ALSO Holding AG (ALSN.SW) Stock Analysis & Winston Score

ALSO Holding AG is a technology distributor based in Switzerland. It buys hardware, software, and cloud services from big technology brands — like Microsoft, HP, and Lenovo — and resells them to retailers, IT resellers, and businesses across Europe. It acts as the middleman between tech manufacturers and the companies that actually sell or use the products. ALSO makes money on the margin between what it pays suppliers and what it charges customers, which is why its gross margin is very thin at around 5%. The company operates in roughly 30 European countries, making it one of the larger IT distributors on the continent. Its scale and supplier relationships give it some competitive advantage, but thin margins leave little room for error if volumes drop or pricing pressure increases. The key growth driver is the ongoing shift toward cloud services, where ALSO earns recurring fees by managing cloud subscriptions for business customers — a higher-margin business than traditional hardware distribution.