Hybrid Software Group Stronger pipeline & cost efficiencies triggering increased estimate
As of 2Q25-3Q25 HYSG saw a significantly improved environment, resulting in an uptick of organic growth. Expecting solid 4Q25 results and a positive short term pipeline, we increased our FY26 expected revenues by 6%, with continued growth going forward. Operational leverage is increasingly evident, with cost efficiencies driving broadbased EBITDA strength and supporting sustainable margins above 25%, trending toward 28% longer term. Limited macro risks, a selective bolton M&A strategy backed by a strong balance sheet, and improved fundamentals underpin a €5.5 per share valuation and a reiterated Buy recommendation.Global Graphics is a French-based holding company. Co. provides open documents and print solutions and provides high-performance software components to the commercial and digital print markets and for electronic document software applications. Co. is active in four principal market segments: Graphic arts and commercial print; Office printing; Software applications; and End-user products for electronic document creation and manipulation. Co. operates in four geographical areas: Continental Europe (including France), the U.K., North America (U.S.A. and Canada) and Asia (notably Japan). Co.'s customers include OEMs, system integrators, software developers and resellers.
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