2025 was a very strong year for African Telcos, as macro stabilized and pricing recovered across the continent but especially in Nigeria. We think 2026 should be more of the same as stocks re-rate due to strength in the core coupled with exposure to digital. Very strong performance by Airtel Africa means Vodacom becomes our top pick in Africa, and VEON our top pick overall.
Orange: Orange successfully prices a bond issuance in 5 tranches for a total amount of 6 billion US dollars Press releaseParis, 6 January 2026 Orange successfully prices a bond issuance in 5 tranches for a total amount of 6 billion US dollars Orange has successfully priced a 6 billion US dollars bond issuance, with settlement and delivery expected on January 13, 2026. This offering, which was more than 8x oversubscribed at times, consists of 5 tranches: CurrencyFormatTermNotionalCouponRe-offer spreadUSDFixed rateJan 2029750 million4.00%US Treasury Bond + 50 bpsUSDFixed rateJan 20311.25 bi...
Orange : Orange réalise avec succès une émission obligataire en 5 tranches pour un montant total de 6 milliards de dollars américains Communiqué de presseParis, 6 janvier 2026 Orange réalise avec succès une émission obligataire en 5 tranches pour un montant total de 6 milliards de dollars américains Orange a réalisé avec succès une émission obligataire pour un montant de 6 milliards de dollars américains, dont le règlement-livraison est prévu le 13 janvier 2026. Cette émission, qui a été sursouscrite jusqu’à plus de 8x, est composée de 5 tranches : DeviseFormatMaturitéMontantCouponMarge d...
Total number of shares and voting rights at December 31, 2025 6 January 2026 Orange: information on the total number of shares and voting rights referred to in Article L.233-8 II of the French Commercial Code and Article 223-16 of the General Regulations of the Autorité des Marchés Financiers. In application of Article L. 22-10-46 of the French Commercial Code (Code de commerce), as from 3 April 2016, a double voting right is automatically granted to fully paid-up shares that have been held in registered form and under a single shareholder name for at least two years. DateNumber of share...
Nombre d'actions et de droits de vote au 31 décembre 2025 6 janvier 2026 Orange : Information relative au nombre total d’actions et de droits de vote prévue par l’article L. 233-8 II du Code de commerce et l’article 223-16 du Règlement général de l’Autorité des Marchés Financiers En application de l’article L. 22-10-46 du Code de commerce, il est automatiquement conféré, à compter du 3 avril 2016, un droit de vote double aux actions entièrement libérées inscrites au nominatif depuis deux ans au nom d’un même actionnaire. DateNombre d’actions composant le capitalNombre d’actions auto-déten...
2025 was when the EM Telco bull market really took off. Two of our top picks returned >100% and four more 50%+. We make one change to our top picks for 2026 from 2025, introducing Megacable in exchange for IHS Towers. In a separate note out today we run through the Themes that we think will drive performance in 2026.
EM Telcos have been strong for some time, but 2025 was a banner year. Multiples have expanded somewhat, but we remain bullish, as we think EM Telcos operate on a long cycle driven by market structure which has now definitively turned up We therefore see EM Telcos in a true stealth bull market as conditions still seem ripe for the best to exhibit pricing power and hence GDP+ revenue growth and rising ROIC. This note explains the key themes we see for 2026.
Cegedim: DISCLOSURE OF SHARE CAPITAL AND VOTING RIGHTS Boulogne-Billancourt, December 29, 2025 Disclosure of Share Capital and Voting Rights(Pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the general Regulations of the Autorités des Marchés Financiers) Registered name of the issuer: CEGEDIM SA DateShares outstandingTotal potential voting rightsExercisable voting rights*November 30, 202514,097,15522,024,78721,657,380 * excluding rights attached to share held in treasury Attachment
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