Planisware Planning ahead: 1H26 results preview

研报英文原文证据摘录

Planisware Planning ahead: 1H26 results preview

84 0.84 0 0.83

expect growth to be driven again by the PC&E pillar and in particular the energy 12/27E 0.94 0.95 2 0.95

sector where the product is resonating and the competitive environment is 12/28E 1.04 1.08 4 1.08

favourable. Planisware debuted a more targeted, verticalised product strategy Jarrod Chisholm

during the quarter, shifting away from its horizontal "everything SPM & PPM" Analyst

product strategy and allowing for a more targeted GTM motion. Initial traction of jarrod.chisholm@ubs.com

the first 2 of 5 solutions launched will be a focus: Horizon for IT Strategic Portfolio +44-73-0852 0351

Mgmt and Nova for New Product Development. Michael Briest

Analyst

Outlook: No changes to guidance expected.

michael.briest@ubs.com

+44-20-7568 8367

What have we heard in our channel checks?

During the quarter, we spoke to a competitor and 12 customers and/or partners of Natasha Brilliant

AnalystPlanisware and PPM competitors. Our conversations pointed to improved and robust

natasha.brilliant@ubs.com

demand for PPM solutions, supported Planisware's claims of an AI lead vs competitors +44-20-7567 0645

and demonstrated little appetite to build in-house / DIY PPM tools among Planisware

customers. That being said, an enterprise we spoke to (not a customer of Planisware),

has built specific IT PPM modules. For more detailed feedback, see the notes we

published following the customer days of Planisware (link) and Planview (link).

Valuation: Increased to €22.50/share in 12mths (was €20); Buy rating

Our price target is based on a blended DCF and relative valuation (18x FY26E EV/FCF).

Highlights (€m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 156 183 198 221 252 284 316 348

EBIT (UBS) 46 46 61 67 76 87 97 108