Original-Research: ASMALLWORLD AG (von NuWays AG): BUY

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Original-Research: ASMALLWORLD AG - from NuWays AG

18.09.2026 / 09:00 CET/CEST

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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 1.40

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Operations rightsized // profitable growth in sight; chg.

Topic: H1 confirms the pivot from a broad lifestyle group to a focused

membership and travel-services platform. Profitability and cash flow

improved despite a sharply lower top line, ultimately delivering on the

promised re-focus on cash generation. In detail:

Strategic shift: travel services become the profit engine. The re-focus

rests on three levers. First, simplification: low-margin projects were cut

and hospitality exited, with contractual upside incentives retained. Second,

a commercial push through a new BD team for external distribution and a new

Head of Marketing (Q2). Third, scaling bookings: ASW Collection lifted

commissionable stay value by 6.5% and more than doubled commissions paid on

new tracking tools, while advisor-booked travel revenue grew 66%, skewed to

high-margin safari and cruise.

Pruning costs and sales, not earnings. Net sales fell 36% yoy to CHF 5.6m

(H1 25: CHF 8.8m). Importantly, most of the gap is self-inflicted:

hospitality projects and parts of the events business were discontinued as

they carried little to no margin, yet added complexity to the business.

Softer demand for Emirates Skywards-linked memberships added to the decline

as the Middle East conflict weighed on regional travel.

Margin nearly doubles on a reset cost base. EBITDA rose 11% yoy to CHF

0.47m, lifting the margin 3.5pp to 8.4%. Total opex fell 38% yoy to CHF

5.2m. Part of that is revenue-linked, but the strategic review of headcount

and technology also cut personnel costs by >20%. Services segment EBITDA

more than tripled, showing the initiated shift to higher-margin travel

services is taking hold.

Cash flow turns the corner. Operating cash flow swung by CHF 0.7m to CHF

+0.46m (H1 25: CHF -0.28m). After years of deleveraging, self-funded

operations matter more than the EBITDA print.

Funnel keeps widening, and monetisation is now the test. Membership grew 23%

yoy. That is slower than the more than 50% growth reported a year earlier,

which is natural as the freemium base scales. From here, converting members

into revenue counts for more than headline growth. The new Marriott Bonvoy

and Turkish Airlines partnerships reduce reliance on any single loyalty

programme. That exposure was visible in 2025, when changes to Miles & More

dampened Prestige membership demand, and again with this year's Gulf

disruption. ASW Concierge, launched in Q2, adds a service-driven revenue

line.

H2 bridge: reset guidance leaves room to deliver. Management cut the sales

guidance to CHF 12-14m, from CHF 17.5-19.5m, to reflect the exits.

Importantly, the EBITDA guidance remained at CHF 0.9-1.1m, underpinning that

the measures taken are bearing fruit.

Our take. H1 is the first period where the restructuring shows in both

margins and cash. The story is moving from member counts to earnings

quality. The next checkpoints are EBITDA delivery in H2 and a clean,

adjusted sales base. The model overhaul triggers a PT cut to CHF 1.40 (old:

CHF 2.00) with an unchanged BUY rating (DCF-based).

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=2d879cc207d40b4fa5bae04aeb54607a

For additional information visit our website:

https://www.nuways-ag.com/research

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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2401266 18.09.2026 CET/CEST

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