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Original-Research: ASMALLWORLD AG - from NuWays AG
08.04.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to ASMALLWORLD AG
Company Name: ASMALLWORLD AG
ISIN: CH0404880129
Reason for the research: Update
Recommendation: BUY
Target price: CHF 2
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
FY25 figures out, new CEO driving transformation; chg.
FY25 sales reached CHF 19.1m, down 9% yoy due to the absence of significant
one-off sales generated from low-margin event-related activities; Services
business -38% yoy to CHF 3.8m while Subscription sales were up 4% to CHF
15.2m thanks to the growing number of paying members despite the
introduction of free entry membership. A refocus on profitable services
(margin over sales) further impacted the group's top-line development.
EBITDA amounted to CHF 0.9m, broadly in line with guidance. The absolute
number is down from CHF 1.4m in 2024. Cost discipline was real: the company
conducted a comprehensive review of its activities, exiting non-core and
unprofitable projects and streamlining its organisational structure, which
also resulted in headcount reductions to lower the operating cost base going
into 2026. Related one-off expenses amounted to roughly CHF 0.4m.
Beyond the numbers, two strategic pillars stand out. First, B2B
distribution: new airline partnerships with Cathay Pacific and Turkish
Airlines were added alongside a global alliance with Klarna, which now
integrates ASW to provide curated travel and lifestyle benefits to its
cardholder and membership offerings. These deals are meaningful because they
address ASW's historically high cost of member acquisition by embedding the
brand within existing high-affinity ecosystems.
Second, ASW launched a multi-year data and AI transformation programme
focused on enabling more efficient, data-driven operations, supporting more
targeted member acquisition, engagement and cross-selling but also driving
cost efficiencies.
Strengthened community engagement. 952 events were hosted worldwide in 2025
versus 864 in 2024 and the ASW Collection hotel booking platform grew to
nearly 1,800 hotels globally with member bookings up over 15%.
Improved balance sheet. The company reduced debt by 25%, to CHF 2.4m. Over
two years, ASW has now eliminated the vast majority of its legacy debt
burden. With a lean balance sheet and a tighter cost structure, ASW is
heading into 2026.
FY26 outlook. Management's FY26 guidance is notably conservative and signals
a deliberate pivot from growth-at-any-cost to profitable monetisation.
Memberships are expected to reach 135-140k, an increase of 12-15%, while
total revenue is projected at CHF 17.5-19.5m, flat to down yoy. EBITDA is
guided at CHF 0.9-1.1 million suggesting margin stability as cost reductions
offset continued investment.
All in all, new CEO seems to tackle the right levers to foster a sustainable
turnaround in growth and profitability. Against this backdrop, we reiterate
BUY with a new PT of CHF 2.00 (old: CHF 2.50), based on DCF. - change of
analyst -
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=4cb20eb83deef3a4c1803df1a4a223a3
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
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2304624 08.04.2026 CET/CEST
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Quelle: dpa-AFX
