Date

20/08/2026

Info

A new independent Equity Research & Valuation Report on QnR by VRS – Valuation & Research Specialists highlights the Group’s transformation, accelerating growth momentum and future potential, setting a €2.07 target price per share, representing approximately 60% upside versus the reference share price used in the report.

VRS – Valuation & Research Specialists operates internationally in Equity Research and Corporate Valuation, with a presence in Luxembourg, Athens and Toronto.

The new report follows the recent assessment by Piraeus Securities, which revised QnR’s valuation to €66.7 million, setting a €1.90 target price and an Outperform recommendation, adding another independent investment perspective on the Group’s growth trajectory and future potential.

From a domestic IT company to a multi-capability EMEA technology platform

At the heart of the VRS analysis is QnR’s strategic transformation from a traditional IT services provider into a multi-capability EMEA technology platform, combining its established position in large-scale digital transformation projects with high-growth enterprise technologies, increasing private-sector penetration and international expansion.

The report highlights several key growth drivers:

• a proven M&A execution track record, with 5 strategic acquisitions completed in just 17 months, significantly expanding the Group’s capabilities and geographic footprint;

• a diversified technology portfolio spanning AI, Cybersecurity, SAP/ERP, FinTech, Maritime Intelligence & IoT and ServiceNow;

• significant growth potential through cross-company synergies and cross-selling, alongside further penetration of key private-sector industries including banking, shipping and energy;

• and continued international expansion, with E-XIM in Poland establishing a new growth platform in the fast-growing CEE market while adding native ServiceNow capabilities to the Group.

The report also highlights the scale of the market opportunity now accessible through QnR’s expanded portfolio. According to the data included in the report, the Group’s five strategic technology verticals represent a combined addressable market of approximately $515 billion across EMEA, providing substantial headroom for growth as QnR continues to expand its scale and international footprint.

VRS frames QnR’s strategic direction as a shift toward becoming an integrated technology consolidation leader, with the ambition to build a diversified €100+ million recurring technology platform by 2030, driven by disciplined M&A, international expansion, private-sector growth and the realization of synergies across the Group’s expanding technology ecosystem.