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Original-Research: Serviceware SE - from Quirin Privatbank
Kapitalmarktgeschäft
27.10.2025 / 11:16 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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: 27.10.2025
Target price: 28.50
Last rating change:
Analyst: Sebastian Droste
Strong margin improvements
On October 24, 2025, Serviceware released its Q3 2024/2025 financial results
and confirmed its guidance for FY2024/2025. Revenue growth was strong
(+16.6% yoy) and exceeded our expectation by 5.4%. The increase was mainly
driven by strong SaaS/Service momentum, which continued to gain share due to
the ongoing transition from license to SaaS. Additional support came from
product innovation, notably the AI Process Engine, which helped win new
customers, and from international expansion, including first projects in
North America and Asia and a new sales presence in France. Large enterprise
wins also added scale, while the rising order backlog provided further
visibility. The EBIT margin improved from 0.4% to 2.3%, clearly above our
estimate of 0.4%, benefiting from a higher SaaS mix and operating leverage.
Other important points include the growing partner network and a 26.4%
increase in backlog to EUR 101.9m. Serviceware confirmed its guidance of
5-15% yoy revenue growth for FY2024/2025, in line with our estimate. We see
the investment case supported by strong SaaS dynamics, product innovation,
and higher visibility from the backlog. We raise our target price to EUR
28.50 (previously EUR 27.50) and confirm our Buy recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=bb149250441a375572f129a6eaf785a6
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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2219044 27.10.2025 CET/CEST
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