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

23.01.2026 / 09:00 CET/CEST

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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 EUR 20, based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=a9c5243bfcdba2f5a6108897e299ba04

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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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