Original-Research:
Swissnet AG - from NuWays AG
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Classification of NuWays AG to Swissnet AG
Company Name: Swissnet AG
ISIN: CH0451123589
Reason for the research: Update
Recommendation: BUY
from: 02.06.2025
Target price: EUR 20.00
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Strong preliminary FY24 highlighted by strong FCF
Swissnet released preliminary FY24 figures showcasing the successful
operational turnaround achieved in FY23 as well as strong growth, even
exceeding the guidance on the top-line. In detail:
FY24p sales increased by 112% YoY to CHF 13.1m (eNuW: CHF 12.8m; eCons: CHF
12.8m), slightly ahead of the company's guidance of CHF 12.9m. The strong
top-line growth was driven by a combination of solid organic momentum and
the full-year contribution from prior acquisitions completed in 2023
(Socialwave, Netopsie, KADSOFT & T2), underscoring the scalability of
Swissnet's platform and the successful integration of acquired entities.
Notably, SaaS revenues rose 55% yoy to CHF 7.0m, while hardware sales surged
270% yoy to CHF 6.1m. Recurring revenues comprised ~77% of total sales,
highlighting the strength and visibility of the group's business model
Accordingly, FY24p adj. EBITDA improved significantly to CHF 2.5m (eNuW: CHF
2.5m; eCons: CHF 2.4m), compared to CHF -0.4m in FY23, thus implying a
margin of 19.2%. This arrived predominantly on the back of scale-driven
operating leverage as well as realized synergies stemming from previous
acquisitions. Notably, FCF came in much stronger than expected at CHF 2.6m
(eNuW: CHF -0.5m, eCons: CHF 0.3m), highlighting the company's cash
conversion ability.
Pro-forma result sets the stage. On a pro-forma basis, accounting for the
full-year contribution of
Swissnet AG (incl. Swissnet ICT), the Group would
have generated CHF 21.0m revenues (+25% yoy) and CHF 4.4m EBITDA (+438%
yoy). These figures represent the baseline for FY25e comparables, further
supported by a high degree of operating leverage and synergy realization in
the post-merger structure. Against this backdrop, management's guidance of
CHF 26-28m sales (eNuW: CHF 26.5m, eCons: CHF 27.1m) and c. CHF 6m adj.
EBITDA (eNuW: CHF 6.1m, eCons: CHF 6.2m) appears reasonable.
On top of the strong preliminary release, recent contract wins (e.g., CHF
1.2m IoT deal with a tobacco multinational, EUR6.2m infrastructure contract
with a European drugstore chain) and expansion into Morocco with Aleph
Hospitality added further momentum, which has not yet materialized in the
share price, visible in the undemanding valuation of only 4.4x EV/EBITDA
FY26e.
Reiterate BUY with an unchanged EUR 20 PT based on DCF.
You can download the research here: http://www.more-ir.de/d/32764.pdf
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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2148574 02.06.2025 CET/CEST
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Quelle: dpa-AFX