산업
Telecom Carriers
Telecom Carriers 산업의 모든 리포트 — 총 5건.
37/100
78Buffett
Swisscom AG: A 4.25% Dividend, a Finite Italian Synergy Bridge, and No Margin of Safety at CHF 635
Swisscom AG is Switzerland's incumbent telecom operator, 51% owned by the Confederation, which turned itself into a two-country group by buying Vodafone Italia for EUR 8 billion in an entirely debt-financed deal that closed at the end of 2024. Switzerland still earns a 43.9% first-half EBITDAaL margin on a slowly shrinking base, while Italy, now about 44% of revenue, grew EBITDAaL 12.9% on revenue down 3.3% as merger costs come out; group free cash flow covered the CHF 26 dividend only 1.06 times in 2025. Rating Hold: at CHF 635 the 4.25% yield is well supported against a 0.47% Swiss ten-year, but the price is 22% to 27% above a conservative CHF 500 to 520 value, leaving no margin of safety.
34/100
Kyivstar Group: A Long-Term Owner's View
Ukraine's largest mobile operator plus a digital ecosystem (broadband/TV/cloud/Helsi healthcare/Uklon ride-hailing), 83.6% controlled by VEON. Cash flow has proven resilient through the war, and at roughly 5.3x EV/EBITDA the stock is not expensive on normalized earnings. But heavy capex, a prepaid-dominated base, and geopolitical governance risk leave little visible margin of safety. Rating Watch: a quality business at a price that does not yet pay you to take Ukrainian country risk. Ideal buy 10-12 USD.
30/100
53Buffett
Rogers Communications: A Long-Term Owner's Perspective
A national operator spanning wireless, cable, and media across Canada; a complex large-cap in a good industry, carrying 4.0x leverage and a dual-class governance discount. At the current CAD 52.9 (USD 38.22 on the US listing) the stock sits below neutral intrinsic value yet barely below the conservative range, leaving an inadequate margin of safety. Ideal entry CAD 43-48. Rating Watch: a high-quality but complex asset where price has not yet opened a wide enough margin of safety.
36/100
72Buffett
KDDI From a Long-Term Owner's Perspective
KDDI is one of Japan's three major integrated telecom operators, built around au/UQ/povo plus finance, energy, Lawson, and data centers. It is a high-quality but slow-growing cash-flow business, while false circular transactions at subsidiaries in 2026 forced restatements across multiple reporting periods. Rating Watch: at the current ¥2,706.5, the stock sits near the upper end of conservative intrinsic value of ¥2,300-2,700, with limited discount; the ideal buy range is ¥2,200-2,500.
46/100
45Buffett
T-Mobile Long-Term Owner's View Research
T-Mobile is the strongest operator by execution among the U.S. wireless oligopoly, with 2025 service revenue of $71.3 billion and Adjusted FCF of $18.0 billion. The core thesis is that it is a durable, cash-generative compounder, but Deutsche Telekom's 54.5% control, repurchases at an average price of $233, and an ideal buy range of $145-165 limit today's margin of safety. Research rating Watch: a high-quality business that deserves patience rather than aggressive new buying at the current price.