Quirin Privatbank and Montega confirm “Buy” recommendation by raising upside target

Idstein (pta015/30.10.2024/11:00 UTC+1)

Serviceware SE: Quirin Privatbank and Montega raise upside target and confirm “Buy” recommendation

• Upside targets increased after Serviceware’s nine-month figures
• Quirin Privatbank raises its Utility share target from EUR 23.00 to EUR 25.00
• Montega’s upside target increased from EUR 18.00 to EUR 19.00
• Sales revenue growth exceeded analyst expectations

Idstein, 30 October 2024 Research firms Quirin Privatbank and Montega have published new research reports on Serviceware SE (“Serviceware”, ISIN DE000A2G8X31), based on recently published nine-month figures. In their work on Serviceware, analysts highlight, among other things, the strong growth in the first nine months of the 2023/2024 financial year, which exceeded expectations. Both research firms recommend Service Software sharing as a Buy. Quirin Privatbank’s upside target is EUR 25.00 (previous: EUR 23.00). Montega increased its upward target for Service Software from €18.00 to €19.00. Analysts therefore see significant upside potential of around 92 percent and 46 percent respectively. The closing price of the Serviceware share was 13.00 Euros (Xetra) on October 29, 2024.

According to Quirin Privatbank, the transition from license to SaaS business model is increasingly yielding results. This is also evident from the sharp increase in contractual obligations. International expansion of Artificial Intelligence and Service Software is also driving growth. Serviceware is strengthening its international position and expanding its range of services through its partnership with Maryville Consulting in North America. Quirin Privatbank expects further positive growth momentum from this partnership in the coming months.

According to Montega, third quarter figures once again underlined Serviceware’s strong operational development. The expected scaling is slowly happening and will lead to further increases in profitability. As a result, analysts increase their EBIT estimates for 2025 by 7.4 percent and 12.0 percent for 2026, while also slightly increasing their sales expectations for the coming years. Moreover, Serviceware currently has a comfortable net cash position of €2.95 per share. Montega expects the strong momentum to continue in the 4th quarter and continues to find the software sector attractive.

About Service Software

Serviceware is a provider of software solutions for the digitalization and automation of service processes (Enterprise Service Management), with which companies can improve service quality and manage service costs efficiently.

Serviceware Platform consists of seamlessly integrated software solutions that can also be used independently of each other. Serviceware has been focusing on the potential of artificial intelligence in service management since 2018. Today, artificial intelligence is the central innovation driver of the Service Software Platform, which is continuously developed at the company’s own AI competence center in cooperation with TU Darmstadt.

Serviceware partners with customers from strategic consulting to defining service strategy and implementing the Serviceware Platform. Other components of the portfolio are secure and reliable infrastructure solutions as well as managed services.

Serviceware has more than 1,000 customers from various business sectors worldwide, including 18 DAX companies as well as 5 of the 7 largest German companies. Serviceware’s head office is in Idstein, Germany. Serviceware has more than 450 employees in 14 international locations.

For more information, please visit www.serviceware-se.com.

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