First Read: Qualco Group SA "SMID Pan-European Conference 2026 - Feedback"

研报英文原文证据摘录

First Read: Qualco Group SA "SMID Pan-European Conference 2026 - Feedback"

Global Research

12 May 2026ab

First Read

EquitiesQualco Group SA

SMID Pan-European Conference 2026 - Greece

Feedback Software

12-month rating Neutral

12m price target €6.50

Qualco at the SMID Pan-European Conference 2026

We hosted Miltiadis Georgantzis, Group Chief Executive Officer, Nikolaos Kontopoulos,

Group Chief Financial Officer, and Despoina Tripylioti, IR Director, at the SMID Pan- Price (12 May 2026) €5.75

European Conference today for group meetings. RIC: QLCOr.AT BBG: QLCO GA

Trading data and key metrics

Key takeaways

52-wk range €6.68-5.21

Management sounded positive on current trading, with strong growth momentum, and

Market cap. €0.40b/US$0.47b

FY26 revenue growth expected to be at least in line with FY25, supported by stronger

than expected wins in technology and ICT. The team indicated that Portfolio Shares o/s 70.3m (ORD)

Management should become a more meaningful margin contributor from FY26 or early Free float 25%

FY27 as new mandates ramp, with limited incremental headcount required, although Avg. daily volume ('000) 83.5

the segment remains structurally lower growth and lower margin than the core Avg. daily value (m) €0.5

business. Platform progress appears more mixed, with Uniko and ODS perhaps slower Common s/h equity (12/26E) €0.10b

than expected and launch timing pushed towards September, but PPC is running ahead P/BV (12/26E) 4.1x

of the IPO run rate and management sees further upside from PPC in Romania and AI Net debt to EBITDA (12/26E) 0.9x

enabled cost efficiencies. Margin expansion is framed more as an FY27 benefit than an

EPS (UBS, diluted) (EUR)

immediate FY26 driver, as strong new business wins come at a lower margin, but

UBS Cons.