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BetterValueInvest

@BetterValueInv

Compounders where value of growth not fully recognized Discounted assets, where a catalyst exists (liquidation/productivity change) Arbitrage

Joined February 2017
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Serviceware $SJJ increases guidance for FY Sales to grow 10-15% EBIT/EBITDA to increase "significantly" vs earlier "slightly" Contrast vs turbulent Servicenow development Good add after the Forrester ESM "Strong Performer" recognition earlier
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serviceware-se.com/en/compan…
Revenue growth in 2024/2025 now expected in the upper guidance range

Revenue growth in 2024/2025 now expected in the upper guidance range

Serviceware SE revises revenue growth forecast to 10-15% for 2024/2025 and raises earnings outlook to significant improvement despite changes.

serviceware-se.com
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Forrester news serviceware-se.com/en/compan…
Serviceware Platform recognized in international analyst evaluation in the field of ESM

Serviceware Platform recognized in international analyst evaluation in the field of ESM

Serviceware Platform recognized as a Strong Performer in Forrester's ESM evaluation, highlighting its AI-driven innovation and global relevance.

serviceware-se.com
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Serviceware $SJJ Q3 25 was released on Friday Sales growth up to 17% on q3, driven by license sales (down H1, now up 9%) Strong licenses caused a margin surprise --> black figures! Expecting strong scaling in profitability 2026 Strong order growth, back at over 100meur
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Cash is 3meur lower qoq, probably due to some larger contract prepayments Annoying, that they do not comment nwc development Over time however, Serviceware operates at strongly negative working capital due to heavy customer pre payments
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Share price 17.3€ 10.5m shares out Market Cap 182 MEUR EV 150 MEUR Sales ltm 112.8meur YoY growth 12.5% EBITDA ltm 4.0meur EBITDA margin 3.5% P/S ltm 1.6x EV/S ltm 1.3x EV/EBITDA 37.5x Rule of 40: 16% (12.5 + 3.5)
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Serviceware $SJJ H1 2025 out today Solid 10% sales growth, but it hides the >40% SaaS growth in declining service and license sales EBIT is positive, and has accumulated by 1 MEUR to over 34 MEUR When service and license are done with, this should scale like a proper software
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Contract liabilities (orders) grew 21 % yoy, but decreased slightly qoq Book level is great, and we should expect to see new bumps in the upcoming quarters
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There isnt much licenses (5MEUR) or consulting (6 MEUR) left to get rid of These are 80-100% gm in Serviceware accounting, so the lowered GM will start to recover after these are insignificant Outlook was good and also promised growth in FY26
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Serviceware major deal #7 YTD and more serviceware-se.com/en/ir-new… AI platform SaaS order intake 7digits just in Apr-Jun 25 $SJJ reporting Q2 July 29th Solid momentum. Already more deals vs FY24 Orderbook Q1 25 was 102 MEUR (+26% qoq) Why havent they increased sales guidance?
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1/ Case: Serviceware: EV/S 1.1x, net cash 30% of MCAP, ITSM/ITFM recurring rev grows >20% and is 70% of total, ebit turned positive with >100% cash conversion. Blue chip customers as Petrobras, Petronas, DSV and Ikea. Mgmt owns ⅔. Grows profitably via partners outside DACH core
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Q1/25 from Serviceware $SJJ Topline growth 11.2 %, SaaS growth >40 % and order book up 50% to 102 MEUR EBITDA grew slightly, marginally positive at 0.7 MEUR, cash at 32 MEUR (MCAP 154 MEUR at 14.5€) Transformation to SaaS almost ready, as licenses only 11 % (20%) of sales
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Montega increased their Serviceware price target to 23 EUR (21) in the recent Q1 2025 update teapawt.org/eqsnews_adhoc/status/1… Also Quirin Privatbank increased their target to 26.5 EUR (25.5)
EQS News | Ad-hoc (@eqsnews_adhoc) profile pictureEQS News | Ad-hoc@eqsnews_adhoc30 Apr 2025
Serviceware SE: original-research: serviceware se (von montega ag): kaufen eqs-news.com/news/research/o…
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Added 33 new stock pitches to the website, including: @Wubbebos - $EBRO.MC (watchlist) @valuehurts - $PZC.L @Aksel465 - $BOOM.L @RuerdHeeg - $EZL.AX @IcebergResear - $GEVO (short) @StockSavvyShay - $IONQ @AboveAvgOdds - $NTDOY @uv_shares - $PSHZF @BetterValueInv - $SJJ.F
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