Litchfield Hills Research Maintains 'Buy' Rating and €10 Price Target for Virtualware, Highlighting Expansion in Virtual Reality Technologies

New York and Bilbao, Spain, February 13 - American analysis firm Litchfield Hills Research maintains a 'Buy' rating and a €10 price target for Virtualware (ENXTPA: MLVIR), according to a new equity research report published and distributed last friday.

The report, authored by analyst Theodore R. O'Neill reaffirmed its ´Buy' recommendation, highlighting the company's pioneering role in virtual reality and immersive technologies for business applications.

It emphasizes that "the increasing adoption of user immersion technology in industries, such as education, industrial training, and healthcare, among others, is driving market growth. It is currently fueled by training for roles like engineers, pilots, and healthcare workers".

The determination of the €10 price target is based on a discounted cash flow model, estimating the company’s potential future earnings. Virtualware's valuation multiples are observed to be lower than those of comparable peers within the VR industry, suggesting a promising investment opportunity.

Virtualware commenced trading on the Euronext Access Paris exchange in April 2023 under the ticker MLVIR, boasting a market capitalization of €32.76 million and a share price of €7.20.

Headquartered in Bilbao, Spain, the company is a global pioneer in developing virtual reality solutions for major industrial, educational, and healthcare conglomerates. Since its founding in 2004, the company has garnered widespread recognition for its accomplishments. 

In 2021, Virtualware was acknowledged as the world’s most Innovative VR Company and since April 2023 the company is listed on the Euronext Access Paris stock exchange.

Virtualware’s flagship product, VIROO, is redefining the realm of enterprise VR, driving its adoption forward, leveraging innovative and sustainable strategies. Recognized for its pioneering approach in the immersive technology sector, VIROO is rapidly becoming the global benchmark for the development and deployment of multi-user VR applications in industry and education.

The VR as a service platform is already used by over 40 companies and institutions worldwide including GE Vernova, Ontario Power Generation, Gestamp, ADIF, the Spanish Ministry of Defense, Invest WindsorEssex, McMaster University, University of El Salvador, Conalep and EAN University.

Theodore O’Neill, the CEO of Litchfield Hills Research, is a two-time winner of the Wall Street Journal All-Star Analyst.

Litchfield Hills Research is an independent global equity research firm providing institutional investor quality research for companies looking to increase awareness with investors. Its reports are distributed on 24 platforms used by institutional investors in the US, EU, and China.

For more information on Virtualware's investor relations, investors can visit: https://ir.virtualwareco.com/reports/

Safe Harbor

This document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such specific issue. No one who becomes aware of the information contained in this report should regard it as definitive, because it is subject to changes and modifications.

This document contains or may contain forward looking statements regarding intentions, expectations or projections of Virtualware 2007, S.A. ("Virtualware” or the "Company”) or of its management on the date thereof, that refer to or incorporate various assumptions and projections, including projections about the future earnings of the business. The statements contained herein are based on our current projections, but the actual results may be substantially modified in the future by various risks and other factors that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include, without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could cause or result in actual events differing from the information and intentions stated, projected or forecast in this document or in other past or future documents. Virtualware does not undertake to publicly revise the contents of this or any other document, either if the events are not as described herein, or if such events lead to changes in the information contained in this document. This disclaimer needs to be taken into account by those persons which may take a decision over the base of this document or to elaborate or disseminate opinions based hereof. This document may contain summarised information or information that has not been audited. This document is confidential and it cannot be revealed or disclosed to third parties different from the original recipients, even partially, without Virtualware’s prior consent.