Report
Pierre François Merveille

TDC A/S : Still in investment phase

TDC is betting on network investments and digitalization/simplification to improve its operations. Opex savings are already visible and partly offsetting revenue headwinds such as customer losses for TV and fixed telephony services or the covid impact on roaming activity. On the other hand, we believe that the benefits of network investments (5G monetization, migration to fibre…) will take more time to materialize and that capex efforts are weighing on FCF and leverage ratios (fo...
Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Pierre François Merveille

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