SoftwareOne CMD targets could drive healthy upgrades relative to consensus; Investors may want to see execution first

研报英文原文证据摘录

SoftwareOne CMD targets could drive healthy upgrades relative to consensus; Investors may want to see execution first

J P M O R G A N Europe Equity Research

09 June 2026

SoftwareOne Neutral

SWON.S, SWON SW

CMD targets could drive healthy upgrades relative to Price (08 Jun 26):CHF8.80

consensus; Investors may want to see execution first Price Target (Dec-27):CHF7.50

Our Take: SoftwareOne has released new mid-term financial targets ahead of its European Tech Software & IT

capital markets day (CMD) later today. The 2030 guidance calls for a HSD% Services

revenue CAGR, alongside EBITDA margins >28% and FCF conversion >60%. Joseph George AC

The outlook could drive LSD% revenue upgrades and potentially HSD-LDD% (44-20) 3493-6990

EBITDA upgrades to consensus expectations. The targets would also imply an joe.george@jpmorgan.com

EBITDA CAGR close to mid-teens % through the mid-term. We think investors J.P. Morgan Securities plc

will focus on the sustainability of this higher growth profile, alongside the drivers Toby Ogg

of margin expansion. And while the targets yield healthy theoretical upside to (44-20) 7742-3278

toby.ogg@jpmorgan.com

consensus, we think investors may also want to see evidence of improved J.P. Morgan Securities plc

execution before turning more positive, given SoftwareOne’s historical track Giulio Gambardella

record. Notwithstanding, on initial blush, we think these targets appear relatively (44-20) 3493-4181

realistic compared to peers and market growth (software-heavy resellers like giulio.gambardella@jpmorgan.com

Softcat (OW) and Bytes (NC) typically aim to grow gross profits LDD%, with J.P. Morgan Securities plc

higher operating margins). The FCF conversion target may also be in focus, given Priya R Suneja

historical use of factoring.