First Read: SoftwareONE Holding AG "Co-CEO Melissa Mulholland leaves" (Buy) Tong

研报英文原文证据摘录

First Read: SoftwareONE Holding AG "Co-CEO Melissa Mulholland leaves" (Buy) Tong

Global Research

14 July 2026ab

First Read

EquitiesSoftwareONE Holding AG

Co-CEO Melissa Mulholland leaves Switzerland

Diversified Technology Services

12-month rating Buy

Co-CEO Raphael Erb to be sole CEO from 1 Aug 26

SWON stated that Co-CEO Melissa Mulholland has decided to leave the company given 12m price target CHF9.40

the integration between Crayon and SoftwareONE has largely been completed. Co-CEO

Melissa currently leads strategy, customer platforms, GTM enablement, vendor

Price (13 Jul 2026) CHF8.43

alliances, and global functions which will be taken over by co-CEO Raphael Erb when he

becomes sole CEO from 1 August. Melissa joined SWON in July 2025 through the RIC: SWON.S BBG: SWON SW

merger with Crayon. Trading data and key metrics

52-wk range CHF9.07-5.92

Strong business momentum flagged

Market cap. CHF1.86b/US$2.29b

On current trading the company highlights it has made further good progress and sees

Shares o/s 221m (ORD)

"strong business momentum since the first-quarter 2026 trading update". We note

Free float 66%

that Microsoft is due to materially increase 365 prices from July, as such we expect Q2 to

Avg. daily volume ('000) 568

benefit from multi-year deals and elevated customer discussions ahead of this. Mid-term

guide was reiterated. Avg. daily value (m) CHF4.5

Common s/h equity (12/26E) CHF1.03b

Valuation: DCF and EV/NOPAT based PT P/BV (12/26E) 1.8x

We expect a negative reaction given the management change, notwithstanding the Net debt to EBITDA (12/26E) 1.0x

good trading update. SWON is due to announce 1H results on the 26 August. EPS (UBS, diluted) (CHF)

UBS Cons.

12/26E 0.70 0.68

12/27E 0.86 0.87

12/28E 0.97 0.97

Christopher Tong

Analyst

christopher.tong@ubs.com