Projected Income Statement: Swisscom AG

Forecast Balance Sheet: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 7,706 7,374 7,071 15,597 15,633 15,516 15,256 14,659
Change - -4.31% -4.11% 120.58% 0.23% -0.75% -1.68% -3.91%
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF in Million
Estimates

Cash Flow Forecast: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,286 2,309 2,292 2,312 3,008 3,048 2,957 2,824
Change - 1.01% -0.74% 0.87% 30.1% 1.31% -2.98% -4.5%
Free Cash Flow (FCF) 1 1,758 1,349 1,480 1,437 1,433 1,393 1,553 1,914
Change - -23.27% 9.71% -2.91% -0.28% -2.81% 11.53% 23.21%
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF in Million
Estimates

Forecast Financial Ratios: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 40.1% 39.65% 41.74% 39.46% 43.97% 45.36% 46.11% 47.06%
EBIT Margin (%) 18.47% 18.36% 19.92% 17.68% 12.79% 14.15% 15.19% 16.36%
EBT Margin (%) 19.24% 17.67% 18.74% 16.86% 10.41% 11.85% 12.74% 13.98%
Net margin (%) 16.38% 14.42% 15.45% 13.96% 8.45% 9.79% 10.45% 11.6%
FCF margin (%) 15.72% 12.14% 13.37% 13.02% 9.52% 9.46% 10.6% 13.09%
FCF / Net Income (%) 95.96% 84.21% 86.5% 93.25% 112.75% 96.66% 101.42% 112.76%

Profitability

        
ROA 7.47% 6.48% 6.93% 4.97% 3.44% 3.61% 4.25% 4.68%
ROE 18.05% 14.58% 15.02% 12.96% 10.42% 11.93% 13% 14.28%

Financial Health

        
Leverage (Debt/EBITDA) 1.72x 1.67x 1.53x 3.58x 2.36x 2.32x 2.26x 2.13x
Debt / Free cash flow 4.38x 5.47x 4.78x 10.85x 10.91x 11.14x 9.82x 7.66x

Capital Intensity

        
CAPEX / Current Assets (%) 20.44% 20.78% 20.7% 20.95% 19.99% 20.71% 20.17% 19.31%
CAPEX / EBITDA (%) 50.98% 52.41% 49.59% 53.09% 45.46% 45.65% 43.75% 41.03%
CAPEX / FCF (%) 130.03% 171.16% 154.86% 160.89% 209.91% 218.83% 190.37% 147.56%

Items per share

        
Cash flow per share 1 78.07 74.82 77.78 76.77 116.1 100.4 100.7 102.2
Change - -4.15% 3.95% -1.29% 51.17% -13.51% 0.33% 1.51%
Dividend per Share 1 22 22 22 22 22 26.95 27.97 28.92
Change - 0% 0% 0% 0% 22.48% 3.78% 3.39%
Book Value Per Share 1 208.7 215.6 224.3 234.6 236.3 237.3 236.1 228.7
Change - 3.3% 4.04% 4.61% 0.69% 0.43% -0.5% -3.13%
EPS 1 35.37 30.93 33.03 29.77 24.54 26.52 28.75 31.51
Change - -12.55% 6.79% -9.87% -17.57% 8.07% 8.4% 9.6%
Nbr of stocks (in thousands) 51,802 51,802 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
Estimates
2026 *2027 *
P/E 23.8x 21.9x
PBR 2.66x 2.67x
EV / Sales 3.27x 3.27x
Yield 4.28% 4.44%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AA
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
17
Last Close Price
630.00CHF
Average target price
565.29CHF
Spread / Average Target
-10.27%

Quarterly revenue - Rate of surprise