Date

25/09/2025

Information

Piraeus Securities announced the initiation of coverage on Quality & Reliability (Q&R) with an Outperform rating and a target price of €1.80 per share, implying an upside potential of approximately +25% versus current levels.

According to the report, Q&R demonstrates strong medium-term revenue visibility, as it:

• has a backlog of €40 million for the period 2025–2026,

• is participating in public tenders worth more than €300 million,

• and has secured a €13 million credit line available for future acquisitions.

In 2025, the company has already completed four strategic acquisitions in key technology sectors: cyber security (SysteCom), artificial intelligence (SquareDev), and SAP solutions (Alexander Moore, AlphaCons). These transactions strengthen its product and services portfolio, accelerate penetration in the private sector, and balance its traditionally strong exposure to public sector projects.

Q&R’s valuation, according to Piraeus Securities, is based on an EV/EBITDA multiple of 9.9x for 2026, in line with European industry peers. The base case scenario leads to a target price of €1.80 per share, while alternative scenarios suggest a valuation range between €1.20 – €2.42 per share.

Furthermore, the report highlights that deploying the unused €13 million credit facility, via the already issued bond, for new acquisitions at multiples of 6–8x EV/EBITDA, could add €1.6–2.2 million EBITDA, raising the target price towards €2.20–€2.40 per share.

With a history of three decades in the technology solutions sector, Q&R is currently in a phase of strong growth, combining digital transformation projects, innovative products, and targeted acquisitions that expand its footprint both in Greece and abroad.