Broadband market growth slower in 1Q24

Broadband industry growth slowed in 4Q23. We wondered, exiting the quarter, whether growth would level off or slow further in 1Q24. Based on the data we have collected so far, it appears that growth has slowed further, and possibly quite materially. We suspect slower growth will impact all operators, although for fiber, it should be partly offset by footprint expansion.

Altice France Q4 23: Weak guidance and an attempt to strong-arm lenders

Altice has reported a god set of results, but EBITDA is supported by a material amount of content cost support, and ex this, results are in-line.

Altice International Q4 23: Good numbers, all disposal options seem to be on the table

Altice International reported a solid set of results today. The war in Israel has impacted the Israeli numbers, but broadly as expected. Portugal continues to perform very nicely, and overall the guidance suggests that ATCI, like NOS (read HERE), see minimal impact from Digi in 2024. The guidance looks sensible (conservative), but German construction revenue could be a big delta to numbers, and the impact here remains uncertain.

Apple Pre 2FQ24 Model Update

MELI US (Buy TP: $1,800, +28%) MercadoLibre - Investor Call feedback / Q1 outlook; Focus ideally to shift below EBIT

We held a call with MercadoLibre in the run up to the Q1s (early May expected). Narrative continues to be dominated by Argentina, with the market focused mainly on EBIT (where street estimates look a shade too high still and may provide an ongoing headwind) but where focus should really be on PBT or net income i.e. after FX expatriation costs and where consensus feels better placed (though with the wrong maths we think!).

Indian Mobile VIL Capital Increase – should you participate and what does it mean for Bharti, Jio and Indus? Indus to Reduce

Sometimes the markets behave in ways that appear irrational. VIL having sufficient market cap to launch an INR 200bn ($2.4bn) capital increase despite (in our view) being a failing business is one example. But what does it mean for Bharti, Jio and Indus?