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03.03.2026 / 18:19 CET/CEST
Dissemination of a Research, transmitted by EQS News – a service of EQS Group.
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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: SERVICEWARE_SE_202603030
For additional information visit our website: https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
[email protected]
https://research.quirinprivatbank.de/
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6 Kommentare
Interesting update on Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy. Looking forward to seeing how this develops.
Solid analysis. Will be watching this space.
Good point. Watching closely.
Great insights on Deutschland. Thanks for sharing!
I’ve been following this closely. Good to see the latest updates.
This is very helpful information. Appreciate the detailed analysis.