Original-Research: Swissnet AG (von NuWays AG): Buy
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Original-Research: Swissnet AG - from NuWays AG
03.02.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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: 03.02.2025
Target price: EUR 20.00
Last rating change:
Analyst: Philipp Sennewald
Merger finalized / Strong current trading
Topic: In January, Swissnet finalized the merger and rebranding into
Swissnet Group. Moreover, the company reported strong new orders at the
start of the year. In detail:
At the Extraordinary General Meeting on January 20, the shareholders of
beaconsmind AG unanimously voted for the renaming into Swissnet AG as well
as the merger between Swissnet and beaconsmind. In our view, this marks an
important milestone in the company's transformation into a market leader in
IT infrastructure, cloud-based communication and AI-driven hospitality
solutions.
Moreover, the EGM approved the introduction of a capital range between CHF
850k and CHF 1.27m. With this, the company has the flexibility to actively
respond to arising opportunities in accordance with its targeted growth
strategy. In our view, this is a clear sign the management is continuing to
screen the market, which is in turn offering a certain upside to our
estimates in the form of future M&A activites.
Strong current trading. In January, the company received two major orders
underscoring its growth trajectories while also confirming Swissnet's market
leading position in hospitality and IT infrastructure. First, Swissnet
announced a new project with long-standing customer Vitanas, one of
Germany's larges nursing home operators. The project includes the
modernization of the communication infrastructure at Vitanas' Peine Hospital
and has a volume of EUR 0.8m. This was followed by the announcement, that the
company extended its partnership with Philip Morris, including advancing the
digitalization of the customers' PoS systems in Germany and Austria as well
as providing 11k IoT SIM cards for digital signage monitors. According to
management, the project will generate sales to the tune of almost EUR 1.3m.
Overall a strong start into the year, showing that the company is on track
to deliver on its growth and profitability targets. For FY25e, management is
targeting sales in the range of CHF 26-28m (eNuW: CHF 26.5m) and an EBITDA
in the range of CHF 6-7m (eNuW: CHF 6.1m), implying a margin of 24.1% at
mid-point (eNuW: 23.0%).
In our view, this is currently not well reflected in the share price, given
a valuation multiple of 9.7x EV/EBITDA FY25e (4.9x FY26e). We hence
reiterate BUY with an unchanged EUR 20 PT based on DCF.
+++ LINK to register for digital roundtable with CEO on February 11 +++
You can download the research here: http://www.more-ir.de/d/31699.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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2079353 03.02.2025 CET/CEST
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