Fiber to the Future – Broadband Trends; Infrastructure Wars; New ILEC Structures; New Financing; Copper Decommissioning; BEAD; Convergence

We just wrapped up the second day of the BCG and NSR Fiber to the Future Conference. The second day featured discussions with over 30 companies including Altice USA, AT&T, BT Group, Charter, Dycom, Deutsche Telekom, Frontier, Goldman Sachs, Liberty Global, Lumen, Recon Analytics, Shentel, TDS Telecom, Tillman Global, Tucows, and Verizon.

BT Group: 2 directors

Two Directors at BT Group bought 404,700 shares at 107p. The significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

TMT Picks & Pans/February 2024 update

Despite market moves and company developments our picks and pans for TMT remain unchanged. When evaluating the investment grade credit space, we still think pockets of value can be found. In this note we highlight some attractive opportunities to go long in names that we have published on before. In combination with our short ideas, this provides an interesting perspective on the current relative value of some TMT names.

Elisa (Neutral, TP: €54, +27%) Q1 24: EBITDA growth better than SR growth, but B2B EBITDA still negative y/y

Elisa reported good results, with stable service revenue growth (+3% YoY) but importantly an acceleration in clean EBITDA (to +6% y/y from +4% y/y in Q4). EBITDA growth was better than SR growth for the first time since Q3 2021. This is what the market wanted to see, as concerns have been around operational leverage;

Mobileye pre 1Q24 model update

ADYEN (Buy, TP: EUR1,800, +27%) Rise of the Merchants: Shifts in Interchange and what it means for Adyen, PayPal and peers

As part of our accelerated efforts in Payments, our latest Deep Dive focuses on Interchange and the implications for Adyen and peers. The current narrative suggests it's not relevant for future profitability. We would refute this simplification: there are risks and opportunities for Adyen.