Renta 4 | Seresco has presented its new 2026–2028 Strategic Plan, in which it sets a target of achieving revenue in 2028 of between €84 million and €92 million, alongside an EBITDA margin of 17.5% and an EBIT margin of 15%.
The plan is based on three main pillars: i) sustained organic growth (8–10% CAGR), driven by penetration into higher value-added verticals (cybersecurity, digital transformation) and cross-selling to the existing customer base; ii) disciplined inorganic growth, focused on controlling-interest acquisitions with strong strategic fit (contributing €9 million in revenue over the period); and iii) international expansion, with a focus on Central Europe and Latin America (€5 million).
At an operational level, the company is focusing on improving profitability through a set of clearly defined levers: process optimisation (Lean), application of AI in operations, improving the service mix towards higher value-added solutions, and capturing synergies.
Assessment: Positive view. The plan reinforces the visibility of medium-term growth and, in particular, places greater emphasis on the quality of that growth, prioritising margin expansion and cash generation. Overall, the plan reinforces our view of Seresco as a company with a scalable model, high revenue recurrence and potential for margin expansion, within a structurally favourable sector. Furthermore, the leverage of inorganic growth is an addition to the company’s model, where to date the focus has been on acquisitions with clear synergies, with good results in the integration of the purchases made. We believe that the successful execution of the plan should act as a catalyst for the share price, to the extent that the improvement in profitability and greater visibility of results materialise. In the coming weeks, we will update both our valuation and our estimates. We reiterate our OVERWEIGHT recommendation, with a target price of €9.04 per share.
