Q1 EBITDA was disappointing but the key point to follow is the roll out of 1&1’s network. Capex should increase by 17.5% in 2023 while UI will remain a no-growth story in terms of EBITDA: EBITDA less capex should decline to a low point. UI has effectively long been going through a difficult phase for a telco as 50% of Germany will be covered only in… 2030.
We remain at buy but will revise downward our target price.
10 May 2023
A 5G roll out that will take time
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A 5G roll out that will take time
United Internet AG (UTDI:ETR) | 0 0 0.0%
- Published:
10 May 2023 -
Author:
Jean-Michel Salvador -
Pages:
3
Q1 EBITDA was disappointing but the key point to follow is the roll out of 1&1’s network. Capex should increase by 17.5% in 2023 while UI will remain a no-growth story in terms of EBITDA: EBITDA less capex should decline to a low point. UI has effectively long been going through a difficult phase for a telco as 50% of Germany will be covered only in… 2030.
We remain at buy but will revise downward our target price.