Altice France Bonds (Equal Weight) Altice France Equity (Buy, TP: €25, +39%) Altice France: Updating SOP for new earn-out and Orange call disclosure

The French press (HERE) are reporting that there is an earn-out that will take the consortium offer to €21bn from €20.35bn if the conditions are met. These conditions are not disclosed, but we think its fair to say that Drahi/his bankers are pretty good negotiators, and so we would not be surprised if the conditions were fairly easy to achieve.

Altice France Bonds (Equal Weight) Altice France Equity (Buy from Neutral, TP: €22, +22%) Bouygues (Buy, TP: €64, +%) Iliad (Equal Weight) Orange (Neutral, TP: €18.8, +8%) French M&A: One step closer following a large increase in Consortiu

The long awaited SFR deal has been provisionally agreed, with the Consortium upping their offer from €17bn to €20.35bn. A big bump – at this stage its unclear what the justification is for the increase. The consortium have been granted exclusive negotiations until May 15. In this report we look at the offer, and what it means for Drahi, lenders, Orange, Bouygues and Iliad, and the wider sector too.

Reliance Industries (Buy, TP: INR 1,700, +28%) Q4 FY26 Quick Take: Revenue accelerates and dividend announced, FWA remains strong

Revenue growth accelerated further to 12.9% in 4Q, driven by O2C and Jio. However EBITDA decreased 0.3% YoY in 4Q, with margins dropping to 14.9% in 4Q from 17.3% in 3Q. Per the earnings release, management reaffirmed that Jio’s IPO listing is advancing steadily.

Totalplay (High Yield) Q1 26: Decent quarter; nice improvement in net adds

Totalplay reported a decent set of Q1 numbers after the close yesterday.

Intel 1Q26: Material beat & raise, but uncertainties remain; turnaround getting priced in. Neutral, $80 TP.