New Street: 1&1 Drillisch (Buy, €36, +48%) United Internet (Neutral, €39, +9%) Quick Take: Q1 21 - All on track. Prelude to network build details
United Internet and 1&1 Drillisch have reported Q1 results which are in line with our and market expectations for 1&1 Drillisch, but modestly ahead at United Internet.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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