Altice International (Over weight) Digi (Equal weight) NOS (Neutral, TP: €3.7, +10%) Vodafone (Buy, TP: £1.4, +94%) One week on: How is Digi doing in Portugal? Can FWA solve for a lack of fixed infrastructure?

Digi launched in Portugal, one week ago – read our take HERE. In this report we look at how the launch has been received in Portugal (including a run-through of tariff changes by the incumbents).

NOS (Buy, TP: €3.8 +7%) Q2 24: Another impressive quarter; c9% divi yield, and possible c5% exceptional to come

NOS has reported yet another good set of numbers, with Telco revenue and EBITDA +2.2% and +1.0% ahead of consensus expectations respectively.

Digi (Equal Weight) Q3 24: Capex up; Belgium/Portugal updates (not good for incumbents)

Digi has reported a good set of Q2 numbers vs expectations, with EBITDAaL +11% ahead of consensus. 2024 capex guidance has though been lifted for the third quarter in a row, and new guidance for 2025 is well ahead of our model.

MTN (Buy, TP: ZAR130, +57%) Q3 24: Solid, SR growth back on track with MT guidance

MTN has reported a solid set of Q3 results with service revenue and EBITDA trends accelerating and service revenue trending back in line with the MT guidance.

Cisco 1FQ25: Order growth accelerating, momentum on multiple fronts. Buy, $64 TP