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...

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.

Orange (Buy, TP: €15.8, +19%) MasOrange (Equal Weight) It’s not all a...

We have been long-term Buyers of Orange, and are pleased about the YTD share price performance (+37% vs the sector +10%). Some of that outperformance is probably due to the prospect of French market repair (France is 56% of the value), but actually it is the Spanish and AME divisions that cause our target to rise to €15.8 from €14.9 post the Q2 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.

Orange (Buy, TP: €14.9, +14%) Q2 25: EBITDA guidance lifted thanks to...

Orange has reported a solid set of results, with Telco EBITDA c+0.3% ahead of consensus, and has lifted Group EBITDAaL guidance thanks to AME. French KPIs are solid, but French retail SR growth has turned negative y/y. There are some encouraging signs on French front-book low-end mobile pricing in July (HERE), but clearly overall conditions remain difficult (albeit Orange is doing a good job of off-setting those difficulties at the EBITDAaL level in France).

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.

Altice International (Equal Weight) Sale process Hot-ting up in Israe...

Bezeq has confirmed that its subsidiary, Pelephone, has made an offer for Altice International’s Israeli business, Hot Mobile, HERE, for NIS2bn (c€500m). In addition, it seems that Cellcom and Hot have sold their stakes in IBC, HERE. Cellcom has sold its 23% stake for NIS520m (c€130m), and we would assume that Altice has sold its 23% stake for the same amount. In this report we look at the implications of the sales for ATCI lenders.

Altice France (Overweight) Iliad (Equal Weight) Bouygues (Buy, TP: €55...

There have been several recent articles about French M&A. The latest article from TMT finance yesterday has some fairly specific details, and most importantly, seems to suggest that the price demanded for SFR is now approaching what we would see as fair value.

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|