Original-Research: Swissnet AG - from NuWays AG 23.01.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Classification of NuWays AG to Swissnet AG
| Company Name: | Swissnet AG |
| ISIN: | CH0451123589 |
| |
| Reason for the research: | Update |
| Recommendation: | BUY |
| Target price: | EUR 20 |
| Target price on sight of: | 12 months |
| Last rating change: | |
| Analyst: | Philipp Sennewald |
Entering FY26 in style, two new project wins Swissnet kicked off FY26 with
two commercial updates, supporting our view that the group’s international expansion and IoT strategy continues to gain tangible traction.
In detail, the company announced the
implementation of a guest room management system (GRMS) across multiple hotels in Abu Dhabi, a project valued at c. AED 5m (~ CHF 1.1m). It is scheduled to be completed withing the next five months. In our view, this project further strengthens Swissnet’s footprint in MENA and highlights its ability to deliver high-scale hospitality technology projects that, typically offer
follow-on potential via service, maintenance and additional digital infrastructure updates. Moreover, the company
extended an existing IoT cooperation with a European construction customer, hereby
deploying another c. 1,700 IoT SIM cards to securely connect and monitor digital retail touchpoints. This upsell after only a short usage period should be seen a positive sign of customer satisfaction and a
strong indicator for the scalability of Swissnet’s recurring revenue potential. Operationally, Swissnet already showed the targeted pattern with
strong top-line momentum and improving margins. H1’25 sales almost doubled to CHF 11.3m, supported by consolidation effects (Swissnet & Lokalee) as well as organic traction across SaaS and Infrastructure. Importantly, the share of recurring sales remained high at 77% paired with <5% churn, provides
sound revenue visibility and reduced volatility compared to typical project-heavy ICT peers. On the bottom-line, the adj. EBITDA of CHF 2.3m (20% margin) reflects operating leverage as well as early synergy effects. With the full integration targeted in FY26, further synergies are expected to materialize, providing additional margin tailwinds. Looking ahead, FY26 should mark the first year in which the Swissnet platform model becomes fully visible in the numbers via: (i) scaling of Lokalee and international SaaS cross-selling, (ii) continued expansion of recurring revenues, and (iii) a leaner cost base following the integration process. To be precise, we expect
strong top-line momentum to prevail in FY26e, resulting in 59% higher
sales of 42.7m and a significantly improved reported
EBITDA margin of 20% (CHF 8.5m). Despite the operational progress, valuation remains undemanding as shares trade at 5.7x EV/EBITDA FY26e (3.0x FY27e). We thus confirm our
BUY recommendation and leave our
PT unchanged at € 20, based on DCF. You can download the research here:
swissnet-ag-2026-01-23-update-en-8ee3e For additional information visit our website:
https://www.nuways-ag.com/research-feed 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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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