Report
Russell Waller
EUR 9211.00 For Business Accounts Only

Salt/Matterhorn Q4 22: A slower but solid quarter; Debt rating upgrade?

Salt continues to outperform Swisscom and Sunrise-UPC in Switzerland, but it has seen a bigger sequential slowdown in SR growth than either this quarter. EBITDA growth has slowed less, but is down a touch to +4.2% y/y from +4.6% y/y. Capex is up as fixed net adds remain good, and we think that the new P2P FTTH wholesale deal with Swisscom will bring a new leg of growth for Salt.
Underlyings
Sunrise Communications Group Ltd.

Sunrise Communications Group AG is a Switzerland-based company that provides telecommunication services. The Company provides services in the area of mobile communications, fixed network, Internet and digital television (TV). Sunrise Communications AG also provides Prepaid Cards, Contract Extension, Help and Support services. It offers mobile phones, tablets, modems and Apple-products, as well as accessories such as chargers or phone headphones. Sunrise Communications AG provides its services to its various clients in the private and public sectors across the Swiss market. The Company's brands include Sunrise, Business Sunrise, Gif Me More, yallo, ortel Mobile and Lebara.

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.

Provider
New Street Research
New Street Research

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  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
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  • Asian Internet
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  • Global healthcare thematic research

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  • Pan European Telecom Services and Cable


Analysts
Russell Waller

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