Swisscom AG

SCMN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 495.00	Rdtcn	Drxszscf

Swisscom Earnings: On Track to Meet 2024 Guidance; Acquisition of Vodafone Italy Moving Ahead

Javier Correonero

Jul 31, 2024

Narrow-moat Swisscom's second-quarter revenue came in ahead of company-compiled consensus at CHF 2.751 billion, a 1.8% increase year over year. Group-level EBITDA was in line at CHF 1.124 billion for the quarter, a 1.3% decline year over year and Swisscom is on track to meet its full-year guidance. Management maintained its 2024 guidance for revenue of CHF 11.0 billion and EBITDA of CHF 4.5 billion-CHF 4.6 billion. Overall, these results support our outlook for Swisscom and we make no changes to our forecasts. We reiterate our CHF 440 fair value estimate and view the shares as overvalued at current levels.

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