Last Price

FX

Mkt Cap

                    P/E (x)

                    EV/Sales

                    EV/EBITDA

LC

€m

2026e

2027e

2026e

2027e

2026e

2027e

Crowdstrike

452.4

USD

98,186

121.7

93.0

23.0

18.7

87.9

64.3

Cloudflare

212.0

USD

63,880

187.6

142.9

26.5

20.8

122.5

91.2

Avg. Large cybersecurity peers

154.7

118.0

24.7

19.8

105.2

77.8

SAP

145.6

EUR

178,895

20.1

17.3

4.4

4.0

13.6

11.8

Salesforce

181.2

USD

126,870

15.4

13.7

3.8

3.4

8.8

8.3

Intuit

395.1

USD

93,504

17.0

15.0

5.3

4.7

12.4

11.1

Sage Group

882.2

GBp

9,376

17.6

15.4

3.4

3.1

12.5

11.3

EPAM

112.9

USD

5,068

8.8

8.1

0.8

0.8

4.6

4.3

Reply

93.9

EUR

3,513

12.8

11.9

1.2

1.1

6.3

6.0

Globant

40.7

USD

1,503

6.5

6.1

0.8

0.8

4.1

3.8

Sopra Steria

134.0

EUR

2,753

7.9

7.2

0.6

0.6

5.0

4.8

Endava

4.3

USD

198

3.9

3.3

0.5

0.5

4.3

3.7

Nagarro

44.2

EUR

571

8.1

7.1

0.8

0.8

5.2

4.8

Avg. App Software & IT services

11.8

10.5

2.2

2.0

7.7

7.0

Izertis (JB Capital est.)

8.6

EUR

299

24.8

16.3

1.4

1.1

9.8

7.7

Facephi (JB Capital est.)

2.3

EUR

59

18.5

10.8

1.3

1.1

5.7

4.1

Avg. BME Growth

21.7

13.5

1.4

1.1

7.7

5.9

Cuatroochenta (JB Capital est.)

15.1

EUR

41

14.2

11.2

1.1

0.9

8.6

7.7

Total peer average

62.7

47.3

9.4

7.6

40.2

30.2

DCF Analysis

EV (26e-32e)

24

29%

EV - Terminal value

59

71%

Total EV

83

(-) Net debt 25e (ex-convertibles)

-5.6

(-) Minorities 24

0.1

(+) 2025 Convertible

2.0

(+) 50% stake in Pavabits/Matrix

2.8

2025e Book value

(+) Other Financial Assets

0.9

Book value

Total Equity

83

Current Nº of shares (m shares)

2.7

Convertible shares (m shares)

0.2

€3.2m at €18/shr 

2025 Convertible shares (m shares)

0.1

€2.0m at €18/shr 

Fair value (€/shr)

27.6

(-) Liquidity disc (20%) €/Shr

5.5

Target Price (€/shr)

22.1

DISCLAIMER

Investors should only consider this report as one of many factors in making their investment decision. No person accepts any liability whatsoever for any loss howsoever arising from the use of this document or of its contents or otherwise arising in connection therewith. JB Capital Markets, S.V., S.A.U. (“JB Capital”) is the entity responsible for the production of this Research Report and its content, regulated and supervised by the National Securities Market Commission (CNMV), in whose Official Register of Companies and Securities Agencies it is registered under number 229. JB Capital is qualified to carry out financial intermediation activities in Portugal and the rest of the European Economic Area through the freedom to provide services under the supervision of CNMV.

Prices of securities correspond to the close price of the last trading day prior to the date of this report.

Analyst Certification

The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Ignacio Domínguez Ruiz (Research analyst).

The Analyst(s) are resident outside the U.S. and are not associated persons of any U.S. regulated broker-dealer and that therefore the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.

For Entities and Clients in the United States

JB Capital is not a U.S. resident and is not registered as a broker-dealer with the U. S. Securities and Exchange Commission (“SEC”), and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. JB Capital is not a member of the Financial Industry Regulatory Authority (“FINRA”). It and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest.

This research report is a product of JB Capital, under Marco Polo Securities LLC. (“Marco Polo”) 15a-6 chaperone service, which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.

This research report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) (A Major U. S. Institutional Investor who may receive and use this report must have assets under management of more than US $100,000,000 and is either an investment company registered with the SEC under the U. S. Investment Company Act of 1940, a U.S. bank or savings and loan association, business development company, small business investment company, employee benefit plan as defined in SEC Regulation D, a private business development company as defined in SEC Regulation D, an organization described in U. S. Internal Revenue Code Section 501(c)(3) and SEC Regulation D, a trust as defined in SEC Regulation D, or an SEC registered investment adviser or any other manager of a pooled investment vehicle.) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a-6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, JB Capital has entered into a chaperoning agreement with a U.S. registered broker-dealer, Marco Polo. Transactions in securities discussed in this research report should be affected through Marco Polo or another U.S. registered broker dealer.

The Research analysts, strategists, or research associates principally responsible for the preparation of this research report have received compensation based upon various factors, including quality of research, investors client feedback, stock picking and overall firm revenues. This report is not being issued to private customers.

For Entities and Clients in the United Kingdom

JB Capital has exited the U.K. Temporary Permissions Regime (“TPR”) with respect to the services we provide in the U.K. The TPR was introduced by the U.K. authorities to enable EEA-based firms that were passported into the U.K. pre-Brexit (whilst the U.K. was still part of the EU single market) to continue to benefit from similar passporting and access rights in the U.K. for a temporary period post-Brexit. Upon exiting the TPR, JB Capital has not applied to the U.K. Financial Conduct Authority for authorisation to carry on regulated activities in the U.K. This is because we rely on the Overseas Persons Exemption (“OPE”) under the U.K. FSMA Regulated Activities Order 2000 (“RAO”). The OPE allows international firms to operate in the U.K. without FCA authorisation provided they meet certain conditions. To ensure that we are able to benefit from the OPE on an ongoing basis for any potentially U.K.-regulated activities, JB Capital has controls in place to limit our overall U.K. activities and the services that we provide in the U.K.

This research report is only being offered to U. K. Professionals Investors and High Net Worth Companies is not available to, and should not be used by, any U.K. person or entity that is not U.K. Professionals Investors and High Net Worth Companies. A U.K. Professionals Investors and High Net Worth Companies who may receive and use this report must be: U.K. authorised persons; persons exempted from U.K. licensing; any other person whose ordinary activities involve carrying on the regulated activity to which the communication relates for its business; a government, local authority or an international organisation; and a director, officer or employee of any of the above, but only in that capacity; a body corporate with more than 20 members – if it has a share capital or net assets of at least £500,000, or if it is in the same group as an undertaking that meets this test; a body corporate with 20 members or less – if it has a share capital or net assets of at least £5 million, or if it is in the same group as an undertaking that meets this test; any unincorporated association or partnership with net assets of at least £5 million; trustee of a trust where the aggregate value of the cash and investments within the trust amount to at least £10 million, or amounted to at least £10 million anytime during the year immediately preceding the date on which the communication was first made.

JB Capital cannot and will not accept orders for the securities covered in this research report placed by any person or entity in the U.K. that is a recipient of this research report who are not authorised person by the FCA.

For Entities and Clients in Dubai

This research report constitutes an exempt Financial Promotion in accordance with the Dubai Financial Services Authority (DFSA)-General Module within the DFSA Rulebook. It is intended for distribution only to persons who appear on reasonable grounds to be a “deemed professional client” as defined in DFSA Conduct of Business Module within the DFSA Rulebook. It must not be delivered to, or relied on by, any other person. The DFSA does not accept any responsibility for the content of the information included in this research report, including the accuracy or completeness of such information. The DFSA has also not assessed the suitability of the products to which this research report relates to any particular investor or type of investor. If you do not understand the contents of this research report or are unsure where the products to which this research report relates are suitable for your individual investment objectives and circumstances, you should consult an authorised financial advisor.

Stock Ratings

Different securities firms use a variety of rating terms as well as different rating systems to describe their recommendations. Investors should carefully read the definitions of all ratings used in each research report. In addition, since the research report contains more complete information concerning the analyst’s views, investors should carefully read the entire research report and not infer its contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor’s decision to buy or sell a stock should depend on individual circumstances (such as the investor’s existing holdings) and other considerations.

ANALYST STOCK RATINGS

Buy – Analyst expects material upside potential to fair value, which should be realized in the next 12 months.

Neutral- Analyst expects immaterial upside/downside potential, which should be realized in the next 12 months.

Underweight - Analyst expects material downside potential to fair value, which should be realized in the next 12 months.

The list of recommendations and the proportion of issuers covered by JB Capital that fall in each of these categories is available at researchdisclosure.pdf.

Other Important Disclosures

This research report has been published in accordance with our conflict management policy, which is available at https://www.jbcapital.com/conflictpolicies.pdf. In this regard, potential conflicts of interests may be raised with the persons involved on the production of the report, any person closely associated with them, or any other employee of JB Capital that is expected to have access to this report prior its completion.

The remuneration of the persons involved in preparing this report is not directly tied to transactions performed, trading fees received or services provided by companies within the group of JB Capital.

This research report is directed only at persons who can be classified as eligible counterparties or professional clients in line with the rules of the Spanish regulator. No other person should act on the contents or access the products or transactions discussed in this research report. In particular, this research report is not intended for retail clients and JB Capital will not make such products available to retail clients.

This report does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. JB Capital recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser, including tax advice. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

This report is not an offer to buy or sell any security or to participate in any trading strategy. JB Capital and/or its affiliates, officers, directors, employees and/or any other related person not involved in the preparation of this report may have investments in securities or derivatives of securities of companies mentioned in this report, and may trade them in ways different from those discussed in this report.

JB Capital, or any of its subsidiaries, does not own a net long or short position exceeding the threshold of 0,5 % of the total issued share capital of the issuer, calculated in accordance with Article 3 of Regulation (EU) No 236/2012 and with Chapters III and IV of Commission Delegated Regulation (EU) No 918/2012.

The issuing institution under analysis does not have holdings on JB Capital ‘s share capital, or any of its subsidiaries.

JB Capital may sell to and buy from customers and/or may hold equity securities, other financial instruments related to equity securities and debt securities of companies covered in its research reports on a principal basis. JB Capital does and seeks to do business in the following six months with companies covered in this report and its subsidiaries and in transactions involving the latter. In this regard, JB Capital or any of its subsidiaries or tied agents may currently maintain, and may continue to maintain in the future, remunerated business relationships with some companies covered in this research report, relating to any of the following services: (i) corporate finance services agreements (ii) liquidity provider, share buyback programmes (iii) investment banking services or (iv) agent, underwriter, global coordinator or joint bookrunner in issues of financial instruments, among other possible services offered. In particular, JB Capital has entered into a placement agreement with Merlin Properties SOCIMI, S.A. to act as co-lead manager in the capital increase carried out by the Company through an accelerated bookbuilding offering, as reported in the relevant event published by the Company in March 2026. In addition, JB Capital has entered into a placement agreement with Izertis, S.A. to act as global coordinator and bookrunner in the capital increase and placement of treasury shares carried out by the Company through an accelerated bookbuilding offering, as reported in the relevant event published by the Company in January 2026. Also, JB Capital has entered into a placement agreement with Enerside Energy, S.A. to act as sole global coordinator and bookrunner in the capital increase of Enerside Energy, S.A., which was disclosed by the company in September 2025. In addition, in June 2025, JB Capital entered into an Underwritting Agreement with Amper, S.A to act as global coordinator and joint bookrunner in the rights issue of Amper, S.A., which was disclosed in the relevant event (otra información relevante) published by Amper, S.A. in July 2025. Also, JB Capital, acting as joint bookrunner, has entered into a Block Trade Agreement with Daruan Group Holding, S.L. to execute a block sale of existing shares in Grenergy Renovables, S.A. through a private placement, as disclosed in the relevant event published by BofA Secutrities Europe, S.A. in June 2025. Furthermore, JB Capital has entered into a placement agreement with Promotora de Informaciones, S.A. (PRISA) to act as global coordinator in the capital increase carried out by the Company through an accelerated bookbuilding offering as disclosed in the relevant event published by the Company in March 2025. Moreover, JB Capital entered, in November 2024 into an Underwritting Agreement with Cox Abg Group, S.A. to act as joint bookrunner in its Initial Public Offering (“IPO”), which prospectus was filed registered with the CNMV on 5 November 2024. Besides, JB Capital signed a Financial Services Agreement with Oryzon Genomics, S.A. in October 2024 and in February 2026 with Enerside Energy, S.A. Furthermore, JB Capital has entered into an Underwritting Agreement with Amper, S.A. to act as global coordinator and joint bookrunner in the rights issue of Amper, S.A., as disclosed in the relevant event (otra información relevante) published by the Company in November 2023. In addition, JB Capital has entered into a placement agreement with Amper, S.A. to act as global coordinator and bookrunner in the bond issuance of Amper, S.A. which was disclosed in the relevant event (otra información relevante) published by Amper, S.A. in July 2024. Also, JB Capital informs that it has placed commercial paper for CIE Automotive S.A. under its ECP Programme. In addition, JB Capital informs that it has entered into Placement Agreements with Promotora de Informaciones S.A. (PRISA), respectively, in January 2023 and in January 2024, for participating as Joint Global Coordinator and Bookrunner in the subordinated mandatory convertible bonds issuances of Promotora de Informaciones S.A. (PRISA). The securities notes (Nota de Valores) for the offering was registered with the CNMV in January 2023. And in March 2023 JB Capital has signed an agreement as a market consultant with Novabase, SGPS, SA in its partial and voluntary tender offer announced on February 2023. Furthermore, JB Capital informs that, during the last 12 months, it has entered into a corporate access service with REN – Redes Energéticas Nacionais, SGPS, S.A., Construcciones y Auxiliar de Ferrocarriles, S.A. (CAF), Neinor Homes, S.A., Distribuidora Internacional de Alimentación, S.A. (DIA) and Greenvolt – Energias Renováveis, S.A. JB Capital informs that it has signed an agreement in March 2021 with Ramada e Investimentos e Industria S.A., in May 2020 with Atrys Health, S.A., in January 2020 with Mota-Engil, SGPS, S.A, in March 2022 Ibersol, SGPS, S.A., in July 2022 with Parlem Telecom Companyia de Telecomunicacions, S.A., in October 2022 with Izertis, S.A., in January 2024 with GAM, General Alquiler de Maquinaria, S.A., in January 2024 with Audax Renovables, S.A., in June 2024 with Natac Natural Ingredients, S.A., in july 2024 with Soluciones Cuatroochenta, S.A., in August 2024 with Enerside Energy, S.A., in September 2024 with Facephi Biometría, S.A., in January 2025 with Clerhp Estructuras, S.A., in June 2025 with Ebro EV Motors, S.A. and in September 2025 with Deoleo, S.A. about “sponsoring research”. Furthermore, JB Capital is liquidity provider of Metrovacesa S.A., Gestamp Automocion, S.A., Promotora de Informaciones S.A. (PRISA), Tubacex, S.A, Merlin Propierties Socimi, S.A., Grenergy Renovables, S.A., CIE Automotive, S.A., Cox Abg Group, S.A.; Pharma Mar, S.A. and Logista Integral, S.A. It carries out Ibersol, SGPS, S.A.’s, Aedas Homes, S.A.’s,  and CTT - Correios de Portugal buy-back programmes. Additionally, it was liquidity provider of Prosegur Cash, S.A., CIE Automotive, S.A., and Arima Real Estate Socimi, S.A. and it carried out CIE Automotive, S.A, Promotora de Informaciones S.A. (PRISA)’s, Tubacex, S.A.´s, Grenergy Renovables, S.A.’s, Prosegur Cash, S.A., Pharma Mar, S.A. and CTT - Correios de Portugal, S.A.’s  buy-back programmes. JB Capital provides brokerage services to Iberdrola S.A., Repsol S.A., Prosegur Cash S.A., Izertis S.A., Mota Engil SGPS and Global Dominion Access, S.A. Furthermore, JB Capital has provided, may be providing and may provide in the future brokerage services, or other regulated services, to the issuers listed above and JB Capital may be involved in other programmes involving shares of the companies included in this report. As a result, investors should be aware that JB Capital may have a conflict of interest that could reasonably affect the objectivity of this research report.

JB Capital may hold information that could be considered confidential or even inside information in relation with the companies covered in its research reports or any other company of the sector.

JB Capital makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. There is no planned frequency for updating recommendations. They will be updated, among other reasons, when the financial situation or expectations on the issuer or any of the assumptions used in the valuation change. We have no obligation to tell you when opinions or information in this report change apart from when we intend to discontinue research coverage of a subject company.

Reports prepared by JB Capital research personnel are based on public information. Facts and views presented in this report have not been reviewed by, and may not reflect information known to, professionals in other JB Capital business areas, including corporate personnel. JB Capital may have provided the issuer with sections of this report or a version of the draft research report in order to verify the accuracy of factual statements.

JB Capital research personnel conduct site visits from time to time but are prohibited from accepting payment or reimbursement by the company of travel expenses for such visits.

The value of and income from your investments may vary because of changes in interest rates or foreign exchange rates, securities prices or market indexes, operational or financial conditions of companies or other factors. There may be time limitations on the exercise of options or other rights in your securities transactions. Past performance is not necessarily a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Estimates of future performance are based on assumptions that may not be realized.

Redistribution

As a general rule, no part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of JB Capital. In this regard, JB Capital has signed a redistribution agreement for Izertis, S.A.'s ,Natac Natural Ingredients, S.A. ‘s, Facephi Biometría, S.A.’s and Soluciones Cuatroochenta, S.A.’s reports with Izertis, S.A. (“Izertis”), Natac Natural Ingredients, S.A. (“Natac”), Facephi Biometría, S.A. (“Facephi”), Soluciones Cuatroochenta, S.A. (“Cuatroochenta”) and Bolsas y Mercados Españoles, Sistemas de Negociación, S.A. (“BMESN”) complying with the restrictions of Article 8 of Delegated Regulation 2016/958. In addition, JB Capital has signed a redistribution agreement for Deoleo, S.A. with Deoleo, S.A. (“Deoleo”) and Sociedad Rectora de la Bolsa de Valores de Madrid, S.A.U., Sociedad Rectora de la Bolsa de Valores de Barcelona, S.A.U., Sociedad Rectora de la Bolsa de Valores de Bilbao, S.A.U., Sociedad Rectora de la Bolsa de Valores de Valencia, S.A.U. (jointly referred to as the “Spanish Stock Exchanges”).In this respect, JB Capital informs that it has signed a sponsor research agreement with Izertis in October 2022, with Natac in June 2024, with Cuatroochenta in July 2024,with Facephi in September 2024 and with Deoleo in September 2025. JB Capital is not responsible for the redistribution of these reports.

However, this research report may also be accessed via certain virtual platforms managed, directly or indirectly, by entities such as Visible Alpha, L.L.C. Alphasense, Inc. or Bloomberg Finance, L.P., among others. Please note, that JB Capital may have entered into one or more contribution or participation agreements with the aforementioned entities, allowing certain users authorized by JB Capital to access this research report through certain virtual platforms. For avoidance of doubt, this research report shall be considered as directly distributed by JB Capital and in no case shall be considered as distributed or redistributed by such entities managing the aforementioned virtual platforms.

As defined in our conflict management policy, potential conflicts of interests may be raised regarding the report`s redistribution. Nevertheless, to this day, no conflict of interest has been identified with BMESN.

JB Capital is responsible for identifying the date and time of distribution of the report which is reflected in the report. Izertis, Natac, Facephi, Cuatroochenta, Deoleo, BMESN and the Spanish Stock Exchanges defined in the first paragraph are responsible for identifying the date and time of redistribution. JB Capital is in no case responsible for identifying the date and time of redistribution.

If a substantial alteration is made on any recommendation produced by JB Capital, the redistributor will ensure that the recommendation clearly indicates the substantial alteration in detail. To this extent, the recommendation will be updated to provide the information required in Articles 2 to 5 of the Delegated Regulation 2016/958, as referred to in previous sections of this disclaimer, and to include a reference to the place where the information regarding the original recommendation can be accessed by the persons receiving the substantially altered recommendation free of charge.

Under no circumstances the dissemination of a summary or an extract of a recommendation produced by JB Capital will be allowed.

This research report is directed only at persons who can be classified as eligible counterparties or professional clients in line with the rules of the Spanish regulator. No other person should act on the contents or access the products or transactions discussed in this research report. In particular, this research report is not intended for retail clients and JB Capital will not make such products available to retail clients. For Entities and Clients in the United States and in the United Kingdom, please refer to the relevant sections of this disclaimer. In the event that this report is read by an ineligible type of client, no person from JB Capital accepts any liability whatsoever for any loss howsoever arising from the use of this document or of its contents or otherwise arising in connection therewith.

THIS DOCUMENT IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, REDISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE.  THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS.  BY ACCEPTING THIS REPORT YOU AGREE TO BE BOUND BY THE FOREGOING INSTRUCTIONS.