'Maestro at work': Berenberg initiates Planisware at 'buy'

Planisware SA

28/05/2024 07:39

** Berenberg initiates Planisware  PLNW.PA  with "buy",
saying the "maestro" of project portfolio management software is
well placed to grab market share
    ** It says the French group is a core beneficiary of the
growing project economy, with durable potential for earnings
growth
    ** "While its shares have performed well since the group's
IPO, we think they have further to run," it adds, saying the
current discount to peers is unwarranted
    ** It estimates that Planisware's adj. EBIT will almost
double by 2026 to EUR 78 mln ($85 mln), with adj. EBIT margins
expected to rise to 29%
    ** It sets a PT of EUR 29 per share vs Monday's close of EUR
24
    ** Separately, Citigroup starts coverage of the stock at
"buy" with a PT of EUR 27

($1 = 0.9194 euros)

 (Reporting by Dimitri Rhodes)
 ((Dimitri.Rhodes@thomsonreuters.com))