reports
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Pierre FerraguÊ
Bible 4Q25 - Telecom Infrastructure: No capex growth in sight. Mobile ...
Today, we are publishing the Telecom Infrastructure section of our 30th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Telecom capex was flat year-on-year in 4Q25 and operator guidance implies this trend will continue in 2026. The outlook for equipment vendors is in line with our expectations: mobile stable,...
- Russell Waller
Swisscom (Reduce from Neutral, TP: CHF 595, -17%) Sunrise (Reduce from...
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.
- Russell Waller
Swisscom (Neutral, TP: CHF 595, -13%) Post Q4 25 model update – Macro...
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback and compare our new estimates to guidance and consensus. Swisscom trades at a significant premium to the sector thanks to favourable macro factors (rates, yield, Italy M&A, CHF strength) but the telco issues (Swiss SR, Salt share gains, ARPU weakness), do not warrant such an elevated multiple in our view.
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Stephane Beyazian
- Stephane Beyazian
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Russell Waller
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Pierre FerraguÊ
Bible 3Q25 – Telecom: Growth in fixed & semis; mobile stabilizing
Today, we are publishing the Telecom Infrastructure section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Fixed equipment revenues are rebounding from the inventory correction, rising 11% YoY. RAN revenues declined 1% YoY, reflecting the ongoing weak demand following the 5G cycle. Telecom semis ...
- Ben Rickett
- James Ratzer
FWA is on the horizon It has the potential to be disruptive: Keep a v...
FWA has reached 38% penetration in Austria today, 13% in Italy, but is just 1-2% elsewhere in Europe. Furthermore, the EC has just made a major decision to dedicate a further 540MHz of spectrum to mobile carriers increasing their bandwidth by 60%.
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHLN DHL GROUP
CON CONTINENTAL AKTIENGESELLSCHAFT
LR LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BT.A BT GROUP PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
RNO RENAULT SA
G1A GEA GROUP AG
KPN ROYAL KPN NV
GFC GECINA SA
DAI DAIMLER AG
EBS ERSTE GROUP BANK AG
ADEN ADECCO GROUP AG
SCMN SWISSCOM AG
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
TEP TELEPERFORMANCE SE
RF EURAZEO SA
ZAL ZALANDO SE
GEBN GEBERIT AG
ORSTED ORSTED
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
TIT TELECOM ITALIA S.P.A.
COLO B COLOPLAST A/S CLASS B
INX IMCD N.V.
LDO LEONARDO SPA
AZN ASTRAZENECA PLC
NEXI NEXI S.P.A.
STLA STELLANTIS N.V.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
ARM ARM HOLDINGS PLC
SYENS SYENSQO
UN0 UNIPER SE
AENA AENA S.M.E. SA
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
Coffee, Croissants & Credit/Snam, Veolia, Engie, CTP, Vonovia, SES, BT...
Utilities: Snam posted robust 9M25 financials, Veolia 9M25 results show continued strong growth, Engie weak 9M25 results – spread tightening limited. Telecom: SES reports weak 3Q25 earnings, BT reports soft 1H26 results, Swisscom 3Q25 results look mixed, Telecom Italia reports solid 3Q25 results, KPN guides for somewhat higher leverage. Real Estate: CTP 9M25 - robust operating trends, Vonovia 9M25 - guidance confirmed
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHLN DHL GROUP
CON CONTINENTAL AKTIENGESELLSCHAFT
LR LEGRAND
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BT.A BT GROUP PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
G1A GEA GROUP AG
KPN ROYAL KPN NV
GFC GECINA SA
EBS ERSTE GROUP BANK AG
ADEN ADECCO GROUP AG
SCMN SWISSCOM AG
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
TEP TELEPERFORMANCE SE
RF EURAZEO SA
ZAL ZALANDO SE
GEBN GEBERIT AG
ORSTED ORSTED
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
TIT TELECOM ITALIA S.P.A.
COLO B COLOPLAST A/S CLASS B
INX IMCD N.V.
LDO LEONARDO SPA
AZN ASTRAZENECA PLC
NEXI NEXI S.P.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
ARM ARM HOLDINGS PLC
SYENS SYENSQO
UN0 UNIPER SE
AENA AENA S.M.E. SA
- Russell Waller
Swisscom (Neutral, TP: CHF 575, -2%) Q3 25: SR miss, but good EBITDA ...
Swisscom has reported a set of Q3 numbers very similar to the Q2s: a small SR miss, a good EBITDA beat, and guidance has been reiterated, suggesting a pull forward of cost out, rather than a more material fundamental improvement. As at Q2, SR trends have deteriorated - Swiss MSR trends are better, but these have been offset by FSR weakness.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.