Original-Research: Swissnet AG (von NuWays AG): BUY

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Original-Research: Swissnet AG - von NuWays AG

20.02.2025 / 09:00 CET/CEST

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Einstufung von NuWays AG zu Swissnet AG

Unternehmen: Swissnet AG

ISIN: CH0451123589

Anlass der Studie: Update

Empfehlung: BUY

seit: 20.02.2025

Kursziel: EUR 20.00

Kursziel auf Sicht von: 12 months

Letzte Ratingänderung:

Analyst: Philipp Sennewald

Management provides detailed outlook on FY25e

Topic: Swissnet recently provided investors with a detailed overview on the

targeted FY25e revenue split

as well as the development of recurring revenues. Moreover, management

outlined the post-merger integration

plan of Swissnet Group. In detail:

FY25e segment breakdown. In accordance with the company's guidance of CHF

26-28m sales (eNuW:

CHF 26.5m; eCons: CHF 27.6m), management recently released a segment

breakdown, targeting CHF

9.0m sales in the Infrastructure, CHF 14.9m in the SaaS and CHF 3.6m in the

MENA segment. On a proforma

basis, this would imply 44% organic growth, which should be predominantly

driven by the ramp

up of Swissnet's unique AI SaaS hospitality solution Lokalee in the MENA

region as well as ongoing key

customer gains in the SaaS and Infrastructure segment. FY25e EBITDA is seen

to come in at CHF 2.0m

in Infrastructure, CHF 4.2m in SaaS and CHF 0.6m in MENA, implying an

overall EBITDA of CHF 6.8m

(eNuW: CHF 6.1m; eCons: CHF 6.2m) and a margin of 24.7%. This should be

driven by the high scalability

of the SaaS driven business model as well as continuous efficiency gains and

synergy

effects following the merger.

Recurring revenues. Swissnet's business model is characterized by a high

share of recurring revenues

of 77%. While 100% of the SaaS revenues are recurring, also 50% of MENA and

Infrastructure

sales are recurring, thanks to a strong maintenance business in

Infrastructure and the AI SaaS hospitality

suite of Lokale. In our view, the high share of recurring revenues paired

with a churn rate of <5% p.a.,

allows for strong visibility on sales and cash flows going forward as well

as high scalability given very

low incremental costs in the SaaS business.

Post-merger integration. Management aims for full integration until Dec'25e

following the acquisitions

of Lokalee and Swissnet, which should unlock further efficiency gains in

FY26e. Overall management expects

cost-synergies to the tune of CHF 1.2m. In addition to this, we expect

significant cross-selling

opportunities to arise from the merger.

Overall, this is currently not adequately reflected in the share price, in

our view, given a valuation of 10.5x

EV/EBTIDA FY25e (5.4x FY26e).

We hence reiterate BUY with an unchanged EUR 20.00 PT based on DCF.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/31815.pdf

Die Analyse oder weiterführende Informationen zu dieser können Sie hier

downloaden: https://www.nuways-ag.com/research-feed

Kontakt für Rückfragen:

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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2088943 20.02.2025 CET/CEST

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