BT (Buy, 220p, +53%) The press is not right – Mittal has not “complet...

BT has disclosed that Mittal now has a 24.5% voting interest in BT. Therefore, the press is reporting that Mittal has now completed the stake purchase.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Almaviva, Infopro Digital, TalkTalk, Intrum, Victoria, Vallourec, Kantar, Borr Drilling

Vodafone (Buy, 140p, +100%) Post call thoughts: What is needed to hit...

Vodafone’s H1 earnings call recently wrapped up with the stock having sold off during and after the call. We review our thoughts on this and in this note show some further analysis on what would be required to meet the FY EBITDA guidance based on the new comments given in the call.

Vodafone (Buy, 140p, +100%) H1 25 - Questions still lingering in Germ...

Vodafone has reported their H1 results, and although headline numbers were in line with expectations and all guidance has been reiterated.

Altice International (Over weight) Digi (Equal weight) NOS (Neutral, T...

Digi launched in Portugal, one week ago – read our take HERE. In this report we look at how the launch has been received in Portugal (including a run-through of tariff changes by the incumbents).

BT Group (Buy, 220p, +64%) Was 225p Q2 25: Is the share price decline...

BT’s stock is trading off 6% at the time of publication on a quarter where EBITDA beat consensus and all profitability guidance has been maintained. In fact, given the future guidance now also includes an incremental £100m impact from last week’s Budget, the guidance is actually an upgrade.

Vodafone UK-3 merger: Detailed review of CMA remedy paper

GERMAN ALTNET UPDATE: What will be the key to success?

Last week, we reviewed the UK altnet market. So this week, we turn our attention to Germany and how the fibre challengers are developing in that market. We have done a lot of work over the past few months on the MDU market in Germany for TeleColumbus and OXG. So now, we specifically focus on Deutsche Glasfaser and the recent UGG/ Infrafibre deal, as these players mount their challenge against DT in the SDU market.

UK Altnet Update: Talk of demise might be premature

News about the difficulties facing the UK altnet sector are starting to become more widely reported, but as ever in any industry, there are winners and losers and often the scale players can win – even in the altnet sector.

UK Telcos Impact from higher employers' taxation in upcoming Budget

Over the weekend, it has been widely reported that the upcoming Budget this Wednesday will include a 2pp rise for employer national insurance tax. In this brief note, we run through the financial implications of this for the UK telecoms companies (BT, VMO2, TalkTalk and Vodafone) and who is most exposed.

Vodafone should be bold: Buy out OXG minority Unlocking synergies fro...

This week we have the DT CMD and therefore the topic of German fibre build will likely be in focus. Over the past few months, we have written a number of thematic notes looking at this topic in more detail:

EU TELECOMS REFRESH: Can the outperformance continue?

When was the last time we could write that the EU Telecoms sector has been the second best performing sector in the market YTD? As a result, this raises the question of whether the outperformance can continue. We believe regulation will ultimately determine the answer to this question.

TalkTalk Still challenged, but now in the price: Back to Neutral

After the disclosure last week from TalkTalk and liaising with the company, we have fully reviewed our model and publish new numbers. Although the business still faces a difficult future and management ability to hit past guidance has been poor, we move from Underweight back to Neutral given the sharp recent decline seen in the bond pricing.

TalkTalk Refinancing update: One step forward, two steps back

TalkTalk has announced a successful completion of their current refinancing to push out bond maturities to end 2027/ start 2028. However, new cashflow guidance given for FY25 leaves a far bigger hole than we had previously forecast and makes us even more concerned on the credit than before.

Vodafone (Buy, 140p, +89%) Hidden upside in the non-EU assets

Today, our colleague Chris Hoare has published two thematic notes looking at Sub-Saharan African telecoms companies. These focus on the potential for market structures and revenues to improve, and especially after periods of currency weakness (which has been notable in Egypt and Turkey).

Cityfibre/ Sky/ BT: Our take A deal we have been expecting for some t...

Cityfibre has announced a new wholesale agreement with Sky this morning – a headline we have been waiting for over the past 3 years. Therefore, we think both our BT and Cityfibre models are well prepared for this. In this note, we run through the potential impact from the deal and its details. We then look at what next steps we should be expecting from here. (Our Cityfibre model is also available on request for those interested).

FWA in Europe: Maybe it isn't accelerating Analysis of Hutchison's H1...

Clearly the biggest issue for them is whether the merger with Vodafone UK will be approved or not. As one would also expect they couldn’t be drawn on any new substantive comments on this while the CMA process is ongoing. For our detailed thoughts from May on the CMA Phase 1 findings on that deal, please see our expert call on the topic.

BT (Buy, 225p, +60%) Bharti deal will trigger more buying in the mark...

Given our recent note on Drahi switching the way he owns his BT shares, the Bharti Global announcement to buy his 24.5% stake is very timely. In this note, we run through the mechanics of how we think this will work, and what this might mean.

BT (Buy, £2.30, +63%) Drahi's position: Revealing what is going on

Ever since Drahi’s surprised people by buying a 12% stake in BT back in 2021 and scaled up to 24.5% by 2023, there has been much discussion about how Drahi owns his stake and how it might be financed. This has material implications for any potential overhang on BT’s position, and our new analysis of his structuring leads us to believe that any overhang is much lower than the market might fear.

Vodafone (Buy, 135p, +91%) Q1 25 - Assessing a revised outlook for Ge...

Vodafone’s Q1 results are now boosted by some additional (and supportive) EBITDA disclosure, but the ongoing fly in the ointment is still their German broadband KPI trend which remains unresolved.