Global EM Telcos Why are governments allowing mobile price hikes?

We note EM Governments & regulators appear to have become much more relaxed about mobile ARPU growing above inflation relative to the recent past. Why is this? This note gives one possible explanation.

Global EM Telcos & Towers First down month, AMX into the Top-10 for T...

After 8 extremely strong months, September bucked the trend. 6 of our Top Picks saw profit taking with only Airtel Africa, Millicom, Telefonica Brasil and LILAC posting positive returns. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. Having strongly outperformed we switch out Millicom for AMX which we now see as a cheaper, lower risk, way to play Latin American telcos.

EM Tower Trends Q2 CY25 review: Stable; Upgrade IHS and Helios price...

Tower revenue trends were stable at a slower pace across the board except for India’s Indus Tower as it benefited from VIL’s network catch up spend. However, EBITDA margins continue to generally improve except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. We continue to see IHS as our preferred EM Towerco as it recovers from the numerous challenges of the past few years. We have upgraded our price targets for HIS (to US$10) and Helios (to £1.80).

Global EM Telcos Why are governments allowing mobile price hikes?

We note EM Governments & regulators appear to have become much more relaxed about mobile ARPU growing above inflation relative to the recent past. Why is this? This note gives one possible explanation.

Moody's Ratings assigns Baa3 rating to Vodafone's new hybrid notes due...

Moody's Ratings (Moody's) has today assigned a Baa3 rating to the two EUR-denominated hybrid securities both with maturity in 2055 to be issued by Vodafone Group Plc (Vodafone or the company). The outlook is unchanged at stable. RATINGS RATIONALE The Baa3 rating assigned to the new hybrids is on...

Global EM Telcos & Towers Continuing strong: NSR GEM Top-10 September...

August was a rather eventful month for two of top picks as LILAC announced the Puerto Rican asset separation and Kyivstar, the Ukraine arm of VEON, successfully listed on the NASDAQ (see our initiation HERE). All of our top picks performed well again. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. We make our first change to the list, swapping TIM Brasil for Telefonica Brasil.

GEM/Japan Telcos Starlink – What impact might it have in Global EM, J...

Following on from the recent report by our European colleagues on the potential impact Starlink is likely to have on broadband in Europe, we look at markets outside of Europe: EM, Japan, Singapore and Australia.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/29/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/08/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 29/08/2025

ODDO : Takeaways from Q2 2025 French telecoms

ODDO : Les enseignements du T2 2025 en France

Vodafone Group: 1 director

A director at Vodafone Group sold after exercising options/sold 871,500 shares at 87p and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...

IHS Towers (Buy, TP: $7.7, +6%) Q2 25: Solid quarter, beat and raise; ...

IHS Towers has reported a solid set of Q2 results. Revenue, EBITDA and ALFCF came in above both consensus and our expectations and the company has raised guidance across the board.

Global EM Telcos & Towers Another monster month: NSR GEM Top-10 Augus...

Our top picks performed very strongly again in July, marked by a strong recovery from VEON, Millicom and IHS Towers alongside continued momentum at Singtel and Airtel Africa. Heading into earnings season, we continue to see the EM Telco cycle in an upswing. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. In our view, our picks remain undervalued, so we make no changes to the list.

Airtel Africa (Buy, TP: £3, +52%) Q1 26: Strong print; second tranche ...

Airtel Africa has reported a strong set of Q1 results with a continued improvement in underlying trends and strong growth improvement in $ terms.

Global EM Towers - A Consistent Approach to EFCF and Shareholder Remun...

Following a similar note we published on the EM Telco sector, we apply the same consistent approach to Equity FCF for Global EM Towers. We have preferred Telcos over Towers for some time, as the drivers of upside for the Telcos (consolidation and declining capital intensity) is a headwind for the Towers.

EM Towers Q1 CY25 review: Steady as she goes

Tower revenue trends were slower across the board except for India’s Indus Tower as it benefited from VIL’s network catch up spend. However, EBITDA margins are improving except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation.

Credit Morning 07/01/2025

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