ODDO : Are Swiss stocks still safe? Swisscom vs Sunrise vs Mobilezone
We are initiating coverage on Swiss telecoms stocks. After intense promotional activity and one profit warning (Mobilezone) in H2 2024, we observe a respite in 2025. In this study, we return to the main issues that will drive each stock: 1/ Sunrise's ability to optimise costs and accelerate FCF growth (Outperform, TP CHF 55), 2/ the pace of recovery of Vodafone Italy at Swisscom (Underperform, TP CHF 483) and 3/ a recovery in margins in Germany and footfall in Mobilezone stores in Switzerland (Neutral, TP CHF 11).Mobilezone Holding is a holding company. Co., through its subsidiaries is engaged in the mobile and fixed-line telecommunications sector. Co. maintains agreements with three providers active in Switzerland that pay provisions to Co. for its activities in soliciting new customers and subscription extensions. Co. maintains two divisions: Retail and Service Providing. The Retail division is a supplier of cellular telephone products and services; an advisor to small and mid-sized companies; active in e-commerce, and is a telecommunications products wholesaler. The Service Providing division offers fixed-line services; manages call centers and provides subscriptions on Orange network.
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.
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