New Street Research - NOS (NOS) NOS (Neutral, TP: €4.8, +34%) CEO/CFO meeting: Altice Portugal sale and Digi new entrant opportunity update

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New Street Research

Russell Waller

EUR 9179.00 For Business Accounts Only

NOS (Neutral, TP: €4.8, +34%) CEO/CFO meeting: Altice Portugal sale and Digi new entrant opportunity update

NOS CEO and CFO held a meeting in London that we attended. We provide notes in this report, including an update on the Altice sale process and on the Digi launch.

21/09/2023 1 EN

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Russell Waller

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NOS (Neutral, TP: €4.8, +34%) CEO/CFO meeting: Altice Portugal sale and Digi new entrant opportunity update

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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