Added to YB: 2025-11-21
Pitch date: 2025-11-19
SJJ.DE [bullish]
Serviceware SE
-13.41%
current return
Author Info
No bio for this author
Company Info
Serviceware SE provides a portfolio of software solutions for the digitalization and automation of service processes in Germany, Austria, Switzerland, and internationally.
Market Cap
EUR 197.9M
Pitch Price
EUR 16.40
Price Target
25.00 (+76%)
Dividend
N/A
EV/EBITDA
46.55
P/E
175.35
EV/Sales
1.52
Sector
Software
Category
growth
Serviceware SE ('SJJ'): A small cap SaaS provider with an inflection towards profitability
SJJ.DE: German ESM software provider, 78% recurring revenue, SaaS growing 31% in 2025 vs declining legacy licenses. Rule of 40 at 35% (SaaS growth + EBITDA margin). Trades 1.7x SaaS revenue vs peers at 6-13x. Base case 13.6% IRR assumes 9-11% revenue growth, EBITDA margin expanding to 10%. Key risks: Germany concentration (79% revenue), modest 50% gross margin, liquidity concerns.
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