Global EM Telcos & Japan DC exposure, future developments and valuati...

EM & Japanese Telcos have more DC capacity than those in other regions. In this short note, we look at the current and future Data Center (DC) capacity for the telcos in our coverage as well as the potential valuation for these assets, in an attempt to contextualise this exposure.

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.

Vodacom (Buy, TP: ZAR200, +49%) Feedback from call with CEO

We hosted a virtual call with Vodacom CEO, Shameel Joosub, and Head of IR, JP Davids on Monday last week. In tone and content, the call was positive in our view, and we found the discussion on price floors very encouraging. Thoughts and feedback below. Thoughts and feedback below.

Vodafone (Buy, 120p, +26%) Safaricom buyout: More FCF accretive than ...

Vodafone and Vodacom have announced today that they will be taking control of Safaricom. Given the structure of the deal with Kenyan Government involving pre-paying dividends, we think the deal could offer better than expected accretion to Vodafone’s reported FCF for limited capital outflow.

Vodacom (Buy, TP: ZAR200, +50%) Vodacom acquires a controlling furthe...

Vodacom has announced the acquisition of a further 20% of Safaricom, including an effective 5% stake from Vodafone and 15% from the Kenyan govt. This takes Vodacom’s stake to 54.9%.

Global EM Telcos & Towers Blow out Q3 results drive another great mon...

EM Telco earnings season was extremely strong, and with 8 of our 10 picks reporting this month, our picks rose 6.8% on average in November and are now up 80% YTD. With Singtel having strongly outperformed, Bharti we swap the latter in for the former; 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 52,770 shares at 94p and the significance rating of the trade was 52/100. 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 show...

AMD, CoreWeave, Autos & Semicap in 2026, and more, our Weekly wrap-up.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the names we followed last week, follow the link.

Vodafone (Buy, 120p, +30%) H1 26 - Multiple re-rating in play

Vodafone has reported a decent set of H1 results and guidance has been moved to the upper-end of the guidance range (albeit us and consensus were already there). We think there is still a story for the multiple to be re-rated further – and even though there is new dividend guidance today, we also think there is potential for incremental cash return to come at the FY results.

Vodafone : Looking to upper-range of guidance after good H1 2026 earni...

Vodafone : Looking to upper-range of guidance after good H1 2026 earni...

Vodacom (Buy, TP: ZAR200, +48%) Q2 26: Solid quarter; Better IB and g...

Vodacom has reported a solid set of Q2 numbers.

Global EM Telcos & Towers Back to Black: NSR GEM Top-10 November ‘25 ...

Our portfolio of Top Picks was higher again in October, and now up 69% ytd. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.

Global EM Telcos When does Digital drive a re-rating? Upgrade VEON, V...

We analyze how much revenue EM Telcos are generating from digital businesses, and therefore at what point they are likely to make the transition from being “Telcos with digital assets” to “Digital first”. We use this to predict when the market is likely to re-rate those exposed, and as a result make multiple upgrades across our GEM Telcos.

Global EM Telcos Why are governments allowing mobile price hikes?

We note EM Governments & regulators appear to have become much more relaxed about mobile ARPU growing above inflation relative to the recent past. Why is this? This note gives one possible explanation.

Global EM Telcos & Towers First down month, AMX into the Top-10 for T...

After 8 extremely strong months, September bucked the trend. 6 of our Top Picks saw profit taking with only Airtel Africa, Millicom, Telefonica Brasil and LILAC posting positive returns. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. Having strongly outperformed we switch out Millicom for AMX which we now see as a cheaper, lower risk, way to play Latin American telcos.

Global EM Telcos Why are governments allowing mobile price hikes?

We note EM Governments & regulators appear to have become much more relaxed about mobile ARPU growing above inflation relative to the recent past. Why is this? This note gives one possible explanation.