Wedbush Morning Call - Nov 15 2024 7:08AM

3Q Postmortem: Sentiment Guide Following Results

NU US (Neutral, TP: $13, -15%) Q3 24: NuCel the Telco disrupter, diversifying from lending

NU reported numbers which missed a touch at NIM on a combination of lower yields and higher funding cost. The latter continues to be driven by deposit ramp and still relatively low lending in Mexico.

BZ 3Q24 Preview: Recruitment Demand Could Take Time to Recover

What’s New: We maintain our 3Q24 top/bottom-line estimates but nudge down 4Q24 revs partly due to weaker macro. In this note, we provide updates for the quarter. Analysts: Jin Yoon

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Altice France reported results today, there was no Q&A on the call. We give a preliminary overview of the trends in this report, and will host a call on Monday of next week to look at the results in more detail, including a deep dive into valuation, as it is looks increasingly likely that bondholders will receive an equity stake in NewCo as part of any future deal with Drahi.

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

Nigerian Telcos continued to perform very well from a top line perspective despite the absence of price increases and the macro pressures. This suggests as we wrote HERE, that devaluations tend to spur ARPU increases in local currency, and a “catch back” of lost hard $ revenue.