Virtualware receives EERP initiation with BUY rating and €7.42 target price

VIRTUALWARE 2007 S.A.

European Equity Research Partners (EERP) has initiated coverage of Virtualware (Euronext Growth Paris: ALVIR) with a BUY recommendation and a target price of €7.42 per share, implying approximately 33% upside.

The report highlights Virtualware as a Spanish enterprise extended-reality (XR) company. Its enterprise XR platform VIROO delivers industrial VR training, simulation and digital-twin environments for clients across energy, defence, healthcare, education and manufacturing.

Following its 2021 pivot from bespoke projects to a recurring subscription (VRaaS) model, and the 2024 acquisition of Simumatik, the company has lifted gross margins into the low-90s%. It is now guiding to approximately 30% revenue growth in 2026.

EERP's target price is derived from a 7x 2026E revenue multiple, in line with sector peers, with a 20% discount applied to reflect the stock's limited liquidity.

Coverage is led by Simon Power, Head of Research at EERP, who is the lead analyst responsible for the initiation.

The full report can be read at https://www.virtualwareco.com/investors/

Investor Relations:

ir@virtualwareco.com

https://www.virtualwareco.com/investors/

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