Planisware: Berenberg says buy, targets E29

(CercleFinance.com) - Berenberg has initiated coverage of Planisware shares on Tuesday with a Buy recommendation and a TP of E29, considering the group to be a 'maestro' in the project portfolio management software market.


We see Planisware as a key beneficiary of the fast-growing 'project economy' sector, with sustainable earnings growth potential, it says.

According to Berenberg, the group with its "unique" business profile is in a position to generate average annual growth of around 20% in sales by 2026, and 22% in adjusted EBIT.

Considering that this performance is higher than that expected from its competitors, the French group should gain market share in its core businesses, the broker predicts.

However, despite its successful start on the stock market, the share is still at a pronounced discount to its comparables, he adds, which suggests a possible revaluation.

We expect this valuation gap to narrow as investors become aware of the very high quality of this European software group, it concludes.

Its target price shows 24% upside potential from Monday's closing price.


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