SoftwareONE Holding AG (SWON.SW) | Investment Case

1. Company Snapshot

1.a. Company Description

SoftwareONE Holding AG offers software and cloud technology solutions in Switzerland and internationally.The company provides Pyracloud, a proprietary digital hub that allows to transact, manage, and optimize their entire spend using a data-driven, actionable platform.It also offers managed backup; managed security services, which protects business from security threats; and software lifecycle management, a combination of digitized procurement and software asset management which offers professional services, diagnostic platform, cloud cost optimization, and SaaS management.

In addition, the company offers simple services, including BackupSimple, secure backup as a service from on-premises to the cloud; Simple for Amazon Web Services(AWS), service offering to help you maximize the value of AWS; AzureSimple, simplify and accelerate Azure cloud deployment; and SAMSimple, optimize management for high-risk software publishers, as well as 365Simple solution.Further, it also provides user productivity solutions, which include digital workspace, security and threat protection, data and analytics, and unified communications and collaboration, as well as adoption and change management, cloud financial management, software digital supply chain, publisher advisory, SAP, unified communications, and unified support services.The company serves education; architecture, engineering, and construction; finance; healthcare; nonprofit; and state and local government industries.

SoftwareONE Holding AG was founded in 2000 and is headquartered in Stans, Switzerland.

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1.b. Last Insights on SWON

SoftwareONE Holding AG's recent performance was positively driven by its recognition as a Leader in the 2025 Gartner Magic Quadrant for SAM Managed Services, alongside Crayon. This prestigious acknowledgement, now for the sixth time, underscores the company's commitment to delivering value and innovation to clients. Additionally, the company's significant individual investor ownership suggests key decisions are influenced by this group, potentially leading to strategic moves. A recent earnings release is anticipated to provide further insights into the company's financial health and growth prospects.

1.c. Company Highlights

Last Price	8.98
Change Percentage	-0.94%
Open	9.03
Previous Close	9.07
Market Cap ( Millions)	1929
Volume	326091
Year High	9.35
Year Low	4.31
M A 50	8.29
M A 200	7.15

FCF Yield	21.27%
Dividend Yield	3.34%
ROE	-3.60%
Debt / Equity	144.34%
Net Debt / EBIDTA	53.69%
Price To Book	2.68
Price Earnings Ratio	-69.55
Price To FCF	4.7
Price To sales	1.98
EV / EBITDA	13.68

2. Transcript Summary

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3. NewsRoom

Former and current SoftwareOne staff targeted by insider trading probe

Dec -03

Source:

SoftwareOne Holding AG's (VTX:SWON) market cap dropped CHF131m last week; Individual investors bore the brunt

Nov -12

Source:

SoftwareOne and Crayon recognized as a Leader in the 2025 Gartner® Magic Quadrant™ for SAM Managed Services

Oct -01

Source:

SoftwareOne Holding First Half 2025 Earnings: EPS: CHF0.065 (vs CHF0.18 in 1H 2024)

Sep -02

Source:

SoftwareOne Holding (VTX:SWON investor five-year losses grow to 67% as the stock sheds CHF46m this past week

Jul -23

Source:

SoftwareONE Holding AG (SWONF) (Q4 2024) Earnings Call Highlights: Strategic Partnerships and ...

Feb -20

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ServiceNow and SoftwareOne Announce Strategic Partnership to Transform IT Modernization in the Cloud

Jan -29

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SoftwareONE Holding AG's Dividend Analysis

Apr -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.83%)

6. Segments

Solution and Cloud Services

Expected Growth: 10%

SoftwareONE's Solution and Cloud Services segment growth is driven by increasing demand for cloud-based solutions, digital transformation, and IT modernization. The company's expertise in cloud migration, managed services, and software lifecycle management resonates with customers seeking to optimize their IT infrastructure. Additionally, strategic partnerships with leading cloud providers, such as Microsoft and Amazon Web Services, further fuel growth.

Software and Cloud Marketplace - Indirect

Expected Growth: 11%

SoftwareONE Holding AG's 11% growth in the Software and Cloud Marketplace - Indirect segment is driven by increasing adoption of cloud-based solutions, rising demand for digital transformation, and growing need for software license management. Additionally, the company's strategic partnerships, expanding global presence, and strong sales execution also contribute to its growth momentum.

Software and Cloud Marketplace - Direct

Expected Growth: 13%

SoftwareONE Holding AG's 13% growth in the Software and Cloud Marketplace is driven by increasing demand for cloud-based solutions, digital transformation, and IT modernization. Additionally, the company's strong partnerships with leading software vendors, its global presence, and its ability to provide customers with a single platform for software procurement and management are key growth drivers.

7. Detailed Products

Software Portfolio Management

SoftwareONE's Software Portfolio Management (SPM) helps organizations to optimize their software investments, reduce costs, and improve efficiency.

Licensing Solutions

SoftwareONE's Licensing Solutions provide customers with a comprehensive approach to software licensing, including license management, optimization, and procurement.

Cloud Services

SoftwareONE's Cloud Services help organizations to migrate, manage, and optimize their cloud infrastructure, including public, private, and hybrid cloud environments.

Managed Services

SoftwareONE's Managed Services provide customers with proactive monitoring, management, and support for their IT infrastructure, including software, hardware, and cloud environments.

Consulting Services

SoftwareONE's Consulting Services provide customers with expert advice and guidance on software, cloud, and IT infrastructure strategy, planning, and implementation.

8. SoftwareONE Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

SoftwareONE Holding AG operates in a niche market, providing software solutions to businesses. While there are substitutes available, they are not as comprehensive as SoftwareONE's offerings, reducing the threat of substitutes.

Bargaining Power Of Customers

SoftwareONE's customers are largely businesses, which have limited bargaining power due to the specialized nature of the software solutions provided.

Bargaining Power Of Suppliers

SoftwareONE relies on a network of suppliers for its software solutions. While there are some large suppliers, the company has diversified its supplier base, reducing the bargaining power of individual suppliers.

Threat Of New Entrants

The software solutions market has high barriers to entry, including significant capital requirements and the need for specialized expertise, reducing the threat of new entrants.

Intensity Of Rivalry

The software solutions market is highly competitive, with several established players competing for market share, increasing the intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	4.92%
Debt Cost	9.00%
Equity Weight	95.08%
Equity Cost	9.00%
WACC	9.00%
Leverage	5.17%

11. Quality Control: SoftwareONE Holding AG passed 5 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Sportradar

A-Score: 4.8/10

Value: 1.3

Growth: 8.0

Quality: 6.8

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

ATOSS Software

A-Score: 4.6/10

Value: 0.0

Growth: 8.9

Quality: 9.4

Yield: 3.1

Momentum: 2.0

Volatility: 4.3

1-Year Total Return ->

A-Score: 3.8/10

Value: 3.2

Growth: 9.6

Quality: 8.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

Temenos

A-Score: 3.8/10

Value: 2.3

Growth: 3.8

Quality: 8.2

Yield: 1.9

Momentum: 5.0

Volatility: 1.7

1-Year Total Return ->

SoftwareONE

A-Score: 3.2/10

Value: 6.0

Growth: 1.2

Quality: 4.5

Yield: 5.6

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

Monday

A-Score: 2.8/10

Value: 2.2

Growth: 9.1

Quality: 4.5

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-3.86%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.00%

SoftwareONE Holding AG - CH0496451508

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SWON

1.c. Company Highlights

Lower Growth

Fairly Valued

Average Yield

Revenues Beats

Expensive

Medium Volatility

Less Volatile

Weak Momentum

Higher Yield

Earnings Miss

Revenues Miss

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.83%)

6. Segments

Solution and Cloud Services

Expected Growth: 10%

Software and Cloud Marketplace - Indirect

Expected Growth: 11%

Software and Cloud Marketplace - Direct

Expected Growth: 13%

7. Detailed Products

Software Portfolio Management

Licensing Solutions

Cloud Services

Managed Services

Consulting Services

8. SoftwareONE Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: SoftwareONE Holding AG passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.99$

Current Price

8.98$

Potential

0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA