Company Valuation: Swisscom AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,657 26,243 26,212 26,134 29,812 32,972 - -
Change - -1.55% -0.12% -0.3% 14.07% 10.6% - -
Enterprise Value (EV) 1 34,363 33,617 33,283 41,731 45,445 47,565 48,101 47,579
Change - -2.17% -0.99% 25.38% 8.9% 4.66% 1.13% -1.09%
P/E 14.5x 16.4x 15.3x 16.9x 23.5x 23.7x 21.9x 20x
PBR 2.47x 2.35x 2.26x 2.15x 2.44x 2.68x 2.65x 2.62x
PEG - -1.3x 2.25x -1.71x -1.3x 2.54x 2.61x 2.15x
Capitalization / Revenue 2.38x 2.36x 2.37x 2.37x 1.98x 2.24x 2.25x 2.25x
EV / Revenue 3.07x 3.03x 3.01x 3.78x 3.02x 3.23x 3.28x 3.25x
EV / EBITDA 7.66x 7.63x 7.2x 9.58x 6.87x 7.1x 7.09x 6.87x
EV / EBIT 16.6x 16.5x 15.1x 21.4x 23.6x 22.7x 21.3x 19.8x
EV / FCF 19.5x 24.9x 22.5x 29x 31.7x 30.8x 30.2x 25.7x
FCF Yield 5.12% 4.01% 4.45% 3.44% 3.15% 3.25% 3.31% 3.89%
Dividend per Share 2 22 22 22 22 22 26.95 28.06 29.03
Rate of return 4.28% 4.34% 4.35% 4.36% 3.82% 4.23% 4.41% 4.56%
EPS 2 35.37 30.93 33.03 29.77 24.54 26.83 29.08 31.79
Distribution rate 62.2% 71.1% 66.6% 73.9% 89.6% 100% 96.5% 91.3%
Net sales 1 11,183 11,112 11,072 11,036 15,048 14,721 14,657 14,661
EBITDA 1 4,484 4,406 4,622 4,355 6,617 6,697 6,788 6,928
EBIT 1 2,066 2,040 2,205 1,951 1,925 2,093 2,254 2,407
Net income 1 1,832 1,602 1,711 1,541 1,271 1,458 1,544 1,714
Net Debt 1 7,706 7,374 7,071 15,597 15,633 14,593 15,129 14,607
Reference price 2 514.60 506.60 506.00 504.50 575.50 636.50 636.50 636.50
Nbr of stocks (in thousands) 51,802 51,802 51,802 51,802 51,802 51,802 - -
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.4x1.34x4.22x6.93% 226B
11.05x2.59x6.85x5.63% 209B
13.96x2.2x5.65x3.9% 162B
13.42x1.83x7.86x3.15% 86.65B
12.72x0.93x3.5x6.09% 82.72B
11.93x1.81x4.58x2.74% 71.06B
15.68x2.74x8.56x4.95% 59.31B
24.27x5.46x19.93x4.43% 57.89B
15.82x2.78x6.24x4.38% 51.19B
Average 14.47x 2.41x 7.49x 4.69% 111.63B
Weighted average by Cap. 13.28x 2.17x 6.54x 5.09%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield