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Original-Research: Serviceware SE - from Quirin Privatbank
Kapitalmarktgeschäft
03.03.2026 / 18:19 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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: 03.03.2026
Target price: 30
Last rating change:
Analyst: Sebastian Droste
Profitable SaaS transition accelerates
On 23. Februar 2026, Serviceware released its full-year preliminary
financial results and provided guidance for FY 2025/2026. Revenue growth was
strong (+11.7% yoy) and in line with our expectation. Growth was mainly
driven by the ongoing shift from license to SaaS, reflected in strong
SaaS/Service momentum and a higher share of recurring revenues, as well as a
rising order backlog improving visibility. Product innovation around the AI
Process Engine supported new wins and upselling, while international
expansion (Italy, first North America deal, Fortune-500 customer in Asia)
added momentum. However, growth was likely still constrained by declining
license revenues and limited short-term impact from international wins.
The EBITDA margin increased from 3.1% to 4.4%, above our estimate by 0.2ppt,
supported by SaaS mix effects and operating leverage, despite the stop of
development cost capitalization and ongoing amortization.
The backlog rose to EUR 97.4m (+20.9% yoy) and cash stood at EUR 34.2m. For
FY 2025/2026, management guides for 5-15% yoy revenue growth, in line with
our expectation, and a further significant increase in EBITDA and EBIT,
without quantifying margins. We raise our target price to EUR 30 (previously
EUR 28.50) and confirm our Buy recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d6bef3a07dd5c09340a24eeccfdf2c8d
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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2285044 03.03.2026 CET/CEST
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