New Street Research - NOS (NOS) NOS (Neutral, TP: €4.8, +21%) Q1 23: Possibly the best performing mature Telco business in Europe

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New Street Research

Russell Waller

EUR 9547.00 For Business Accounts Only

NOS (Neutral, TP: €4.8, +21%) Q1 23: Possibly the best performing mature Telco business in Europe

NOS has reported yet another good set of numbers, with EBITDA c4% ahead of consensus expectations. B2C revenue growth has accelerated again, is now an impressive +6.5% y/y from +4.3% y/y in Q4 22, and Telecoms EBITDA is better also at +9.4% y/y from +8.7% y/y in Q4 22 (inc energy drag). There might not be a better performing mature B2C business in the whole of Europe.

27/04/2023 1 EN

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NOS

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Russell Waller

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NOS (Neutral, TP: €4.8, +21%) Q1 23: Possibly the best performing mature Telco business in Europe

NOS (Neutral, TP: €3.7, -2%) Q4 24: Digi impact? What Digi impact?

Altice International (Equal Weight) Digi (Equal Weight) NOS (Neutral, TP: €3.7, +9%) Vodafone (Buy, TP: £1.4, +96%) One month on: An update on Digi in Portugal. Downgrade Altice International to Equal Weight

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?

TSMC heading towards 20% of leading-edge capacity in the US? Implications?

Indian Telcos Q3 FY25 review: Sustained margin expansion from July’s price increase

Tokyo Electron’s 2025 CMD: What did we learn?

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