ALSO Holding AG : Cloud-driven mix shift unlocks structural upside
ALSO combines a scale-driven IT distribution core with a growing cloud marketplace and solutions business that structurally improves margins and earnings quality over time. The market focuses on near-term mix dilution and thin supply margins, overlooking ecosystem effects, recurring cloud growth and improving cash conversion. At current valuation levels, ALSO trades below intrinsic value on normalised free cash flow, offering upside as the business mix gradually shifts and execution risk fades. We initiate coverage with an Outperform rating and target price of CHF 272.Also Holding is a holding company. Through its subsidiaries, Co. is one of the European companies in the wholesale and logistics sector for information technology and consumer electronics (ICE). Co. specializes in ICE distribution and logistics services. As part of its ICE distribution activities, Co. works with well-known manufacturers of hardware and software, and provides additional services in value-added sectors such as high-end-servers, storage, security and networks.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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