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 33,205 - -
Change - -1.55% -0.12% -0.3% 14.07% 11.38% - -
Enterprise Value (EV) 1 34,363 33,617 33,283 41,731 45,445 48,059 48,307 47,775
Change - -2.17% -0.99% 25.38% 8.9% 5.75% 0.52% -1.1%
P/E 14.5x 16.4x 15.3x 16.9x 23.5x 24x 22x 20.2x
PBR 2.47x 2.35x 2.26x 2.15x 2.44x 2.7x 2.68x 2.64x
PEG - -1.3x 2.25x -1.71x -1.3x 2.68x 2.42x 2.28x
Capitalization / Revenue 2.38x 2.36x 2.37x 2.37x 1.98x 2.26x 2.27x 2.27x
EV / Revenue 3.07x 3.03x 3.01x 3.78x 3.02x 3.27x 3.3x 3.26x
EV / EBITDA 7.66x 7.63x 7.2x 9.58x 6.87x 7.17x 7.11x 6.89x
EV / EBIT 16.6x 16.5x 15.1x 21.4x 23.6x 22.9x 21.5x 19.9x
EV / FCF 19.5x 24.9x 22.5x 29x 31.7x 31.2x 30.4x 25.9x
FCF Yield 5.12% 4.01% 4.45% 3.44% 3.15% 3.21% 3.28% 3.86%
Dividend per Share 2 22 22 22 22 22 26.95 28.21 29.18
Rate of return 4.28% 4.34% 4.35% 4.36% 3.82% 4.2% 4.4% 4.55%
EPS 2 35.37 30.93 33.03 29.77 24.54 26.74 29.17 31.76
Distribution rate 62.2% 71.1% 66.6% 73.9% 89.6% 101% 96.7% 91.9%
Net sales 1 11,183 11,112 11,072 11,036 15,048 14,716 14,652 14,643
EBITDA 1 4,484 4,406 4,622 4,355 6,617 6,704 6,794 6,931
EBIT 1 2,066 2,040 2,205 1,951 1,925 2,099 2,249 2,396
Net income 1 1,832 1,602 1,711 1,541 1,271 1,421 1,535 1,694
Net Debt 1 7,706 7,374 7,071 15,597 15,633 14,854 15,102 14,570
Reference price 2 514.60 506.60 506.00 504.50 575.50 641.00 641.00 641.00
Nbr of stocks (in thousands) 51,802 51,802 51,802 51,802 51,802 51,802 - -
Announcement Date 2/3/22 A 2/8/23 A 2/7/24 A 2/13/25 A 2/12/26 A - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11x1.3x4.13x7.03% 222B
10.15x2.47x6.53x6.14% 191B
12.78x2.14x5.49x4.24% 143B
13.3x1.84x8.01x3.15% 87.71B
11.68x0.9x3.36x6.54% 80.58B
11.49x1.77x4.48x2.85% 63.93B
14.84x2.65x8.25x5.16% 56.92B
22.87x5.28x19.27x4.78% 54.26B
14.49x2.69x6.01x4.48% 50.15B
Average 13.62x 2.34x 7.28x 4.93% 105.5B
Weighted average by Cap. 12.50x 2.09x 6.35x 5.37%

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