February 13, 2025 08:49 GMT
COMMUNICATIONS: Swisscom Q4 Results
COMMUNICATIONS
SCMNVX A2/A-
Slight negative on weak quarterly EBITDA on both domestic and Italian ops and with guidance for a slightly softer FY25. Increase in leverage looks lower than expected though is seen flat this year.
- Q4 revs flat YoY (in line). FY also flat YoY.
- Q4 EBITDA -20% YoY (-11% vs. cons). FY -5.8% with a margin of 39.5% from 41.7%.
- FY OpFCF -14%, FY CapEx +1%, FY FCF -3%
- Reported EBITDA leverage of 2.4x from 1.5x at 9M23 and FY23. Looks better than the previously guided 2.6x though new guidance is for flat leverage this year with dividends increased.
- FY25: revs CHF 15-15.2bn (FY25 CHF 15.3bn), EBITDAal CHF 5bn (FY24: CHF 5.2bn, OpFCF CHF 1.8-1.9bn (FY24: CHF 2.2bn).
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