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Sunrise (Neutral, TP: CHF39, -15%) Q4 25: OK numbers, and FCF guide for 2026 in-line
Sunrise has reported an OK set of results, with numbers and guidance broadly in-line (a few beats and a few misses). Switzerland remains a tough telco market, and we struggle to see the justification for Swisscom’s elevated multiples based on telco fundamentals (HERE). Sunrise trades at a lower EV/FCF multiple than Swisscom, and we do not see enough in these results for that gap to close.
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New Street Research
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- Pan European Telecom Services and Cable
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Russell Waller
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