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.

Telia Company AB: 1 director

A director at Telia Company AB bought 10,000 shares at 36.021SEK and the significance rating of the trade was 69/100. 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 clea...

Takeaways from meeting with new CFO

Overreaction on Spotify news creates opportunity

Resilient growth, rising margins, re-rate ahead

Too much pump, then numbers slump

Q3: impressive profitability, raised guidance

Q3 below on Norway

Sales and EBIT -1% and -11% below. Norway explains the miss. Consensus to lower FY'25e estimates by 2-4%, '26e could follow

FCF improves, but growth still needs to deliver

Telia (Buy, TP: SEK 40, +15%) Q3 25: All-in FCF guidance lifted

Telia has reported a good set of Q3 results, with numbers in-line, and has lifted FY25 FCF guidance to SEKc8bn from SEKc7.5bn, driven by lower capex.

Coffee, Croissants & Credit/SAP, Telia, Orange, Castellum, Klepierre, ...

Technology - SAP reports strong 3Q25 results

Stronger Q3 FCF

Cost savings support earnings, but growth lags

Strong core, stretched expectations

Why you should be reading the Tariff Tracker – a leading SR indicator

We publish monthly front book pricing data in our Tariff Tracker product. In this report we show some new analysis looking at how front book tariffs are a good leading indicator for service revenue trends in mobile and fixed, including new work looking at discounted and undiscounted prices.

Building strength, one steady rep at a time

Neutral report

Sales in-line, EBIT +1% vs cons. Cons estm relatively unchanged, stock up 1-2%

On track for scalable growth

Q2: Solid report

EU Telecoms: Half-time 2025 Review Sector has outperformed: More sele...

The European Telecoms continues to outperform: up 17% YTD vs. the market up 10%. While this is great to see, adding to the 12pp outperformance in 2024 and supporting our investment thesis of improving regulation, it does mean the equity upside story from here is becoming more selective.