reports
- James Ratzer
Vodafone to Virgin spectrum sale: More details revealed
As part of the Vodafone-Three merger (VOD3UK), the merging companies committed to sell a portfolio of spectrum to VMO2. The details of that spectrum portfolio have now been formally disclosed by Ofcom, which has published a notification listing the frequencies that are due to be transferred (LINK). In this note, we run through the final decisions and implications for potential UK revenue share.
- James Ratzer
BT (Buy, 265p, +47%) Was 240p Upside beyond the mythical £3bn FCF t...
BT’s target to reach £3bn FCF by the end of the decade has almost become mythical in status. Initially set back in 2021, is it the longest-standing piece of guidance (ever) in the telecoms sector? Quite possibly – and yet we are only half-way there.
- James Ratzer
The company started seeing signs of recovery as subscriber losses begu...
As we expected, the UK merger completed this morning, so we wanted to take this opportunity to highlight the note we put out on Saturday, in which we published our new model (including the UK merger, and assuming Vodafone buys out the Hutchinson minority in 3 years’ time). The terms of the deal are as initially announced. We believe the value creation is +9p per share, included within our 120p price target. We still see >50% upside from current levels.
- James Ratzer
Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: T...
We don't usually aim to publish price target updates over the weekend, so please do forgive us, but with today being May 31st and Vodafone's desire to close the UK merger during H1 and at a month-end, we would like to think that the UK deal closing could be very imminent - and maybe even today.
- James Ratzer
BT (Buy, £2.40, +46%) Dig a bit deeper and it is better than the headl...
Going into these results, we believe that two numbers were in focus – the Openreach line losses and the new FY26 guidance. In this note we dig into both of these in more detail and highlight why having TalkTalk as a major ISP on the Openreach network is causing them specific issues driving some of the higher line losses.
T-Mobile US Inc: 1 director
A director at T-Mobile US Inc sold 45,000 shares at 242.695USD and the significance rating of the trade was 70/100. 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 the last two years clearl...
- James Ratzer
Vodafone (Buy, 135p, +82%) FY 2025: Trying to move the debate on from ...
The broad theme of Vodafone’s results remains the same as in past periods: Germany has been disappointing and has been the main focus of the market, but other parts of the business have been able to offset it, with increasing weight now on Vodacom for FY26.
- James Ratzer
BT (Buy, £2.40, +45%) TNT Sports exit - what are the financial implica...
The FT has reported that BT could sell its 50% stake in TNT Sports to WBD – maybe this week alongside FY results on Thursday. We assess the potential financial implications of this as it might be positive vs. market perception but could be negative vs. our valuation.
- James Ratzer
Vodafone (Buy, 135p, +87%) Vodafone CFO departing: Quick thoughts
Vodafone has announced that Luka Mucic will be stepping down as Vodafone CFO by year-end, after only taking on the role in September 2023. We run through some quick thoughts on this move here and set out our estimates ahead of results in 2 weeks time
- James Ratzer
Vodafone (Buy, 135p, +93%) Vodacom upside undervalued
When talking about Vodafone with market participants, almost all of the discussion tends to be on Germany. However, this morning my colleague Chris has upgraded his estimates for Vodacom and we have increased our target from ZAR150 to ZAR180 – with the full details published here. We believe the positive benefits from Vodacom are being overlooked in the Vodafone share price and we re-visit that thesis in this note with an updated view on Vodafone.
- Jonathan Chaplin
T-Mobile: Quick thoughts following the 1Q25 call
What’s new: in this note we cover the case for T-Mobile buying a cable asset and what we learned about the odds of this from the call, new insights into T-Mobile’s fiber strategy, what it means for Cable and Fiber assets, further thoughts on the slowdown in growth in the broadband market, important insights into what might be driving the strength in the mobile market, and how T-Mobile will approach tariffs. We will publish a separate comprehensive review of results and model update shortly.
- Jonathan Chaplin
T-Mobile's most recent price moves suggest rising competition
What’s new: Verizon reported mid-single-digit growth in gross adds after amending their offers in mid-March and double-digit growth in gross adds after launching a three-year price guarantee in April. T-Mobile responded with new plans that include a five-year price guarantee this morning. We cover implications for the industry in this quick comment.
- Ben Rickett
- James Ratzer
- Russell Waller
EU TELCOS: What a recessionary scenario might look like
When the news of the Trump tariffs first hit the tapes, we didn’t write anything initially as a) we didn’t think we had much of value to add to the thousands of column inches already written on the topic, and b) the direct impact from the tariffs to the EU telecoms sector is minimal – resulting in relative outperformance for the group over the past few days.
- James Ratzer
Vodafone (Buy, 135p, +87%) India value extraction on the horizon?
Vodafone’s lock-up in India expires at the end of this month. Given the news today on a debt-for-equity swap involving the Indian Government at Vodafone Idea, we explore the implications of this and whether there could be a surprise value crystallisation for Vodafone on the cards.
T-Mobile Announces Proposed Public Offering of Senior Notes
BELLEVUE, Wash.--(BUSINESS WIRE)-- T-Mobile US, Inc. (NASDAQ: TMUS) (“T-Mobile”) announced today that T-Mobile USA, Inc., its direct wholly-owned subsidiary (“T-Mobile USA” or the “Issuer”), plans to offer, subject to market and other conditions, senior notes (the “notes”) in a registered public offering. T-Mobile USA intends to use the net proceeds from the offering for general corporate purposes, which may include among other things, share repurchases, any dividends declared by T-Mobile’s Board of Directors and refinancing of existing indebtedness on an ongoing basis. Barclays Capital Inc.,...
T-Mobile Finalizing Sale of 800 MHz Spectrum Portfolio to Leading Priv...
BELLEVUE, Wash.--(BUSINESS WIRE)-- T-Mobile (NASDAQ: TMUS) today announced it has reached an agreement in principle to divest the company’s 800 MHz spectrum portfolio to purchaser , a leading private investment firm focused on digital infrastructure and solutions to the global broadband industry. In partnership with energy and infrastructure experts from , Grain is planning to market the 800 MHz spectrum portfolio to utilities, other critical infrastructure industry operators, rural and regional operators, and other enterprises, meeting crucial unfulfilled telecommunications needs. Consumers a...
T-Mobile to Host Q1 2025 Earnings Call on April 24, 2025
BELLEVUE, Wash.--(BUSINESS WIRE)-- T-Mobile US, Inc. (NASDAQ: ) looks forward to discussing first quarter 2025 financial and operational results on Thursday, April 24, 2025, at 4:30 p.m. Eastern Time (ET). The call will be accessible via dial-in with pre-registration as well as a webcast link on the Company’s Investor Relations website at . The earnings release, Investor Factbook, and other related materials will be available at approximately 4:05 p.m. ET on Thursday, April 24, 2025, at . Earnings Call Information Date/Time Thursday, April 24, 2025, at 4:30 p.m. (ET) Access via Webcast The e...
- James Ratzer
UK Telecoms Access Review What now happens beyond 2031? BT (Buy, £2.4...
Ofcom has published their long-awaited regulatory review setting out the framework for the period 2026-31. The good news is that in reality not much changes between now and 2031 – in line with expectations - and we see this as supportive for our Buy case on BT.
T-Mobile Reaches $16 Million in Funding for Hometown Grants, Strengthe...
BELLEVUE, Wash.--(BUSINESS WIRE)-- T-Mobile (NASDAQ: TMUS) today announced its latest 25 Hometown Grant recipients, each set to receive up to $50,000 in funding from T-Mobile to support local development projects to revitalize their communities. Since kicking off its to small towns and rural communities in April 2021, the Un-carrier has provided more than $16 million in Hometown Grants to 375 communities across 48 states and Puerto Rico. Hometown Grants has sparked more than 150,000 volunteer hours, bringing people together to uplift their communities in big ways. “When we started Hometown ...
Spring into Savings with T-Mobile’s New Smartphone Offers
BELLEVUE, Wash.--(BUSINESS WIRE)-- T-Mobile (NASDAQ: TMUS) is helping customers refresh for Spring (no cleaning required) with offers to get the season’s latest value 5G smartphones from top brands. This includes scoring the new — just announced today! — Google Pixel 9a on Us. For anyone looking for the latest AI tools or specs, the Un-carrier has feature-packed, wallet friendly options from Google, Motorola and Samsung. Right now, new and existing customers, including businesses, can get: This press release features multimedia. View the full release here: Get the latest tech — including new G...
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