Lyse roaming agreement lifts FCF 2.5%

EU TELECOMS REFRESH: Can the outperformance continue?

When was the last time we could write that the EU Telecoms sector has been the second best performing sector in the market YTD? As a result, this raises the question of whether the outperformance can continue. We believe regulation will ultimately determine the answer to this question.

Frontier / Verizon Deal - The case for a higher price

This report pulls together our work that makes the case for a higher price. We establish: 1) Frontier’s standalone value of at least $60; 2) synergy value of at least $11; 3) a value based on comparable transactions of at least $49; 4) Verizon’s ability to comfortably pay at least $67, and still create value for its shareholders; 5) a record of past telecom deals where investors have demanded more and received it, even without competing bids.

NSR Policy: Implications of Multiple Mergers at the FCC

It appears likely that within a few months, multiple transactions—TMUS buying US Cellular, VZ buying Frontier, and DISH and DirecTV merging—will be pending at the FCC. The transactions involve all four, or three (depending on how you think about it) of the national facilities based mobile carriers. Investors have asked, how will the presence of multiple transactions affect the process of approval for each other? We address that question in this note.

Besi: risk of a 2025 miss; secular growth story intact. Maintain Buy rating. €160 TP.

In 2025, consensus expects 44% revenue growth for Besi. We see downside risk in both mainstream packaging and hybrid bonding and expect growth of only 26%. Beyond 2025, we maintain our positive view. Across the cycle, Besi can grow its mainstream packaging business 5% p.a. while the hybrid bonding outlook is still wide open, but strong. We maintain our Buy rating and €160 Target Price. Valuation is already attractive, and could become even more so as expectations for 2025 come down.