Benelux Morning Notes

AEGON: Meeting with management: solid rationale for WFG. Belgian telecoms: Base to provide more data for the same price from Mid-January

European Telecoms: The Year Ahead 2025 Ongoing regulatory support all...

2024 saw the best outperformance for the telecoms sector since 2013 (and the third best since 2000) and ironically this came in a year with one of the lowest announced M&A volumes. We believe this is a testament to improved perception of the underlying fundamentals.

Benelux Morning Notes

AEGON: US WFG model in the spotlight again. BAM: Sells 50% of Invesis and tax fraud investigation finalised. Belgian Telecoms: Mobile Vikings targeting heavy data users with upgraded mobile-only offers. Universal Music Group: Acquires music services group Downtown Music for c.€737m. Events Calendar

Digi (Underweight) Telenet (Underweight) Proximus (Neutral, TP: €9.2, ...

After the launch in Portugal (HERE, HERE) Digi has now launched in Belgium. We look at the tariffs in this report, and assess whether or not Digi is viable as a new entrant.

ODDO : Conclusions du T3 2024 en France

ODDO : Conclusions of Q3 2024 in France

Benelux Morning Notes

Belgian telcos: DIGI single mobile tariff, plans 2m FTTH connections; OBEL fights back. Euronext: Election fever. TKH Group: Wins a €200m subsea contract

Benelux Morning Notes

Aalberts: Reiterates 2026 targets, but there is more. Belgian telecoms: Digi to finally launch in Belgium tomorrow. Melexis: Small but supportive buyback

Expert speaker takeaways: ARPU and capex plans

Altice International (Equal Weight) Digi (Equal Weight) NOS (Neutral, ...

Digi launched in Portugal, one month ago – read our take HERE, and our update one week after the event HERE. In this report we look at how tariffs have changed one month after the launch.

Vodafone-Three UK merger approved Our Quick Take

In this Quick Take, we highlight the key points to support the deal and also what we still don't know about the deal that could impact FWA and mobile competition in the UK, and the impact on Vodafone's valuation.

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 11/28/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 28/11/2024

Vodafone (Buy, 140p, +100%) Post call thoughts: What is needed to hit...

Vodafone’s H1 earnings call recently wrapped up with the stock having sold off during and after the call. We review our thoughts on this and in this note show some further analysis on what would be required to meet the FY EBITDA guidance based on the new comments given in the call.

Vodafone (Buy, 140p, +100%) H1 25 - Questions still lingering in Germ...

Vodafone has reported their H1 results, and although headline numbers were in line with expectations and all guidance has been reiterated.

Altice International (Over weight) Digi (Equal weight) NOS (Neutral, T...

Digi launched in Portugal, one week ago – read our take HERE. In this report we look at how the launch has been received in Portugal (including a run-through of tariff changes by the incumbents).

Vodafone UK-3 merger: Detailed review of CMA remedy paper

GERMAN ALTNET UPDATE: What will be the key to success?

Last week, we reviewed the UK altnet market. So this week, we turn our attention to Germany and how the fibre challengers are developing in that market. We have done a lot of work over the past few months on the MDU market in Germany for TeleColumbus and OXG. So now, we specifically focus on Deutsche Glasfaser and the recent UGG/ Infrafibre deal, as these players mount their challenge against DT in the SDU market.