Orange (Buy, TP: €14, +28%) Q1 24: Good results; French KPIs not a worry, SR trends unchanged

Orange has reported a solid set of results, with EBITDA c+0.4% ahead of consensus. Guidance has all been reiterated, and cost synergy numbers for Spain have been lifted (with new additional revenue synergy numbers given, that are based on intra-company churn switching data, which makes it plausible some could be delivered in our view).

5G FWA in EM Rapidly falling CPE prices likely to accelerate adoption in EM

This is the 4th in a series of notes looking at FWA (see HERE, HERE and HERE). Recent sharp declines in 5G FWA CPE prices and the launch of 5G RedCap makes us more optimistic on timing of widespread adoption in EM.

African Telcos Deep dive on Fintech valuations; stay Bullish on AAF and MTN

We deep dive on African Telco’s Fintech valuations in this note which is a follow up of our higher-level note Show me the (Mobile) Money. African Telcos are becoming more active about unlocking value from Mobile Money (MoMo) with MTN’s recent deal with Mastercard and now rumours that AAF is looking to IPO its MoMo business. Global Fintech/Payments multiples have derated over the past couple of years, but we continue to see great value in the African Telco’s MoMo assets which remain one the key non-core drivers for growth.

2025 outlook for datacenter AI, BEVs slow, Hybrids accelerate, AMD GPUs, and much more. The Weekly Wrap-Up.

NSR Policy: ACP’s Perils of Pauline

In this Weekend Update, we review the multiple activities affecting the prospects for an ACP extension, including one legislative solution that was pulled from a mark-up, a Senate hearing on the subject, and an effort to attach an extension to FAA reauthorization. Our bottom line remains: 1. With the ACP funds about to run out, recipients in May or June are likely to start having to make hard choices about what they are willing to pay for. 2. We agree with the consensus in government and industry that Congress is highly unlikely to provide an extension, but efforts will continue, as the numb...

Autumn for Broadband 1Q24

In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Industry net adds were substantially weaker in 1Q24 with all technologies seeing slower growth (except DSL which was flat). Cable was impacted the most.