Wedbush Morning Call - Nov 20 2025 6:57AM

Counting Clicks: October '25 Traffic Trends

Report Overview: Our analysis includes total web visits (desktop and mobile) to U.S. and international web domains, mobile app monthly active users (MAUs), daily active users (DAUs), and total time spent (where applicable). Throughout the report, we display Y/Y changes across each of these key metr

Wedbush Morning Call - Nov 13 2025 7:11AM

United Internet (Neutral, €30, +25%) / 1&1 (Sell, €13, -40%) Versatel transfer negative for minorities

United Internet has announced that 1&1 will acquire its sister company Versatel at a €1.3bn valuation. While there is operational logic to this combination, the financial terms seem unfavourable for the 1&1 minorities, as we struggle to see a path to breakeven for Versatel.

Altice France Bonds (Equal Weight) Altice France Equity (Neutral, TP: €13, +8%) What do the latest press reports tell us about the Bid-Ask spread?

The valuation of fibre assets is important for all Telco investors, but especially those looking at Altice France and Altice International. In this report we look at recent fibre deals and see if we can draw any conclusions Over a month has now passed since the consortium bid for SFR (HERE); whilst face-to-face negotiations do not appear to be happening (as per Q3 calls), it would appear that negotiations via the press are in full swing – HERE and HERE – and back channel discussions are ongoing we understand. In this report we look to see how close the Bid-Ask spread is based on these latest a...

AI bubble? When you look at inventories, at least do it right…