Virtualware: Eerp maintains its 8 € target following Virtalis acquisition
The European Equity Research Partners (EERP) firm maintained, in a flash note published on October 22, 2026, its price target of €8.00 on Virtualware (Euronext Growth Paris: ALVIR), against a reference price of €5.25 corresponding to the close on October 16. This Spanish-based research firm, whose coverage is commissioned by Virtualware, has incorporated into its estimates the acquisition of British company Virtalis.
The €8.00 target still relies on the 2026 basis
According to EERP, this target is based on estimated revenue of €7.29 million for 2026, which includes only three months of Virtalis Holdings Limited, acquired on September 28, 2026. The firm expects net debt of €4.89 million at the end of 2026.
Applied to the consolidated revenue estimated for 2027, namely €11.52 million, the same method results in €13.25. EERP indicates that the valuation basis should shift to 2027 at the time of the 2026 fiscal year results.
Simon Powell, EERP's research director and senior analyst, explains that he did not move the reference year during the fiscal year, as this would amount to "a change of methodology disguised as a change in estimates". He adds that an increase of 67% in the target linked solely to the choice of denominator "would not be credible", but that the mechanical consequence of the published method will be "a significantly higher price target" once 2027 becomes the reference fiscal year.
2027 estimates raised, 2026 dilution linked to acquisition costs
EERP raised its 2027 revenue forecast to €11.52 million, compared to €7.18 million previously (+60.5%), and its 2027 EBITDA estimate to €3.35 million, compared to €1.96 million. Transaction fees of €337 thousand reduce the estimated earnings per share for 2026 to €0.087, compared to €0.161 without the acquisition, representing a dilution of 46%.
The firm then anticipates an accretive effect of 14% in 2027, then 15% in 2028 and 2029.
According to the note, Virtualware paid €4.95 million in cash and assumed €1.3 million in debt, for an enterprise value of €6.25 million. This represents 1.58 times Virtalis's 2026 revenue (€3.97 million) and 7.2 times its adjusted EBITDA.
Founded in 2003 and with 19 employees, Virtalis develops virtual reality software and real-time 3D visualization. On a pro forma basis, 2026 revenue reaches €10.3 million, compared to €6.3 million for Virtualware alone.
The United Kingdom becomes the primary market, accounting for nearly 38% of pro forma revenue, and the share realized outside Spain rises from 54% to 78%. EERP initiated coverage on June 22, 2026 with a buy rating and a €7.42 target, raised to €8.00 on July 30, 2026.
