New Street Research - Swisscom AG (SCMN) Swisscom (Neutral, TP: CHF610, +12%) Q4 22: Very good results and guidance - Quick Take

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New Street Research

Russell Waller

EUR 8822.00 For Business Accounts Only

Swisscom (Neutral, TP: CHF610, +12%) Q4 22: Very good results and guidance - Quick Take

Swisscom has reported a very good set of Q4 results, with a near 11% beat vs consensus at EBITDA; the beat is from both revenue (+2.6% ahead vs consensus) and OpEx (-2.1% vs consensus). Guidance for 2023 EBITDA is c3% of consensus on a LFL basis, and the outlook for Swiss SR and cost out is encouraging. Underlying EBITDA has been suppressed by one-offs, and was again in Q4, and the 2022 guidance seemingly included these one-offs, but the market was not aware of this, hence the material beat vs expectations in Q4 and the rebasing of underling EBITDA upward for 2023.

09/02/2023 1 EN

Underlying

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.

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CH0008742519 Six Swiss Exchange Switzerland

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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Russell Waller

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Swisscom (Neutral, TP: CHF610, +12%) Q4 22: Very good results and guidance - Quick Take

A-rated TMT credit investments/Better credits at similar spreads

Bible 4Q24: Telecom Infrastructure – Recovery across the board

Inwit (Neutral, €12.8, +32%) Could Swisscom renegotiate the Inwit MSA?

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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