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

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

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

• Upside targets raised after Serviceware's nine-month figures
• Quirin Privatbank raises target for Serviceware share from EUR 23.00 to EUR 25.00
• Montega upside target increases from EUR 18.00 to EUR 19.00
• Sales revenue growth exceeds analyst expectations

Idstein, 30 October 2024 The research firms Quirin Privatbank and Montega have published new research reports on Serviceware SE ("Serviceware", ISIN DE000A2G8X31) based on the recently published nine-month figures. In their studies on Serviceware, the analysts emphasise, among other things, the strong growth during the first nine months of fiscal 2023/2024, which exceeded expectations. Both research firms recommend the Serviceware share as a Buy. The upside target of Quirin Privatbank is EUR 25.00 (previously: EUR 23.00). Montega has raised its upside target for Serviceware from EUR 18.00 to EUR 19.00. The analysts thus see considerable upside potential of around 92 percent and around 46 percent respectively. The closing price of the Serviceware share was EUR 13.00 (Xetra) on 29 October 2024.

According to Quirin Privatbank, the conversion from a licence to an SaaS business model is increasingly paying off. This is also evident from the sharp increase in contract liabilities. Artificial Intelligence and the international expansion of Serviceware are driving growth as well. Through the partnership with Maryville Consulting in North America, Serviceware is strengthening its international positioning and expanding its range of services. Quirin Privatbank expects further positive growth impulses from this partnership in the coming months.

According to Montega, the Q3 figures once again underpinned the strong operational development of Serviceware. The expected scaling is gradually materialising and should lead to a further increase in profitability. Consequently, the analysts are raising their estimates for EBIT in 2025 by 7.4 percent and for 2026 by 12.0 percent and are also slightly increasing their sales expectations for the coming years. Moreover, Serviceware already has a comfortable net cash position of EUR 2.95 per share. Montega expects the strong momentum to persist in Q4 and continues to regard the software sector as attractive.

About Serviceware

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

The Serviceware Platform consists of seamlessly integrated software solutions that can also be used independently of each other. Since 2018, Serviceware has been focusing on the potential of artificial intelligence in service management. Today, AI is the central innovation factor of the Serviceware Platform, which is constantly being further developed in the company's own AI competence center in cooperation with TU Darmstadt.

Serviceware partners with customers from strategic consulting through the definition of the service strategy to the implementation of the Serviceware Platform. Further components of the portfolio are safe and reliable infrastructure solutions as well as managed services.

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

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

Media Relations
edicto GmbH
Axel Mühlhaus/Doron Kaufmann
Tel. +49(0) 69/905505-52
Email: investor-relations@serviceware-se.com

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Emitter:	Serviceware SE Serviceware-Kreisel 1 65510 Idstein Germany
Contact Person:	Investor Relations edicto GmbH
Phone:	+49 69 90550552
E-Mail:	serviceware@edicto.de
Website:	www.serviceware-se.com/de
ISIN(s):	DE000A2G8X31 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Stuttgart, Tradegate