Sign in

    Max Findlay

    Director and sell-side equity analyst at Rothschild & Co Redburn

    Max Findlay is a Director and sell-side equity analyst at Rothschild & Co Redburn, specializing in European telecommunications, with coverage including major operators such as Tele2 and other leading sector names. Renowned for his forensic research approach and industry insights, Findlay has contributed to Redburn's highly regarded thematic research publications that influence investment decisions across the sector. He joined Rothschild & Co Redburn after building experience in equity research and strategy roles at other financial institutions, leveraging his analytical expertise to provide actionable recommendations for institutional investors. While detailed public performance metrics and individual rankings are not disclosed, Findlay is recognized for his sector expertise, and affiliations suggest registration with relevant regulatory bodies such as the FCA in the UK.

    Max Findlay's questions to Sunrise Communications (SNRE) leadership

    Max Findlay's questions to Sunrise Communications (SNRE) leadership • Q2 2025

    Question

    Max Findlay from Rothschild & Co Redburn asked if the EBITDA growth momentum seen in Q2 could be sustained into the second half of the year. He also questioned how much longer the headwind from reduced roaming revenues would persist following last year's tariff changes.

    Answer

    CFO Jany Fruytier cautioned that while H1 EBITDA performance was solid, the Q2 acceleration was partly due to cost phasing and should not be extrapolated for the full year. CEO André Krause addressed roaming, explaining that the headwind will likely tail off slowly over the next couple of years as customers gradually migrate to new inclusive tariffs, rather than ending abruptly.

    Ask Fintool Equity Research AI

    Max Findlay's questions to Sunrise Communications (SNRE) leadership • Q2 2025

    Question

    Max Findlay of Rothschild & Co Redburn asked if the Q2 EBITDA growth momentum could be sustained in the second half and inquired about the expected duration of the headwind from reduced roaming revenues.

    Answer

    CFO Jany Fruytier indicated that while revenue is expected to improve, some Q2 OpEx benefits were due to phasing, making it difficult to guide on specific H2 EBITDA momentum beyond the full-year guidance. CEO André Krause added that the roaming revenue headwind will likely persist for several years as customers gradually migrate to new inclusive tariffs, rather than tailing off sharply in the near term.

    Ask Fintool Equity Research AI

    Max Findlay's questions to Sunrise Communications (SNRE) leadership • Q2 2025

    Question

    Max Findlay of Rothschild & Co Redburn asked about the sustainability of EBITDA growth momentum into the second half of the year and the expected duration of the revenue headwind from reduced roaming charges.

    Answer

    CFO Jany Fruytier noted that while revenue is expected to improve, full-year EBITDA performance depends on OpEx dynamics, which included some one-offs in Q2, and reiterated the 'broadly stable to low single-digit growth' guidance. CEO André Krause explained that the roaming revenue headwind will likely persist for several years, diminishing over time as more customers migrate to new inclusive tariffs.

    Ask Fintool Equity Research AI