Report
Stephane Beyazian

1&1 AG : The consensus has shifted but is it ready for 5G D-Day?

>Latest consensus is down (5G capex) - 1&1 is due to provide more details on its 5G strategy and the financial impact on 12 May. The company yesterday published a consensus with new elements (capex). The 2022-2024 EBITDA consensus is down by 1-2%, with EBITDA relatively stable for 2021/22/23. The EBIT and net profit consensus is down by 10-13% for 2022-2023, with the inclusion of heavier 5G capex. The consensus expects capex of € 375-400m for 2022-23, vs € 35-40m p.a....
Underlying
1&1 Drillisch AG

Drillisch is a holding company. Co. through its subsidiaries, is a mobile virtual network operator in Germany. The services acquired from the network operators Telekom Deutschland GmbH, Vodafone D2 GmbH, E-Plus Mobilfunk GmbH and Telefonica O2 Germany GmbH & Co. OHG are sold further to the end consumers for Co.'s own account and at rates established by Co. Co. organizes its operations into three segments: telecommunications, which includes its activities in the sector of wireless services; freenet holding, which comprises the operations of its freenet AG subsidiary; and software services, which involves activities related to the development and marketing of a workflow management software.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Stephane Beyazian

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