Original-Research: Swissnet AG (von NuWays AG): BUY
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Original-Research: Swissnet AG - from NuWays AG
Classification of NuWays AG to Swissnet AG
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, €6.2m 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 € 20 PT based on DCF. You can download the research here: http://www.more-ir.de/d/32764.pdf 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2148574 02.06.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 0,49 | 0,76 | 1,98 | 1,57 | 6,61 | 13,89 | 29,30 | |
| EBITDA1,2 | -0,46 | -1,99 | -2,24 | -4,70 | -0,56 | 2,66 | 7,10 | |
| EBITDA-Margin3 | -93,88 | -261,84 | -113,13 | -299,36 | -8,47 | 19,15 | 24,23 | |
| EBIT1,4 | -0,53 | -2,04 | -2,46 | -5,28 | -1,40 | 0,64 | 4,80 | |
| EBIT-Margin5 | -108,16 | -268,42 | -124,24 | -336,31 | -21,18 | 4,61 | 16,38 | |
| Net Profit (Loss)1 | -0,54 | -2,05 | -2,50 | -5,43 | -2,32 | 1,34 | 3,40 | |
| Net-Margin6 | -110,20 | -269,74 | -126,26 | -345,86 | -35,10 | 9,65 | 11,60 | |
| Cashflow1,7 | -0,41 | -2,12 | -2,60 | -4,85 | -1,47 | 0,48 | 4,60 | |
| Earnings per share8 | -0,20 | -0,76 | -1,01 | -1,16 | -0,60 | 0,24 | 0,40 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: SWA Swiss Auditors
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Swissnet | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2QN5W | CH0451123589 | AG | 44,12 Mio € | 07.04.2022 | Kaufen | 8FVFH5HG+8W |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 7,65 | 20,98 | 0,36 | -13,20 | 2,72 | 87,37 | 3,18 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 01.07.2025 | 30.09.2025 | 30.06.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -13,97% | -16,61% | -25,18% | -24,09% | -56,67% |
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