AlsterResearch Initiation: United Internet - Providing service to your portfolio

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What’s it all about?

We are initiating coverage of United Internet AG (UI) with a BUY rating and a DCF-derived PT of EUR 41.00. As the leading internet service provider in Germany, United Internet has established strong market positions across several business segments incl. landline and mobile telecommunication, a dense fibre-optic network as well as hosting and cloud applications. This highly predictable and recurring business model provides the financial means in order to open up a new chapter of becoming an own network operator with the newly won 5G licence in Germany. In our view, this will not only foster UI’s market position but will also provide significant long-term growth potential.