New Street: Swisscom (Neutral): Q3 20: Strong set of numbers, but no guidance uplift – Quick Take
Swisscom has reported a strong set of Q3 numbers, with a good beat vs consensus (+4.5% beat at EBITDA; +3.5% if one adjusts for CHF10m of sport cost delay – and even if the beat at “Other” is also ignored, EBITDA was still +2.5% ahead).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.
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