New Street Research - United Internet (UTDI) New Street: 11 (Buy, €36, +80%) United Internet (Neutral, €39, +27%) Q1 22: Good start to 2022 in a rational market

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New Street Research

James Ratzer

EUR 8824.00 For Business Accounts Only

New Street: 1&1 (Buy, €36, +80%) United Internet (Neutral, €39, +27%) Q1 22: Good start to 2022 in a rational market

United Internet and 1&1 have reported decent Q1 results with EBITDA ahead of expectations. 2022 guidance has been kept intact for both companies and there is no change to our thesis on either (or that the German market is remaining rational), with a clear preference for 1&1.

12/05/2022 1 EN

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United Internet

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New Street Research

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Analysts

James Ratzer

Other Reports on these Companies

New Street Research

1&1 (Buy, €27, +84%) United Internet (Buy, €30, +52%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet and 1&1 have reported soft Q2 results and cut guidance for 2024, with weaker mobile retail growth and higher network costs. 1&1 service revenue growth is now expected to slow from +4% YoY in H1 to +2% YoY in H2, impacted by the mobile network outage in May and an increasingly competitive German market environment. We cut our 1&1 cash flow forecasts by c.-5% and reduce our target price by -€2 (to €27/ share) – but remain bullish on the name as wholesale cost savings drive FCF growth next year.

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New Street Research

United Internet (Buy, €30, +52%) / 1&1 (Buy, €27, +84%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet and 1&1 have reported soft Q2 results and cut guidance for 2024, with weaker mobile retail growth and higher network costs.

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1&1 (Buy, €28, +70%) United Internet (Buy, €30, +30%) 1Q24: Spectrum decision imminent; increasing forward visibility

United Internet, 1&1 and IONOS have reported decent sets of Q1 results, with all financial guidance confirmed and steady progress on the mobile network build. The key remaining uncertainty for the network build is access to low-band spectrum; recent reports have suggested that BNetzA will present its preliminary decision to extend the existing licences on Monday (13 May 2024).

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New Street: 1&1 (Buy, €36, +80%) United Internet (Neutral, €39, +27%) Q1 22: Good start to 2022 in a rational market

1&1 (Buy, €27, +84%) United Internet (Buy, €30, +52%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet (Buy, €30, +52%) / 1&1 (Buy, €27, +84%) 2Q24: Guidance cut on weaker retail growth; higher network costs

1&1 (Buy, €28, +70%) United Internet (Buy, €30, +30%) 1Q24: Spectrum decision imminent; increasing forward visibility

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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