Natixis - TMT : TMT BI MONTHLY Dynamics behind European tower companies

Report

Natixis

Benoît Maynard

TMT : TMT BI MONTHLY Dynamics behind European tower companies

With the recent sale of part of its towers in France and thre e quarters of its towers in Portugal, Altice Europe has pulled off one of the major deals in the European telecom sector . Very present in the United States, tower companies (towercos) have developed in the rest of the world . European telecom operators opted, mainly to strengthen their balance sheets, to divest part of their towers to specialist companies , sometimes even to infrastructure investment funds. As for the credit rating agencies, they have tended to respond rather positively to the total or partial divestment of tower installed bases by telecom operator .

08/11/2018 7 EN

Provider

Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

See profile

Analysts

Benoît Maynard

Other Reports from Natixis

Christopher HODGE ... (+2)

Christopher HODGE
Jonathan PINGLE

Fine-tuning our Fed Call: No need to skip October

W e have slightly altered our Fed call to include a cut in October of this year, where we previously forecast cuts in only September and December. The reason for adding another cut is threefold. First, the solid domestic demand observed in Q1 because of front running tariffs pull ed forward consumption and investment and weaken ed our outlook for business investment later in the year. Second, we did not see very much passthrough from initial March tariffs into March's low inflation figures, and businesses thus far have attempted to stave off price increases by in large for as long as pos...

May 2, 2025 May 2, 2025 1 EN

Christopher HODGE ... (+2)

Christopher HODGE
Jonathan PINGLE

Labor market treads water in a choppy sea

The employment report from April showed a labor market that continues to tread water, even if the sea is choppy. The better-than-expected payroll print reflect continued strength in specific sectors (hospitality and healthcare) and boost from transportation and warehousing, likely reflecting increased staffing needs to grapple with looming tariffs. Wednesday’s GDP report showed resilient domestic demand in Q1 and we think that businesses will be inclined to hoard labor and not cut staff until forced to do so – both factors will help near-term labor dynamics. However, the full effects of the...

May 2, 2025 May 2, 2025 1 EN

Bastien AILLET ... (+3)

Bastien AILLET
Hadrien CAMATTE
Jesus Castillo

Euro area April flash inflation: core inflation unexpectedly rose in April

Euro area headline flash inflation remained stable in April, at 2.2% Y/Y, slightly above market expectations. However, core inflation unexpectedly picked up to 2.7% from 2.4%, led by an increase in the services sector (3.9% from 3.5%, back to its January pace). Inflation for non-energy industrial goods remained unchanged at +0.6% for the third month in a row, while energy prices dropped again to -3.5% from -1.0% due to a sharp decrease in oil prices. Inflation increased markedly in the Netherlands (4.1% from 3.4% ) but the details are not available yet. This is too soon to say whether the in...

May 2, 2025 May 2, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

TMT : TMT BI MONTHLY Dynamics behind European tower companies

Fine-tuning our Fed Call: No need to skip October

Labor market treads water in a choppy sea

Euro area April flash inflation: core inflation unexpectedly rose in April

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe