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Buy, €32: Berenberg analyst Usman Ghazi thinks the Q1 results are just a sideshow, that the focus is on the decision on low band frequency allocation.
https://www.finanzen.net/analyse/1&1_buy-joh._berenberg,_gossler_&_co._kg_berenberg_bank_952976
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DZ Bank said the worst-case scenario has been averted by providing 1&1 the obligation to receive the low-band spectrum.
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Neutral, €21: Analyst Andrew Lee of Goldman Sachs said the draft report on the extension of mobile frequencies was moderately positive for the companies he tracks. He added that discussions with investors indicate they already expected such a draft.
https://www.finanzen.net/analyse/1&1_neutral-goldman_sachs_group_inc._956267
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Sell, €10.20: Ulrich Rathe of Bernstein is concerned that the total network failure could ruin 1&1’s reputation and lead to difficulty in migrating customers. He notes that he has always pointed out risks for 1&1 entering into mobile network activities without much experience.
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Buy, €21.40->€20.50: Analyst Polo Tang of UBS said 1&1 is no longer an industry favorite and pointed out that the trends in Q3 could slightly disappoint while pricing drivers are lacking, in particular after the recent announcements by the Federal Network Agency.
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Buy, €20.50-> €21.60: Analyst Polo Tang of UBS pointed out that the sell-off since the beginning of the year was exaggerated. He is increasingly convinced that 1&1 will scale back the construction of the network sooner than later, which should lead to a significant increase in free cashflow.
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Outperform->neutral: Exane BNP Paribas sees risks of further profit warnings in the medium term. It considers the reduced guidance and a sign that further technical challenges are expected. Exane also pointed out that the Vodafone roaming agreement is also behind schedule. Nevertheless, it added that competition in German is ramping up.
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Buy, €30: Analyst Usman Ghazi of Berenberg pointed out that telecom sector shares have lived up to their reputation as defensive investments in the past two years. He expect shares of 1&1 and that of its parent to correct a misvaluation in the next six months.
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Equal weight, €17->€20: Analyst Mathieu Robilliard said he rolled the valuation basis for his price target to 2025 and is now more optimistic about the frequency costs.
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Buy, €21->€20: Analyst Polo Tang of UBS is concerned about the growing competition in Germany, especially in the low-cost segment as seen in 1&1’s latest numbers. He, however, remains optimistic about United Internet and 1&1 due to the attractive 18-year partnership with Vodafone.
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Buy, €30: Analyst Usman Ghazi of Berenberg said the German market is changing towards unlimited data volumes. He said this will cause “pains before gains” for telecommunications providers. However, for United Internet and 1&1, he cannot imagine any further losses even in the "worst-case scenario.
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Buy, €23.50->€19.10: Analyst Simon Stippig of Warburg Research said that 1&1 is making progress in building its own network. However, he added that the complexity of the project is becoming apparent again and again.
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Neutral->buy, €15: Analyst Andrew Lee of Goldman Sachs said the immense opportunities outweigh the risks. These opportunities relate to consolidation of the German mobile communications market. He pointed out that all positives have been priced in following recent weak share price development.