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...

MTN Rwanda (Buy, TP: ZAR190, +12%) Q2 25: A much better quarter

MTN Rwanda has reported a much better quarter.

MTN (Buy, TP: ZAR190, +15%) MTN Uganda – Q2 25 Quick Take: Solid EBIT...

MTN Uganda has reported a decent set of Q2 results. Top line trends were roughly similar to Q1, still impacted by the MTR cut on the voice side. However, data growth remained solid and EBITDA margins were good.

MTN (Buy, TP: ZAR190, +24%) MTN Ghana – Q2 25: Another strong quarter...

MTN Ghana has reported another strong set of results.

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.

MTN (Buy, TP: ZAR190, +23%) MTN Nigeria – Q2 25: Very strong, guidanc...

MTN Nigeria has reported a very strong set of Q2 results, supported by a full quarter of price increase and the company has upgraded its FY25 and medium-term guidance.

Credit Morning 07/01/2025

Acqua e Sapone: high cash burn in Q1 and higher leverage|Flos B&B Italia Group dissolves its joint venture with Fendi|BBVA goes ahead with Sabadell offer|

Morning Crédit 01/07/2025

Acqua e Sapone : consommation de cash importante au T1 et hausse du levier|Flos B&B Italia met fin à sa JV avec Fendi|BBVA décide de poursuivre son offre sur Sabadell|

Global EM Telcos & Towers Another decent month: NSR GEM Top-10 July ‘...

Our picks largely had a slightly slower month in June, with VEON seeing sharp profit taking, but a recovery in some of the weaker stocks such as LILAK offset to continue to see overall valuations rise. 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 heavily undervalued, so we make no changes to the list.

Credit Morning 06/30/2025

Worldline: Belgian authorities open investigation into local subsidiary for money laundering|

Morning Crédit 30/06/2025

Worldline : la justice belge ouvre une enquête sur la filiale locale pour blanchiment d’argent|

Sub-Saharan African Telecoms Good quarter, Vodacom price target to ZA...

The Sub-Saharan African (SSA) operators performed well in Q1 with service revenue trends accelerating, solid Fintech and sequentially stable margins.

Nigerian Telcos Strong start to the year, full price increase boost y...

Local currency growth accelerated to above 40% in Q1, and is likely to continue to accelerate in Q2 driven by a full quarter impact from the 50% price increase approval, and stabilising macro.

Global EM Telcos M&A Cycle in-bound; buy the targets

With sentiment, leverage and cash flow all improving for EM Telcos we think we are approaching the point of the cycle where M&A is going to become more prevalent, and shift from bearish (in-market consolidation), to bullish (out of footprint). Investors should consider building portfolios based on likely targets. Who are they?

Credit Morning 06/02/2025

Flos B&B Italia: lower results and increased leverage in Q1|Announcement by the Gabonese Government to ban crude manganese export from 2029|Eutelsat is reportedly in talks with investors to raise € 1.5bn (Bloomberg)|

Morning Crédit 02/06/2025

Flos B&B Italia : résultats en repli et augmentation du levier auT1|Annonce du Gouvernement gabonais d’interdire les exportations de manganèse brut à partir de 2029|Eutelsat discuterait avec des investisseurs pour lever 1,5 md EUR (Bloomberg)|

Global EM Telcos & Towers Bull market continues – NSR GEM Top-10 June...

It was another very strong month for our picks as the EM Telco bull market continues. As we have been arguing for some time EM Telco is a much better space than it used to be, and the market has now started to understand this. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/20/2025

Vodafone : FY 2026 FCF guidance better than expected despite Germany

Vodafone : FY 2026 FCF guidance better than expected despite Germany