u/EuropeanValueInsight

The author argues Planisware is a high-quality, asset-light SaaS business with ~90% recurring revenue, no debt, ~22% FCF margins, 20% CAGR since 2020, and 121% net retention versus peers. The moat comes from sticky, customized enterprise project-management workflows and a niche on-premise aerospace/defense opportunity where Planisware may become the only player. Management expects ~20% growth via upselling/cross-selling and inflation-linked price increases, and the author believes €14–15 is justified, around 20x earnings at €15. Main risks cited are cybersecurity exposure from owning the tech stack, uncertainty around layoffs/pay-per-seat contracts, and AI permanently reducing customer workforces.