Sunrise Communications AG (SNNRF)

Sunrise Communications AG (SNNRF) — VMCI valuation read

Headline read on SNNRF: VMCI of 46/100 versus a Communication Services sector median of 50. The 4-point below-median position is what makes Sunrise Communications AG a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on SNNRF: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on SNNRF: value (SNNRF trades at 19.0x earnings, 6% above the Communication Services median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Communication Services median (10.0%)), and risk (net debt to EBITDA of -2.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Communication Services 12.0x baseline.

SNNRF rose 3.4% over the trailing 7 days, with a -0.2% read on a 30-day basis.