Ben Rickett ...
  • James Ratzer
EUR 9288.00 For Business Accounts Only

1&1 (Buy, €31, +150%) From €37 The most misunderstood telco in Europe? United Internet (Buy, €38, +73%) From €42 O2D (Reduce, €2.0, -23%) From €1.8

1&1 and United Internet had a poor 2022 as concerns and lack of visibility on the network build continue to grow. We believe this is misunderstood – as either 1&1 goes ahead with the network build which should generate long-term EBITDA growth and mirror what Iliad has been doing in Italy (our base case), or it walks away and reverts to being an MVNO which would also generate substantial upside. An IONOS IPO could also be a further support for United Internet.
1&1 Drillisch AG

Drillisch is a holding company. Co. through its subsidiaries, is a mobile virtual network operator in Germany. The services acquired from the network operators Telekom Deutschland GmbH, Vodafone D2 GmbH, E-Plus Mobilfunk GmbH and Telefonica O2 Germany GmbH & Co. OHG are sold further to the end consumers for Co.'s own account and at rates established by Co. Co. organizes its operations into three segments: telecommunications, which includes its activities in the sector of wireless services; freenet holding, which comprises the operations of its freenet AG subsidiary; and software services, which involves activities related to the development and marketing of a workflow management software.

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Ben Rickett

James Ratzer

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