Swisscom Reported Slightly Better 1Q Results, Primarily Due to Foreign Exchange; Maintaining FVE
Swisscom reported first-quarter revenue and EBITDA margins that were a bit ahead of our expectations, but this was primarily due to foreign exchange movements. Hence, we plan to maintain our CHF 470 per share fair value estimate and narrow moat rating. We believe the shares are fairly valued. The firm reported revenue growth of 1.9% year over year versus our full-year estimate of a loss of 0.5%. The core Swiss telecom business’ revenue fell 1.8% primarily due to a 13.9% fall in its traditional f...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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