New Street Research - Drillisch (DRI) ... New Street: United Internet/ Drillisch (BUY) Q4 19: Exposure to German consumer resilience at just 7x FCF

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New Street Research

James Ratzer

New Street: United Internet/ Drillisch (BUY) Q4 19: Exposure to German consumer resilience at just 7x FCF

1&1 Drillisch and United Internet have reported in-line results and set out guidance in line with our expectations which highlight the broad stability of the German market as a whole â€“ and given all that is going on with COVID-19 also highlight how resilient the telecoms sector should be relative to other industries.

26/03/2020 4 EN

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Drillisch

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United Internet

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James Ratzer

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New Street: United Internet/ Drillisch (BUY) Q4 19: Exposure to German consumer resilience at just 7x FCF

1&1 (Buy, €27, +84%) United Internet (Buy, €30, +52%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet (Buy, €30, +52%) / 1&1 (Buy, €27, +84%) 2Q24: Guidance cut on weaker retail growth; higher network costs

1&1 (Buy, €28, +70%) United Internet (Buy, €30, +30%) 1Q24: Spectrum decision imminent; increasing forward visibility

Microsoft vs. OpenAI: Implications for investors?

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

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