Swisscom (Neutral, TP: CHF610, +22%) Q1 24:Mixed numbers, weaker SR trends in Switzerland
Swisscom has reported a slightly mixed set of numbers. Swiss SR trends have deteriorated faster than expected; EBITDA is more in-line, but OpFCF and FCF are both light. We worry that Swiss SR trends will come under further pressure in the run-up to the Sunrise IPO, and as Salt starts to offer a fixed product to more of the country.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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