Virtualware: LKS Next raises its valuation range to €6.5–6.8 following the acquisition of Virtalis
In an update to its sponsored analysis coverage published on November 6, 2026, LKS Next now values Virtualware between €6.5 and €6.8 per share. This represents a potential upside of approximately 24% to 30% relative to the market price used in its report. This revision follows the completion of the acquisition of the UK-based Virtalis by the immersive software publisher.
According to LKS Next, Virtalis broadens the offering and international exposure
LKS Next published its note after the completion of the acquisition of Virtalis. The research firm highlights a “strong strategic coherence” of the transaction. According to it, the deal strengthens Virtualware’s international presence, broadens its technology offering and significantly increases the size of the group.
LKS Next emphasizes the combination of the Visren, Simumatik and Viroo software. According to the note, this set enables Virtualware to cover the lifecycle of real-time industrial 3D, from visualization and simulation of engineering data through to the deployment and management of enterprise applications.
According to LKS Next, the acquisition also increases the group’s exposure to international markets. It brings a customer base in industry, energy, aerospace and defense.
LKS Next forecasts €2.8M of adjusted EBITDA in 2027
Financially, LKS Next expects the combined entity to reach €11.1M in revenue and €2.8M in adjusted EBITDA in 2027. The research firm sees this as reflecting the increased size of the business and the expected benefits of integrating Virtalis.
On October 16, 2026, after the completion of the acquisition of Virtalis on September 28, Virtualware had for its part reported full-year pro forma EBITDA of approximately €2.5M. This amount was reduced to approximately €1.5M on an adjusted basis.
Following the transaction, LKS Next raised its fair value range, previously between €5.9 and €6.5 per share. The new lower bound thus matches the former upper bound.
On October 22, 2026, European Equity Research Partners (EERP) had meanwhile maintained its price target of €8 on the stock, which is listed on Euronext Growth Paris.
