Swvl Holdings Corp. (SWVL) | Investment Case

1. Company Snapshot

1.a. Company Description

Swvl Holdings Corp.provides mass transit ridesharing services.It offers B2C Swvl Retail, which provides riders with a network of minibuses and other vehicles running on fixed or semi-fixed routes within cities; Swvl Travel that allows riders to book rides on long-distance intercity routes on vehicle available through the Swvl platform or through third-party services; and Swvl Business, a transport as a service enterprise product for businesses, schools, municipal transit agencies, and other customers.

The company was incorporated in 2017 and is headquartered in Dubai, the United Arab Emirates.

Show Full description

1.b. Last Insights on SWVL

Swvl Holdings Corp.'s recent performance was driven by robust revenue growth, with a 12.4% quarter-on-quarter increase in IFRS revenue and a significant 47% growth in constant currency. The company achieved a net profit of $0.8 million in Q1 2025, marking a notable milestone. Dollar-pegged revenue increased to 34.7% of total revenue, a 118% jump over Q1 2024. Recurring revenue reached an all-time high of 86% of total revenue, while revenue in the Kingdom of Saudi Arabia surged 100% quarter-on-quarter, accompanied by a 97% increase in gross margin. Additionally, Swvl secured a 3-year contract worth up to $4 million with a large enterprise in essential services, and launched its luxury travel vertical, unlocking high-margin growth potential. The company also signed its first SaaS contract in the UK, marking its entry into the European market.

1.c. Company Highlights

Last Price	2.61
Change Percentage	-4.36%
Open	2.78
Previous Close	2.73
Market Cap ( Millions)	26
Volume	3231
Year High	7.2
Year Low	2.4
M A 50	3.03
M A 200	3.77

FCF Yield	-1.96%
Dividend Yield	0.00%
ROE	-81.02%
Debt / Equity	22.48%
Net Debt / EBIDTA	306.25%
Price To Book	7.67
Price Earnings Ratio	-11.69
Price To FCF	-51.11
Price To sales	1.83
EV / EBITDA	-16.63

2. Transcript Summary

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3. NewsRoom

Swvl and Bank AlJazira in Saudi Arabia Mark Over 100,000 Bookings Milestone in 2025, Accelerating Sustainable Mobility Across Saudi Arabia

Nov -26

Source: globenewswire.com

Swvl Received Nasdaq Notification Regarding Minimum Market Value Deficiency

Nov -06

Source: globenewswire.com

Swvl Reports Continued Profitability this Quarter, Achieving 46% Revenue Growth and Net Profit of $0.2 Million in Q3 2025

Oct -28

Source: globenewswire.com

Swvl Announces H1 2025 Results, Delivering 26% Revenue Growth (49% in Constant Currency), 26% Gross Margin Growth, and Net Income of $0.43 Million

Sep -08

Source: globenewswire.com

Swvl Egypt Surpasses Prior Peak Revenue, Delivering Major Turnaround with Stronger Profitability

Sep -03

Source: globenewswire.com

Swvl Signs Its First SaaS Contract in the UK, Marking Entry into the European Market

Jun -03

Source: globenewswire.com

Swvl Secures 3-Year Contract Worth Up to $4 Million with a Large Enterprise in Essential Services

May -27

Source: globenewswire.com

Swvl Launches Luxury Travel Vertical, Unlocking High-Margin Growth Potential Across Its Operating Markets and Secures First Revenue in the UAE

May -20

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.10%)

6. Segments

Business to Business

Expected Growth: 10.27%

Swvl Holdings Corp.'s 10.27% growth in Business-to-Business (B2B) segment is driven by increasing demand for transportation solutions from corporate clients, expansion into new markets, and strategic partnerships with large enterprises. Additionally, the company's focus on technology-enabled logistics and operational efficiency has improved customer satisfaction, leading to higher retention rates and revenue growth.

Business to Customers

Expected Growth: 13.47%

Swvl Holdings Corp.'s 13.47% growth in Business to Customers segment is driven by increasing demand for affordable and convenient transportation solutions, expansion into new markets, strategic partnerships, and investments in technology to enhance user experience and operational efficiency.

7. Detailed Products

Swvl Business

A B2B platform offering transportation solutions for corporate clients, providing a range of services including daily commutes, event transportation, and logistics.

Swvl Daily

A daily commuting service that connects riders with drivers, offering a convenient and affordable way to travel to and from work or university.

Swvl Events

A platform offering transportation solutions for events, providing a range of services including shuttle services, event logistics, and transportation management.

Swvl Shop

A last-mile delivery platform that connects riders with drivers, offering a convenient and affordable way to transport goods and packages.

Swvl InterCity

An intercity transportation service that connects cities and towns, offering a convenient and affordable way to travel between cities.

8. Swvl Holdings Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Swvl Holdings Corp. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the growing demand for alternative transportation services.

Bargaining Power Of Customers

Swvl Holdings Corp. has a large customer base, but the bargaining power of customers is high due to the availability of alternative transportation services and the ease of switching.

Bargaining Power Of Suppliers

Swvl Holdings Corp. has a diversified supplier base, and the bargaining power of suppliers is low due to the company's large scale of operations.

Threat Of New Entrants

The threat of new entrants is moderate due to the high barriers to entry in the transportation industry, but new entrants can still disrupt the market with innovative services.

Intensity Of Rivalry

The intensity of rivalry is high in the transportation industry, with many established players competing for market share, and Swvl Holdings Corp. must differentiate itself to maintain its competitive edge.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	15.66%
Debt Cost	6.62%
Equity Weight	84.34%
Equity Cost	6.62%
WACC	6.62%
Leverage	18.57%

11. Quality Control: Swvl Holdings Corp. passed 3 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

Pexip

A-Score: 5.5/10

Value: 1.4

Growth: 7.1

Quality: 7.5

Yield: 3.8

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

Fabasoft

A-Score: 5.3/10

Value: 4.0

Growth: 6.8

Quality: 7.1

Yield: 2.5

Momentum: 7.0

Volatility: 4.3

1-Year Total Return ->

Esker

A-Score: 4.2/10

Value: 0.0

Growth: 7.2

Quality: 6.8

Yield: 0.0

Momentum: 5.5

Volatility: 5.7

1-Year Total Return ->

Lectra

A-Score: 4.2/10

Value: 4.2

Growth: 5.8

Quality: 6.5

Yield: 1.9

Momentum: 2.5

Volatility: 4.0

1-Year Total Return ->

Cerillion

A-Score: 3.7/10

Value: 1.2

Growth: 5.8

Quality: 9.1

Yield: 1.2

Momentum: 2.5

Volatility: 2.3

1-Year Total Return ->

Swvl

A-Score: 2.9/10

Value: 6.8

Growth: 4.6

Quality: 3.0

Yield: 0.0

Momentum: 3.0

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

19.64%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.62%

Swvl Holdings Corp. - VGG863021256

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SWVL

1.c. Company Highlights

Strong Momentum

Better Quality

More Volatile

Cheaper

Average Yield

Average Growth

Stable Momentum

Average Quality

Weak Momentum

Lower Quality

Fairly Valued

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.10%)

6. Segments

Business to Business

Expected Growth: 10.27%

Business to Customers

Expected Growth: 13.47%

7. Detailed Products

Swvl Business

Swvl Daily

Swvl Events

Swvl Shop

Swvl InterCity

8. Swvl Holdings Corp.'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: Swvl Holdings Corp. passed 3 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

2.61$

Current Price

2.61$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA