No surprise with the Q4 figures but the outlook for 2022 is no more exciting than last year’s.
Swisscom is currently clearly a no-growth story in terms of EBITDA less capex. So we therefore believe that the dividend is not about to increase before… 2025. We maintain our opinion at Add but we clearly prefer to invest today in telcos with a higher yield and which moreover should increase their dividends in the coming years, like KPN, Tele2 or Orange.
03 Feb 2022
No increase in dividends before 2025
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No increase in dividends before 2025
No surprise with the Q4 figures but the outlook for 2022 is no more exciting than last year’s.
Swisscom is currently clearly a no-growth story in terms of EBITDA less capex. So we therefore believe that the dividend is not about to increase before… 2025. We maintain our opinion at Add but we clearly prefer to invest today in telcos with a higher yield and which moreover should increase their dividends in the coming years, like KPN, Tele2 or Orange.