2024-04-20 12:44:56 ET
Summary
- Swisscom has doubled its market share in Italy through the acquisition of Vodafone Italy, which was a major player.
- The company's earnings show solid organic growth in postpaid and stable results in wholesale. In general, performance was decent, and savings initiatives have borne fruit.
- The Vodafone deal will be financed by debt and will increase Swisscom's leverage, but the company's current and future debt situation is sustainable.
- Lessened CAPEX burdens were a big factor in making the deal possible. Nonetheless, we don't see any special benefits and don't see an especially good valuation case.
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Swisscom: Vodafone Italy Acquisition Makes Sense