New Street Research - Swisscom AG (SCMN) Swisscom (Neutral, TP: CHF600, +8%) Q3 24: Swiss EBITDA supported by good cost cutting, guidance reiterated

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New Street Research

Russell Waller

EUR 9541.00 For Business Accounts Only

Swisscom (Neutral, TP: CHF600, +8%) Q3 24: Swiss EBITDA supported by good cost cutting, guidance reiterated

Swisscom has reported a solid set of numbers. Swiss SR trends ex wholesale are unchanged (which is in stark contrast to Sunrise), but better cost cutting has led to a 2% EBITDA beat vs consensus for Switzerland and a 1% beat at the Group level.

31/10/2024 1 EN

Underlying

Swisscom AG

Swisscom is engaged in providing telecommunication services and is active in Switzerland and Italy. Co. has three operating divisions: Swisscom Switzerland, Fastweb; and Other Operating Segments. Co.'s Swisscom Switzerland divisions comprised of: Residential Customers; Small and Medium-Sized Enterprises; Enterprise Customers; Wholesale; and IT, Network & Innovation. Co.'s Fastweb segment supplies its fixed-network both directly via its own fiber-optic network and also via the unbundled fixed-access lines and wholesale products. Co.'s other operating segments provides ICT solutions for physicians, hospitals and insurers, develops and operates intelligent solutions for energy management.

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CH0008742519 Six Swiss Exchange Switzerland

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Russell Waller

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Swisscom (Neutral, TP: CHF600, +8%) Q3 24: Swiss EBITDA supported by good cost cutting, guidance reiterated

A-rated TMT credit investments/Better credits at similar spreads

EU TELECOMS REFRESH: Can the outperformance continue?

AT&T: what to expect at the analyst day

Salt/Matterhorn (Equal Weight) Q3 24: Slower growth again, ARPU trends are a concern

Axian Telecom (High Yield) Q3 24: Solid quarter

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