reports
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
BT Group: 1 director
A director at BT Group sold 100,000 shares at 222p and the significance rating of the trade was 66/100. 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 showing Cl...
- Emira Sagaama
- Maissa Keskes
- Margaux van Oerle
- Stephane Houri
BT.A BT GROUP PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
MTX MTU AERO ENGINES AG
NOKIA NOKIA OYJ
RF EURAZEO SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
BKT BANKINTER SA
NEM NEMETSCHEK SE
ELI ELIA GROUP SA/NV
MAP MAPFRE SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
8TRA TRATON SE
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Maissa Keskes
- Margaux van Oerle
- Stephane Houri
BT.A BT GROUP PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
MTX MTU AERO ENGINES AG
NOKIA NOKIA OYJ
RF EURAZEO SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
BKT BANKINTER SA
NEM NEMETSCHEK SE
ELI ELIA GROUP SA/NV
MAP MAPFRE SA
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
8TRA TRATON SE
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Stephane Beyazian
- Stephane Beyazian
- Ben Rickett
- James Ratzer
- Russell Waller
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.
- Russell Waller
Telenor (Buy, TP: NOK 182, +11%) Q2 25: Strong results and EBITDA gui...
Telenor has reported a very good set of Q2 numbers, with SR c0.7% ahead of consensus and EBITDA +5.2% ahead; 2025 EBITDA guidance has been lifted for the Nordics and at the Group level. Guidance now implies c3% upside to FY25 Nordic EBITDA.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
Strong tailwind for Telenor in Q2
Strong tailwind for Telenor in Q2 (Fornebu, Norway – 18 July 2025) Telenor Group delivers very strong results in the second quarter of 2025, triggering a raised EBITDA outlook for both the Nordics and Group. At the same time the company solidifies its position in the Nordic fibre market with a NOK 1.4 billion multi-year investment in Finland and the recently announced NOK 6 billion acquisition of GlobalConnect’s consumer business in Norway. Second-quarter highlights: Service revenues of NOK 16.5 billion.Adjusted EBITDA of NOK 9.3 billion.Free cash flow before M&A of NOK 1.6 billion. Duri...
Sterk medvind for Telenor i andre kvartal
Sterk medvind for Telenor i andre kvartal (Fornebu, 18. juli 2025) Telenor-konsernet leverer svært sterke resultater i andre kvartal og oppjusterer derfor EBITDA-utsiktene for både Norden og konsernet. Samtidig tar selskapet en solid posisjon i det nordiske fibermarkedet med en investering på rundt 1,4 milliarder kroner i Finland og det nylig annonserte oppkjøpet på 6 milliarder kroner av GlobalConnects privatkundevirksomhet i Norge. Høydepunkter i andre kvartal: Tjenesteinntekter på 16,5 milliarder kroner.Justert EBITDA på 9,3 milliarder kroner.Fri kontantstrøm før M&A på 1,6 milliarder ...
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Neutral, TP: SEK 126, -7%) Q2 25: A strong beat and raise
Tele2 has reported a very good set of results, with a strong EBITDAaL beat (+6.2%) vs consensus and guidance has been lifted for FY25 too; vs the pre results consensus, the new guidance implies c.+3.7% upside for consensus FY25 EBITDAaL. Tele2 leading the way for cost efficiency and execution.
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
Telenor Announces Sale of its Stake in Allente to Viaplay
Telenor Announces Sale of its Stake in Allente to Viaplay Fornebu, Norway – 17 July 2025 – Telenor Group has today signed an agreement to sell its 50% stake in Allente to Viaplay for a total consideration of SEK 1.1 billion. Allente, a joint venture between Telenor and Viaplay, was formed in May 2020 through the merger of Canal Digital and Viasat. Allente is a distributor of premium TV content serving residential subscribers and several business customers across the Nordics. The transaction will not affect customers, who will continue to receive the same high-quality services as before. “...
Telenor kunngjør salg av sin eierandel i Allente til Viaplay
Telenor kunngjør salg av sin eierandel i Allente til Viaplay (Fornebu, 17. juli 2025) Telenor Group har i dag signert en avtale om å selge sin eierandel på 50 prosent i Allente til Viaplay. Transaksjonen verdsettes til 1,1 milliarder svenske kroner. Allente, som er en joint venture mellom Telenor og Viaplay, ble etablert i 2020 gjennom fusjonen mellom Canal Digital og Viasat. Allente er en distributør av premium-TV-innhold som betjener privatkunder og en rekke bedriftskunder på tvers av Norden. Eksisterende kunder vil ikke bli påvirket av transaksjonen og vil fortsette å motta de samme kva...
- Jan Frederik Slijkerman
Telenor expands fibre network/The acquisition in Norway doesn't come c...
This morning, Telenor[de] announced the acquisition of GlobalConnect's consumer business, including the fibre network. We think this transaction marks a small positive for Telenor as it gains market leadership in the fixed broadband market, despite the relatively full acquisition price. We remain constructive on the Telenor credit profile, although the notes of Telenor trade around fair value in our view.
- Russell Waller
Telenor (Buy, TP: NOK182, +17%) How much is a mature fibre asset wort...
Telenor has announced that it has agreed to buy GlobalConnect's (GC) Consumer Business in Norway. Not that many mature fibre assts have been sold in Europe, and so this deal is interesting on quite a few levels: for those thinking about what FastFiber in Portugal is worth or what Virgin Media might sell a stake in NetCo for, or what price Zegona/MasOrange might achieve in Spain, then this deal has relevance
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
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