New Street Research - Swisscom AG (SCMN) ... Vodafone (Buy, TP: 140p , +111%) Swisscom (Neutral, TP: CHF620, +22%) Can Swisscom make an attractive counter-offer for Vodafone Italy?

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New Street Research

Russell Waller

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Vodafone (Buy, TP: 140p , +111%) Swisscom (Neutral, TP: CHF620, +22%) Can Swisscom make an attractive counter-offer for Vodafone Italy?

M&A stories are in full swing, just when we want to be winding down for the holiday season. Such is the life of a Telecoms analyst! The latest press report is that Swisscom is considering a counter offer for Vodafone Italy; in reality we suspect everyone has been talking to everyone for quite some time. We think that Swisscom can get close to matching the Iliad offer in terms of overall attractiveness, which will give the Vodafone Board food for thought.

21/12/2023 1 EN

Underlyings

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

Vodafone Group

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Russell Waller

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Vodafone (Buy, TP: 140p , +111%) Swisscom (Neutral, TP: CHF620, +22%) Can Swisscom make an attractive counter-offer for Vodafone Italy?

Vodafone (Buy, 140p, +100%) Post call thoughts: What is needed to hit EBITDA guidance

Vodafone (Buy, 140p, +100%) H1 25 - Questions still lingering in Germany

Altice International (Over weight) Digi (Equal weight) NOS (Neutral, TP: €3.7, +10%) Vodafone (Buy, TP: £1.4, +94%) One week on: How is Digi doing in Portugal? Can FWA solve for a lack of fixed infrastructure?

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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