Swisscom est l'entreprise phare du marché suisse des télécommunications. Elle est le résultat de la division des PTT en 1998 et appartient majoritairement à l'État (62,4 %). Elle a d'ailleurs le statut de société anonyme de droit public, selon la loi sur l'entreprise de télécommunications. Plus de 20'000 collaborateurs travaillent pour les entreprises du groupe Swisscom. Le titre fait partie de la stratégie Ex-US International ETFs and Dividend Stocks demon portfolio.
Swisscom has a mobile telephony market share of over 60 %for a total of 6.2 million customers. Its main competitors are Sunrise and Orange. Its network and customer service are superior to those of its competitors. It also operates 1.7 million fixed-line broadband connections and has 791,000 Swisscom TV customers. By controlling the "last mile" of fixed-line connections, it enjoys a de facto monopoly on the market.
Swisscom currently offers a very attractive yield of 5.11%, légèrement moindre que la moyenne à long terme de 6.05%. Malgré cela, le distribution ratio reste encore correct, avec 66.12%, prouvant que le rendement généreux n'est pas dû à une folie dépensière du groupe, mais plutôt à un prix attractif de l'action. Le PER de 12.79 prouve d'ailleurs cet état de fait. Avec un ce ratio de distribution, Swisscom a de la marge pour assurer le paiement du dividende dans le futur, voire de le faire progresser, même en cas de baisse légère du bénéfice. Ces dernières années l'entreprise a d'ailleurs augmenté son dividende à un rythme annuel alléchant de 11.43%.
Thanks to its monopolistic position, Swisscom est relativement épargnée par les soubresauts du marché. Ainsi, le cours de l'action affiche une volatility qui n'est que de 13.34%, tandis que le bêta n'est que de 0.27. On constatera dans le graphique ci-dessous le caractère particulièrement défensif du titre.
Swisscom, thanks to its focus on the Swiss market and again thanks to its monopolistic position, has the additional advantage of being spared the fluctuations of the currency market. Unlike many Swiss companies, many of which are heavily export-oriented, the company has not suffered the consequences of the franc's rise. This is confirmed by a $risk of -0.61%.
In the end, Swisscom gets 4 starsa very good risk/return ratio. The yield, while generous, is based on solid, growing dividends. At the same time, the share price remains relatively insensitive to currency and market risks. I've got the stock on my radar and will be looking to buy it soon.
Sources: Swissquote, Yahoo Finance, Wikipedia, Swisscom, dividendes.ch
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Superb analysis that confirms me in my purchase 🙂
Since the Swiss Confederation also holds 54% of the shares, they must also be pushing for dividends.
One thing's for sure, they don't mind those "little" pennies coming in...
The Federal Council has announced Swisscom's targets for 2014-2017. Until now, 50% of cash flow was paid out in dividends. This constraint has now been lifted. Does this mean that swisscom will pay out fewer dividends in future?
Currently 22CHF or a yield of 4.57%
to be seen, but I doubt we'll see any significant change... telecoms are used to offering generous dividends, and Swisscom's payout ratio is nothing to sneeze at (2/3).
Good morning,
I note that foreign funds accounted for almost 80% of the balance sheet total in 2012. Is there an explanation for this?
To see the figures : http://www.finanzen.ch/bilanz_guv/Swisscom
Thank you all very much.
Hello
it's not unusual in the telecom sector:
deutsche telekom 71%
orange 73%
telefonica 84%
telecom italia 75%