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Investing.com - Berenberg reinstated coverage on Swisscom AG (SIX:SCMN) (OTC:SCMWY) with a Hold rating and a price target of CHF569.00 on Thursday.
The research firm expects Swisscom’s Swiss fiscal year 2025 service revenue to decline year-over-year in what it describes as "currently the most challenging market in Europe."
Berenberg also anticipates that Swisscom’s newly combined Italian operation will underperform the Italian market for at least the next 12 months. Swisscom acquired Vodafone (NASDAQ:VOD)’s Italian business at the end of 2024.
The firm’s estimates align with fiscal year 2025-28 consensus group EBITDAaL (earnings before interest, taxes, depreciation, amortization, and leases) but fall below consensus on operating free cash flow until 2028.
Berenberg expects Swisscom to benefit from lower capital expenditures starting in 2028, consistent with the firm’s broader sector thesis.
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