastian Droste
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:
https://eqs-cockpit.com/c/fncls.ssp?u=a47175c955462264b31d9964a9b3bc4d
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
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