SMG Swiss Marketplace Group Holding AG

SMG Swiss Marketplace Group: The Market Sold a Toll Bridge Because Software Got Cheaper

SMG has lost nearly half its value since its September 2025 IPO while revenue grew 14% and EBITDA grew 29%. The derating treats a two-sided marketplace as if it were application software — the asset class actually being repriced by AI. We think that is a category error, and we take the strongest version of the AI bear case seriously before explaining why classifieds survive it: the marketplace is not the software layer an agent replaces, it is the database the agent has to query. We close with an unsolicited suggestion to management — the biggest AI opportunity at SMG is not in the product, it is in the software factory. This is a market view, not an initiation; SMG sits outside our coverage universe and carries sell-side coverage. No rating.