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    Is ALSO Holding (SWX:ALSN) Using Shelly’s IoT Partnership To Reinforce Its Channel Advantage?

    Simply Wall St·08/31/2026 01:18:30
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    • Shelly Group SE previously announced a pan-European partnership with ALSO Holding, giving Shelly access to ALSO’s broad reseller, system integrator and installer network, while combining product distribution with joint marketing, technical training and sales support across Europe.
    • The collaboration enhances ALSO’s IoT-focused offering by tightly integrating Shelly’s smart home and smart building solutions into a wider ecosystem of professional channel services, including lead generation and technical enablement.
    • Next, we’ll examine how integrating Shelly’s smart home and building portfolio into ALSO’s European IoT channel could influence its investment narrative.

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    What Is ALSO Holding's Investment Narrative?

    To own ALSO, you really have to believe in its role as a scaled, efficient IT and IoT distributor that can convert incremental ecosystem wins into durable, if unspectacular, earnings growth. The Shelly partnership fits that story neatly: it slots into the existing IoT-focused channel and could add another leg of volume and higher-value services, but the muted share price reaction and already improving H1 2026 results suggest it is more an incremental catalyst than a thesis changer. Near term, the key levers still look like disciplined capital allocation (dividends plus the sizeable buyback), execution on ERP and operational upgrades, and the ability to lift margins from relatively low levels. The biggest risk is that slow growth and thin margins limit the benefit of all this financial engineering.

    However, one operational issue could quickly temper enthusiasm around buybacks and dividends.

    ALSO Holding's shares have been on the rise but are still potentially undervalued by 8%. Find out what it's worth.

    Exploring Other Perspectives

    SWX:ALSN 1-Year Stock Price Chart
    SWX:ALSN 1-Year Stock Price Chart

    Three Simply Wall St Community fair value estimates, from CHF213.94 to CHF313.97, show how far apart private investors are on ALSO’s upside. Set against today’s modest growth profile and low profit margins, that spread invites you to weigh how much the IoT and Shelly-led channel expansion could realistically shift the company’s earnings power over time.

    Explore 3 other fair value estimates on ALSO Holding - why the stock might be worth as much as 59% more than the current price!

    Reach Your Own Conclusion

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.