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.

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.

Vodafone Group: 1 director

A director at Vodafone Group bought 356,000 shares at 72p and the significance rating of the trade was 55/100. 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 clearly sho...

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

Moody's Ratings affirms American Tower's Baa3 ratings, changes outlook...

Moody's Ratings (Moody's) today affirmed American Tower Corporation's (AMT or "the REIT") Baa3 senior unsecured rating, (P)Baa3 senior unsecured shelf rating and changed the outlook to positive from stable. The affirmation reflects the REIT's leading position in the global wireless infrastructure ...

Crown Castle Inc: 4 directors

Four Directors at Crown Castle Inc sold 34,410 shares at between 106.370USD and 106.900USD. The significance rating of the trade was 76/100. 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 ...

SBA Communications Corp: 1 director

A director at SBA Communications Corp sold/sold after exercising options 5,000 shares at 240.587USD and the significance rating of the trade was 73/100. 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 dir...

Global EM Telcos Capex in steep decline; underpins EFCF growth

We analyze the capex history & outlook for Global EM Telcos. For this group capex is falling rapidly (-12% in 2024 in US$) as competitive intensity improves and markets consolidate. Excluding China and India, EM Telco capex is already down 23% from peak.

CCI: Great asset at a great price; Buy ($125; +17%)

We upgraded CCI to buy from neutral last week with a conservative initial target of $125 (+17%; TR 21%).

CCI Model Update & Starting Valuation

This note covers changes to the model and establishes a starting valuation for the Company of $125 (+18%; total return of +22%). We are above the mid-point of guidance for 2025 and for AFFO post close. We expect Consensus estimates for both to increase (post close estimates should increase a lot). See our prior note on results and the rationale for our upgrade to Buy.

CCI 1Q25 Quick Take: Strong results; upgrade to Buy

Revenues beat estimates on better organic leasing and better services. Cash EBITDA beat handily, mostly on lower SG&A. AFFO beat handily too. Management didn’t change guidance. We think they are forecasting conservatively. We expect Consensus estimates to rise, landing above the mid-point of the current guidance range

Global EM Telcos & Towers Still rising – NSR GEM Top-10 May ‘25 Updat...

Despite global volatility our EM Top Picks posted positive returns again in April and now up 34% YTD on average. As we have been arguing for some time EM Telco is a much better space than it used to be and this is now being reflected by the market it seems.