Swisscom SCMN reported first-quarter results that were a bit light, but we are maintaining our fair value estimate and moat rating for now. The firm’s revenue declined 2.4% year over year versus our full-year projection of a decline of 0.6%. Swisscom showed good subscriber growth, but weak average revenue per user, or ARPU. In Switzerland, the firm’s broadband base improved 4.1% to 1.75 million, its … Continue reading Swisscom Reports Light 1Q Results, but We’re Maintaining Our Fair Value Estimate