Things look better from here

Weak quarter for Networks' BUs behind Q1 adj. EBIT -7% vs. cons. We cut '24e-'26e adj. EBIT 4-1%, mainly from MN. 2024 will be back-end loaded - we keep HOLD.

Earnings miss, but some positive comments

Making strides on gross margins

Encouraging margin beat, adj. EBITA 18% above cons. Small changes to FY'24e adj. EBITA, improved margins in H2e. Positive earnings trajectory ahead at 7x EV/EBITA adj. – BUY.

Adj. EBITA well above cons

Q1e will be soft, H2e looking better

We expect a weak Q1: adj. EBITA -45% y-o-y. '24e EBITA cut by 4% on lower sales assumptions. Weak H1 outlook, but maintain BUY on a better H2e.

Technologies in the limelight

Weak Q1e for Networks' BUs, but adj. EBIT +53% y-o-y due to Technologies. We lift '24e adj. EBIT 3% on the renewed smartphone agreements. 2024 will be back-end loaded - we keep HOLD.

5G in India: continued soft data for March

Huawei continues to top R&D tables

More cost savings

5G in India: soft data for Feb

Another positive

CFO meeting

India trending down

Unexciting, back-heavy 2024

14% comparable EBIT beat, but 7% sales miss. '24e-'25e comparable EBIT cut 2-1% on slightly lower sales. 2024 will be back-heavy - we reiterate HOLD.

2024e guidance in line with cons

Finally some good news

Near-term headache, but improvements in H2e

Disappointing sales miss, but adj. EBITA 6% above cons. '24e EBITA cut 8% on lower sales. We reiterate BUY on improved profitability after weak Q1e.

6% adj. EBITA beat, better FCF

Look beyond Q4

We expect a weak Q4: adj. EBITA -15% y-o-y. FX headwinds, but we lift '25e EBITA by 3% on the AT&T contract. We reiterate BUY on improved profitability in 2024e.

Negative momentum to continue in Q4e

We see a weak Q4e, comparable EBIT -34% y-o-y. Negative estimate revisions, mainly stemming from MN. Solid valuation support, but HOLD on neg. momentum.