European Equity Research Partners starts coverage of Virtualware

Madrid, 22 June 2026.- European Equity Research Partners (EERP) has initiated coverage of Virtualware 2007 S.A. (Euronext Growth Paris: ALVIR; ISIN ES0105704003) with a BUY rating and a target price of €7.42 per share, implying around 33% upside.

Virtualware is a Spanish enterprise extended-reality (XR) company. Its VIROO platform 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 Powell, Head of Research at EERP, who is the lead analyst responsible for the initiation.

The full report can be read at https://www.europeanequityresearch.com/research/virtualware/2026-06-22-initiation.pdf.

Disclaimer

European Equity Research Partners S.L. (EERP) is incorporated in Spain and operates within the European Union's single market and framework. EERP's research is issuer-sponsored. EERP is not paid in the shares or securities of the companies it covers, its fees are not linked to its conclusions, ratings or price targets, and issuers do not approve or change those conclusions before publication. EERP publishes non-personalised research to the whole market and does not provide personal investment advice or investment services. This press release is informational only and is not investment advice, an offer to buy or sell securities, or a recommendation to any investor. Full conflict-of-interest disclosures and research methodology are published at www.europeanequityresearch.com/research-methodology.

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