First Berlin Equity Research has published a research update on swissnet AG (ISIN: CH0451123589). Analyst Christian Orquera reiterated his BUY rating and maintained his EUR 18.50 price target.

Abstract
Swissnet Group published strong preliminary unaudited FY/24 results, exceeding our expectations. The company reported CHF?13.1m in revenue (FBe: CHF?12.6m), positive EBITDA of CHF?2.5m (FBe: CHF?2.2m) and positive free cash flow of CHF?0.5m (FBe: CHF?-0.3m). These results reflect the successful integration of acquisitions, disciplined cost control and strong top-line momentum. Notably, organic revenue and adj. EBITDA growth on a like-for-like basis was 25% and 438% respectively. Recurring revenues accounted for 77% of total sales, providing strong visibility going into FY/25. The updated outlook for 2025 implies strong organic YoY revenue growth of ~40%. On the back of solid operational execution and a sound outlook for FY/25 which is underpinned by several important commercial and strategic milestones achieved in H1/25 (e.g. CHF1.2m IoT project with Philip Morris and a €6.2m infrastructure modernisation deal with a leading European drugstore chain), we reiterate our €18.50 price target and Buy recommendation (upside 203%).