reports
- ABGSC Telecom Operators Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Post Q4 25 model update
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback, feedback following meeting the CEO/CFO, and compare our new estimates to guidance and consensus. We have trimmed EBITDA slightly for 26/27, but have lifted OpFCF due to the good CapEx discipline.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Q4 25: A lot of mixed messaging
Tele2 has reported a confusing set of results with lots of mixed messages. On the one hand, Q4 results were good, but 2026 EBITDAaL guidance is a but disappointing and at odds with current growth rates and looks beatable given likely Q1 growth rates.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
Telenor Group's results invitation for the fourth quarter 2025
Telenor Group's results invitation for the fourth quarter 2025 Join us for Telenor Group’s results for the fourth quarter 2025.When: Friday 6 February 2026, 09.00 CET / 08.00 UKT. The presentation will be held by Group CFO Torbjørn Wist, in the temporary absence of Group CEO Benedicte Schilbred Fasmer, due to a planned operation and a short-term sick leave. To view the webcast, without participating in the live Q&A, please visit: /investors/reports-and-information/quarterly/telenor-groups-results-for-the-4th-quarter-2025/ or visit Telenor.com/investors The presentation will be availab...
Invitasjon til Telenors resultatfremleggelse for fjerde kvartal 2025
Invitasjon til Telenors resultatfremleggelse for fjerde kvartal 2025 Telenor legger frem resultater for fjerde kvartal 2025. Når: Fredag 6. februar 2026 kl 9.00. Presentasjonen vil holdes av finansdirektør Torbjørn Wist, under et midlertidig fravær av konsernsjef Benedicte Schilbred Fasmer som følge av en planlagt operasjon og en kortvarig sykemelding. For å se webcast, uten å stille spørsmål, bruk denne linken: /investors/reports-and-information/quarterly/telenor-groups-results-for-the-4th-quarter-2025/ eller besøk Telenor.com/investors. Presentasjonen vil kun være til...
- Jerôme Bodin
IPS IPSOS
LOGI LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ORA ORANGE SA
EN BOUYGUES SA
DEC JCDECAUX SA
ITP INTERPARFUMS
BRBY BURBERRY GROUP PLC
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
LFDE LA FRANCAISE DE L'ENERGIE SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
GALE GALENICA AG
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
VUL VULCAN ENERGY RESOURCES
SHEL SHELL PLC
ADTN ADTRAN HOLDINGS INC
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
ARYN ARYZTA AG
IFCN INFICON HOLDING AG
- Jerôme Bodin
IPS IPSOS
LOGI LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ORA ORANGE SA
EN BOUYGUES SA
DEC JCDECAUX SA
ITP INTERPARFUMS
BRBY BURBERRY GROUP PLC
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
LFDE LA FRANCAISE DE L'ENERGIE SA
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
GALE GALENICA AG
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
JEN JENOPTIK AG
VUL VULCAN ENERGY RESOURCES
SHEL SHELL PLC
ADTN ADTRAN HOLDINGS INC
IOS IONOS GROUP SE
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
ARYN ARYZTA AG
IFCN INFICON HOLDING AG
- Carole Braudeau
INFINEON INFINEON TECHNOLOGIES AG
LOGI LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
ORA ORANGE SA
EN BOUYGUES SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
ORSTED ORSTED
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
SIK SIKA AG
JEN JENOPTIK AG
EQT EQT AB
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Carole Braudeau
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
INFINEON INFINEON TECHNOLOGIES AG
LOGI LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
ORA ORANGE SA
EN BOUYGUES SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
ORSTED ORSTED
VOW3 VOLKSWAGEN AG PREF
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
SIK SIKA AG
JEN JENOPTIK AG
EQT EQT AB
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
IFCN INFICON HOLDING AG
- Russell Waller
- Chris Hoare
True Corp (Buy, THB 18, +59%) Telenor sells out of TRUE – implication...
Telenor has announced it is selling the majority of its stake in TRUE to a CP Group–affiliated company for THB 11.7, a 4% discount to the market price. In this brief note we discuss implications for TRUE, and thoughts for CelcomDigi.
- Stephane Beyazian
- Stephane Beyazian
Orange: Bouygues Telecom, Free-iliad Group and Orange joint statement ...
Orange: Bouygues Telecom, Free-iliad Group and Orange joint statement following press rumors Paris, 22 January 2026 Bouygues Telecom, Free-iliad Group and Orange joint statement following press rumors The consortium composed of the three telecom operators Bouygues Telecom, Free-iliad Group and Orange confirms ongoing discussions with the Altice Group in connection with a potential transaction to acquire a large part of the telecommunications activities of the Altice Group in France. Due diligence works have been initiated in early January 2026. The legal and financial terms of the transa...
Orange : Communiqué des groupes Bouygues Telecom, Free-Groupe iliad et...
Orange : Communiqué des groupes Bouygues Telecom, Free-Groupe iliad et Orange suite aux rumeurs de presse Paris, le 22 janvier 2026 Communiqué des groupes Bouygues Telecom, Free-Groupe iliad et Orange suite aux rumeurs de presse Le consortium composé des trois opérateurs Bouygues Telecom, Free-Groupe iliad et Orange, confirme l’existence de discussions avec le Groupe Altice en vue de l’acquisition potentielle d’une grande partie des activités de télécommunications du groupe Altice en France. Des travaux de due diligences ont été engagés depuis début janvier 2026. Les conditions juridique...
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