New Street Research - Altice Europe NV (ATCNA) ... New Street: EU Telecoms: No capex shocks expected from EU lockdowns

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New Street Research

Andrew Entwistle

New Street: EU Telecoms: No capex shocks expected from EU lockdowns

With most of Europe in Covid 19 lockdown for an indeterminate duration, there is unprecedented pressure on wireline and wireless networks. Home working, home studying and extra entertainment usage on demand video and gaming are all generating extra traffic loading on home broadband connections and cellular networks.

17/03/2020 7 EN

Underlyings

Altice Europe NV

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Com Hem

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Liberty Global plc Cl B

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GB00B8W67779 NASDAQ Stock Market United States

NOS

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

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Pan European Telecom Services and Cable

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Analysts

Andrew Entwistle

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NOS (Neutral, TP: €4.0, +11%) Q1 24: Another EBITDA beat, with impressive SR growth as well

NOS has reported yet another good set of numbers, with Telco revenue and EBITDA +1.1% and +1.9% ahead of consensus expectations respectively.

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NOS (Neutral, TP: €4.0, +22%) Q4 23: Good EBITDA beat, +26% DPS hike (10.6% yield); +4.3% price increases for 2024

NOS has reported yet another very good set of numbers, with Telco EBITDA +3.0% ahead of consensus expectations and Telco EBITDA growth now at +11.8% y/y. NOS has lifted the ordinary dividend by 26% (100% payout), giving it a 10.6% yield for 2024 (with the chance of exceptional returns as well).

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New Street Research

NOS (Neutral, TP: €4.0, +16%) Q3 23: Stellar performance continues; >100% marginal EBITDA margin

NOS has reported yet another very good set of numbers, with Telco EBITDA +3.8% ahead of consensus expectations (Group +4.3% ahead). B2C revenue growth is a little slower but still +5.8% y/y, and the marginal margin in Telco is now >100% y/y.

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New Street: EU Telecoms: No capex shocks expected from EU lockdowns

NOS (Neutral, TP: €4.0, +11%) Q1 24: Another EBITDA beat, with impressive SR growth as well

NOS (Neutral, TP: €4.0, +22%) Q4 23: Good EBITDA beat, +26% DPS hike (10.6% yield); +4.3% price increases for 2024

NOS (Neutral, TP: €4.0, +16%) Q3 23: Stellar performance continues; >100% marginal EBITDA margin

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

VEON (Buy, TP: $40, +55%) Thoughts after the call

Reddit (RDDT, Neutral, $54 target) Data licensing tracking our base case after OpenAI deal

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