New Street Research - NOS (NOS) New Street: NOS (Neutral from Buy): Nowo expansion fears to negatively impact the share price

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New Street Research

EUR 1153.70 For Business Accounts Only

New Street: NOS (Neutral from Buy): Nowo expansion fears to negatively impact the share price

NOS is down -8% over the last month vs the SXKP -1%. Fears around competition appear to have intensified after the new Nowo/ONI CEO gave an interview in which he talked about expanding the companyâ€™s fixed footprint.

03/12/2019 6 EN

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NOS

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NOS (Reduce, TP: €3.1, -17%) Q3 25: B2C revenue growth slower, EBITDA too

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NOS (Reduce, TP: €3.1, -17%) Q2 25: B2C revenue slip, but EBITDA holding up so far

NOS has restated numbers and not given much in the way of historics nor consensus expectations, however the key Telco consumer revenue number has slipped to -0.3% y/y from +1.6% y/y in Q1 25.

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New Street: NOS (Neutral from Buy): Nowo expansion fears to negatively impact the share price

NOS (Neutral, TP: €3.3) Q4 25: Better SR trends; extraordinary dividend

NOS (Reduce, TP: €3.1, -17%) Q3 25: B2C revenue growth slower, EBITDA too

NOS (Reduce, TP: €3.1, -17%) Q2 25: B2C revenue slip, but EBITDA holding up so far

Following the money: TSMC capex points to XPU revenues well above expectations in 2027/28

ASIC growth, AI optics, Hybrid bonding delays, AI Cyber tailwinds. Tech Weekly Wrap-up

Grasping the AI Infra buildout (VI): Who pays for all these Enterprise Cloud AI bills?

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