Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäf...
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Original-Research: Serviceware SE - from Quirin Privatbank
Kapitalmarktgeschäft
23.10.2026 / 17:11 CET/CEST
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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: 23.10.2026
Target price: 35
Last rating change:
Analyst: Sebastian Droste
SaaS strength drives growth and profitability
On October 23, 2026, Serviceware released its 9M 2025/2026 financial results
and confirmed its full-year guidance. Revenues grew strongly by 12.1% yoy to
EUR 96.2m, exceeding our expectation by 3.4%. Growth was driven by strong
SaaS/Service demand, new customer wins, expanding existing customer
relationships and international partnerships, partly offset by declining
non-SaaS/Service revenues. The EBIT margin improved from 0.8% to 1.6%, in
line with our estimate, supported by a higher SaaS share and operating
leverage. The order backlog increased by 24.7% to EUR 121.5m, supporting
future growth visibility. Management confirmed its FY 2025/2026 guidance of
5.0%-15.0% yoy revenue growth and significantly higher EBITDA and EBIT, in
line with our expectations. We remain positive on the recurring revenue
growth and improving profitability. We raise our target price to EUR 35
(previously EUR 34) and confirm our Buy recommendation.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f0025c89c1c863984d377719729da92b
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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2421532 23.10.2026 CET/CEST
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