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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Sunrise Communications Group AG    SRCG   CH0267291224

SUNRISE COMMUNICATIONS GROUP AG

(SRCG)
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Telecoms deal lifts Europe, FTSE shines despite record GDP slump

08/12/2020 | 04:43am EST

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* Swiss telecom co Sunrise hits record high on buyout offer

* Vaccine hopes, recovery optimism support wider sentiment

* Telecom stocks jump on Liberty-Sunrise deal offer

Aug 12 (Reuters) - Telecommunications stocks boosted European bourses on Wednesday after a billion dollar takeover offer for Switzerland's Sunrise Communications, while London's FTSE 100 gained on bets of more stimulus after a collapse in UK's quarterly economic output.

The pan-European STOXX 600 rose 0.3%, gaining for a fourth straight session.

Sunrise Communications surged 26% to hit a record high after Liberty Global launched a takeover offer for the Swiss telecoms group in a deal valued at 6.8 billion Swiss francs ($7.40 billion).

Shares in German telecoms investor Freenet, Sunrise's largest shareholder, jumped 15.4%, while the broader sector gained 1.6%.

"Consolidation between operators would be positive for the industry as it would reduce competitive pressure on prices and improve the return on capital," Domenico Ghilotti, an analyst at Equita wrote in a note.

Meanwhile, London's FTSE 100 rose 0.6% as investors focused on signs of a recovery in economic output in June, shrugging off a record 20.4% plunge in the second quarter, the largest contraction reported by any major economy.

June output grew by 8.7% from May, just above economists' average expectation in a Reuters poll for an 8% rise.

"It's been widely expected that UK will be in a recession. But the fact that May number was upgraded and the June number was better than expectations, is offering a little bit of encouragement," said Russ Mould, investment director at AJ Bell.

"Markets are more interested in debating the pace of the recovery."

Markets globally have rallied this week on the back of improving data from China and Europe, signs of progress in developing a COVID-19 vaccine and a fresh U.S. stimulus.

However, Wall Street indexes fell overnight on growing uncertainty about a stalemate in Washington over the stimulus deal.

Among other individual movers, Danish enzyme maker Novozymes fell 5.8% after it issued a weaker profit outlook than previously forecast.

European food-ordering firm Just Eat Takeaway.com NV rose 3.9% after reporting higher revenue and underlying profit for the first half of 2020.

British online fashion retailer ASOS jumped 7.2% as it forecast full-year sales and profit significantly ahead of market expectations. (Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC 0.23% 426 Delayed Quote.0.00%
ASOS PLC -0.75% 4579 Delayed Quote.38.33%
FREENET AG -0.44% 17.07 Delayed Quote.-15.90%
LIBERTY GLOBAL PLC 3.06% 23.21 Delayed Quote.2.07%
MSCI UNITED KINGDOM (STRD, UHD) 1.99% 998.934 Real-time Quote.-17.73%
STOXX EUROPE 600 NR -0.03% 861.34 Delayed Quote.-4.46%
SUNRISE COMMUNICATIONS GROUP AG -0.09% 110 Delayed Quote.44.77%
All news about SUNRISE COMMUNICATIONS GROUP AG
04:57aONLY AT SUNRISE : the first 5G laptop, by Lenovo
PU
12/01CONNECT CONFIRMS IT : Sunrise with best 5G and mobile data network
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11/23SECURE INTERNET USAGE IN NON-SECURE : Sunrise protects its customers with secur..
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11/16SUNRISE COMMUNICATIONS : Liberty global announces executive leadership in switze..
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11/11Notice of full redemption of the notes
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11/09SUNRISE EXTRAORDINARY GENERAL MEETIN : all motions brought by the Board of Direc..
PU
11/09SUNRISE EXTRAORDINARY GENERAL MEETIN : all motions brought by the Board of Direc..
TE
11/09SUNRISE COMMUNICATIONS : launches children's smartphone as an ideal introduction..
PU
11/05SUNRISE COMMUNICATIONS : Q3 with strong financials and record postpaid customer ..
PU
11/05Q3 with strong financials and record postpaid customer growth
TE
More news
Financials
Sales 2020 1 903 M 2 114 M 2 114 M
Net income 2020 105 M 116 M 116 M
Net Debt 2020 1 612 M 1 791 M 1 791 M
P/E ratio 2020 54,7x
Yield 2020 4,17%
Capitalization 4 984 M 5 531 M 5 536 M
EV / Sales 2020 3,47x
EV / Sales 2021 3,36x
Nbr of Employees 1 763
Free-Float 1,79%
Chart SUNRISE COMMUNICATIONS GROUP AG
Duration : Period :
Sunrise Communications Group AG Technical Analysis Chart | SRCG | CH0267291224 | MarketScreener
Technical analysis trends SUNRISE COMMUNICATIONS GROUP AG
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 110,00 CHF
Last Close Price 110,10 CHF
Spread / Highest target -0,09%
Spread / Average Target -0,09%
Spread / Lowest Target -0,09%
EPS Revisions
Managers
NameTitle
André Krause Chief Executive Officer
Michael Thomas Fries Chairman
Uwe Schiller Chief Financial Officer
Elmar Grasser Chief Technology Officer
Michael Krammer Vice Chairman
Sector and Competitors