Original-Research: Swissnet AG (von Quirin Privatbank Kapitalmarktgeschäft)
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Original-Research: Swissnet AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Swissnet AG
Strong results & new contract wins On May 26, swissnet released its preliminary full-year results for 2024. Reported revenue growth was strong and slightly better than expected. Revenues rose by 112% yoy to EUR 13.1m. On a like-for-like pro forma basis, which includes the acquired entities as if they had been consolidated for the full year, revenue grew by 25% yoy to EUR 21m. The revenue development was supported by a high share of recurring revenues (77%). Also, major contract wins such as a EUR 1.2m IoT deal with Philip Morris International and a EUR 6.2m infrastructure modernization contract with a European drugstore chain have a positive effect. EBITDA improved from EUR -0.4m to EUR 2.5m, in line with our estimate. This was driven by operating leverage and recurring revenues. On a pro forma basis, EBITDA amounted to EUR 4.4m. The company also reported positive free cash flow of EUR 2.6m, EUR 4.4m in cash and EUR 11.0m in equity. We consider the investment case to be intact due to the profitable M&A activity, growing recurring revenue base, and international expansion. We raise our target price to EUR 21 and confirm our Buy recommendation. You can download the research here: http://www.more-ir.de/d/32730.pdf For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/
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