Orange (Buy, TP: €14, +35%) Altice France (SFR); High Yield (Overweight) Iliad; High Yield (Equal weight)

Last night Bouygues announced a surprise change to tariffs and updated some of its guidance. The new tariffs revolve around discounts for multiple SIMs, and follow on from Iliad’s family plan announcement on 1 October. We give our take on the new plans and the impact to the market in this short piece.

2Q24 Broadband Trends: Are fiber builds accelerating?

In this iteration of “Broadband Trends” we explore whether fiber builds are accelerating and how it will impact Cable’s subscriber growth. We also reprise our work on the competitive positioning of the various operators based on relative NPS scores.

Altice Pre-3Q24 Model Update

This report covers changes to our model to incorporate recent management commentary at investor conferences. We have increased broadband losses estimate. We also lowered revenue and EBITDA slightly. The company needs to stabilize EBITDA and reduce leverage. Progress on the first remains sluggish and the second won’t be easy. We remain on the sidelines.

Marie Brizard Wine & Spirits : CA T1 globalement en ligne. Le fort repli des ventes en France est partiellement pondéré par la hausse du CA à l’international

Serge Ferrari : 2025 kicks off in line with expectations

Nokia : Un trimestre décevant mais l’exercice reste bien orienté, en attendant le CMD de novembre