Swisscom (Reduce from Neutral, TP: CHF 595, -17%) Sunrise (Reduce from Neutral, TP: CHF 39, -19%) Swisscom/Sunrise – Current multiple not justified by Swiss outlook
The whole EU Telco sector has been on a tear YTD (+18% vs STOXX E600 +5%), as macro factors give support (AI-resilience, sector rotation). For Swisscom and Sunrise this has been augmented by perceptions that Switzerland is a “safe haven” thanks to the strong CHF and low 10-year risk free rate.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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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