New Street Research - Vodafone Group (VOD LN) New Street: EU tower risk from 4-3 consolidation deals Cellnex (Reduce, €40, -2%) Inwit (Neutral, €12.3, +35%) Vantage Towers (Neutral, €35, +25%)

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New Street Research

James Ratzer

EUR 8824.00 For Business Accounts Only

New Street: EU tower risk from 4-3 consolidation deals Cellnex (Reduce, €40, -2%) Inwit (Neutral, €12.3, +35%) Vantage Towers (Neutral, €35, +25%)

Over the past 2 days, there have been news stories suggesting Vodafone has been or is in active discussions with regard to 4-3 mobile consolidation deals in Spain, Italy and the UK. On Sunday night, we published our take on this, predominantly from a Vodafone perspective. Now we follow up to review the impact on the tower names, as although Vodafone has made clear their aspirations on this for some time, the market reaction was a blanket sell-off across all the European tower stocks by 5% each.

25/01/2022 1 EN

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Vodafone Group

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James Ratzer

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New Street: EU tower risk from 4-3 consolidation deals Cellnex (Reduce, €40, -2%) Inwit (Neutral, €12.3, +35%) Vantage Towers (Neutral, €35, +25%)

EU TELCOS: What a recessionary scenario might look like

Vodafone (Buy, 135p, +87%) India value extraction on the horizon?

Liberty Global to buy out VodafoneZiggo? Our Take.

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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