reports
- Felix Fischer
- James Ratzer
Spectrum alert Why a decision in Malta is more relevant than you migh...
This is the first time we have written a note “directly” on Maltese telecoms. Eagle-eyed followers of our work will know we have touched on it before looking at fixed-mobile convergence when Vodafone used to be in the market – but that was pre-2020! So why are we writing on it now? Why is it relevant?
- James Ratzer
UK Telecoms 5-year view: Our take on Ofcom’s take
Ofcom has set out its finalised outlook for the 2026-31 UK Telecoms Access Review. We believe it adheres to the general framework that market dynamics should be a key determinant of how competition develops from here, rather than regulatory policy, which is supportive for investors in the sector with no real surprises.
- Felix Fischer
Iran Conflict – Impact On Supply Chains And Our European Key Sector Co...
Following the attack on Iran by the US and Israel late last month which targeted key military sites and strategic infrastructure, as well as a retaliation by Iran, there have been structural shifts in the oil & gas and energy markets. In this report, we discuss the effects of these structural shifts, as well as the impact of the conflict on global supply chains and our coverage universe.
SCHP SECHE ENVIRONNEMENT
PFD PREMIER FOODS PLC
AMS AMS AG
ETL EUTELSAT COMMUNICATIONS SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INLOT INTRALOT S.A. - INTEGRATED LOTTERY SYSTEMS & SERVICES
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
7201 NISSAN MOTOR CO. LTD.
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
CEXA CEMEX SAB DE CV (ADR)
PRAA PRA GROUP INC.
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- James Ratzer
BT (Neutral, £2.40, +18%) Q3 26 – Line loss analysis – what is drivin...
BT’s Q3 results surprised us. Line loss guidance for the year was improved and despite a competitive consumer market, BT held consumer volumes flat with minimal ARPU erosion. In this note, we analyse both of these trends and in particular look at a bottom-up analysis of broadband KPI trends across the UK market.
- James Ratzer
Vodafone (Buy, £1.30, +20%) Q3 26 – The pricing vs. volume dynamic in...
Market reaction to Vodafone’s Q3 might be dominated by the weaker German broadband net adds figure, but we think the pricing trends look more encouraging and we see these as a reasonable set of results with all guidance reiterated.
- James Ratzer
TalkTalk (Equal Weight) Post-Q3 model update: The customer growth vs....
Following the Q3 results yesterday, we have updated our forecasts to reflect weaker-than-expected subscriber trends in the quarter. While FY26 revenue guidance remains intact, the deterioration in customer volumes leads us to reduce our medium-term subscriber assumptions and, in turn, our longer-term revenue expectations. We assess the impact this has on value and the potential for higher future SAC spending.
- Felix Fischer
- Haidje Rustau
- Peter Low
- James Ratzer
TalkTalk (Equal Weight) Q3: Financial guidance intact, but customer v...
TalkTalk has reported Q3 results (ending Nov 2025) and will host an analyst call later this morning. Aside from the recent M&A speculation, the company’s operational performance remains challenged with subscriber trends weaker in the quarter, despite new advertising campaigns around the rebrand
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Trung Nguyen
- James Ratzer
TalkTalk (Equal weight) Up for sale again! Our take
Sky News is reporting that TalkTalk has begun contacting potential acquirers for its consumer (TTC) and wholesale (PXC) divisions. We also believe that this could also involve a sale of the whole business. We explore our latest thoughts on next steps.
- James Ratzer
Cityfibre 2025 results Rational support for the whole market
XLast month, Cityfibre reported a sharp acceleration in its net add run rate due to its new deal with Sky – and a clear indication that Sky now intends to put all of its new FTTP customers in Cityfibre’s footprint on the Cityfibre network.
- James Ratzer
European Telecoms for 2026 Industry action required for further outpe...
Over the past 3 years, the EU telecoms sector has had a great run – up >50%, despite modest underlying revenue/ EBITDA growth. This has almost entirely come from a deserved upwards re-rating in the multiple as the risk profile across the sector diminishes – which has been a key theme of ours in the past few years given improved regulation. So, we feel this has now largely played out.
- James Ratzer
Vodafone (Buy, 120p, +26%) Safaricom buyout: More FCF accretive than ...
Vodafone and Vodacom have announced today that they will be taking control of Safaricom. Given the structure of the deal with Kenyan Government involving pre-paying dividends, we think the deal could offer better than expected accretion to Vodafone’s reported FCF for limited capital outflow.
- James Ratzer
Vodafone (Buy, 120p, +30%) H1 26 - Multiple re-rating in play
Vodafone has reported a decent set of H1 results and guidance has been moved to the upper-end of the guidance range (albeit us and consensus were already there). We think there is still a story for the multiple to be re-rated further – and even though there is new dividend guidance today, we also think there is potential for incremental cash return to come at the FY results.
- James Ratzer
BT (Neutral, 220p, +19%) H1 26: Let’s focus on Starlink & Openreach
Financial and KPI results were broadly in line with expectations and all financial guidance has been reiterated. Therefore, in this note we focus more on two specific angles – 1) How to digest the Openreach line losses and why FY26 might not be “peak line losses” and 2) What to make of the new Starlink deal announced, which we think could have interesting longer-term implications.
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- James Ratzer
TalkTalk (Neutral) H1 review – New outlook, new model
TalkTalk’s H1 results show that customer momentum remains a challenge for them given the price competitive nature of the UK market which allow customers to switch with more ease than in the past. Working capital outflow has also been higher than expected.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.