reports
- 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.
- Jan Frederik Slijkerman
Telia performs well/Bredband2 acquisition doesn't come cheap
Telia reported solid 2Q25 results which were in line with expectations. However, the most interesting news was its bid for Bredband2, a large Swedish provider of broadband services. Although we think the intended acquisition comes somewhat expensive, we like the potential improvement of Telia's broadband market share to c.41.5% in Sweden. Regulatory approval for the transaction is very well possible when comparing Sweden with other European countries. Telia's credit profile continues to look sou...
- Jerôme Bodin
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
BOL BOLLORE SA
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
STLA STELLANTIS N.V.
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Jerôme Bodin
KNEBV KONE OYJ CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
KER KERING SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
BOL BOLLORE SA
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
STLA STELLANTIS N.V.
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Russell Waller
Telia (Buy from Neutral, TP: SEK 40, +15%) OpEx execution (& M&A) lif...
It has been a busy few days for Telia: it reported a good set of Q2 results last week and announced a deal to sell its Latvian business and a deal to buy Swedish fibre provider Bredband2. We look at these events in this report, and upgrade Telia to a Buy.
- Stephane Beyazian
- James Ratzer
TalkTalk (Overweight 1st lien) Deeper dive on customer trends and est...
There is a lot of focus (quite rightly) on TalkTalk’s customer trends as a longer-term indicator of their growth trajectory but the initial Q1 results suggested a wide range of outcomes.However, we now have more detail on this from the company and in this note, we take a deeper dive into the precise customer trends and provide an updated set of forecasts. For BT, we then also assess the potential impact that this might be having on Openreach.
- Stephane Beyazian
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- 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
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- 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 ...
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...
- Russell Waller
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.
- Carole Braudeau
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