Trends continue, valuation not too appealing

Strong Q2e on Swedish savings

EBITDA +6% on ISS, MSR improvements

Vodafone (Buy, £1.20, +50%) Tele Columbus (Overweight) German TV refr...

Over the past year, Vodafone and TeleColumbus have been hugely affected by the MDU bulk migration. However, going into the second half of 2025, we will start to lap this impact so trends will revert to something more “normal”.

Vodafone to Virgin spectrum sale: More details revealed

As part of the Vodafone-Three merger (VOD3UK), the merging companies committed to sell a portfolio of spectrum to VMO2. The details of that spectrum portfolio have now been formally disclosed by Ofcom, which has published a notification listing the frequencies that are due to be transferred (LINK). In this note, we run through the final decisions and implications for potential UK revenue share.

Benelux Morning Notes

Belgian telecoms: Orange Belgium's new B2B offensive. BE Semiconductor Industries: Investor Day highlights. Proximus: Sale of Be-Mobile, asset disposals upped from ‘>€500m' to ‘up to €600m'. UCB: To invest in a new US manufacturing site

Benelux Morning Notes

Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar

Expert speaker call: latent market share gains

The company started seeing signs of recovery as subscriber losses begu...

As we expected, the UK merger completed this morning, so we wanted to take this opportunity to highlight the note we put out on Saturday, in which we published our new model (including the UK merger, and assuming Vodafone buys out the Hutchinson minority in 3 years’ time). The terms of the deal are as initially announced. We believe the value creation is +9p per share, included within our 120p price target. We still see >50% upside from current levels.

Vodafone (Buy, 120p, +56%) Was 135p Target price/ model update: T...

We don't usually aim to publish price target updates over the weekend, so please do forgive us, but with today being May 31st and Vodafone's desire to close the UK merger during H1 and at a month-end, we would like to think that the UK deal closing could be very imminent - and maybe even today.

Tele2 AB: 2 directors

A director at Tele2 AB bought 4,500 shares at 144.000SEK and the significance rating of the trade was 71/100. 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...

Vodafone (Buy, 135p, +82%) FY 2025: Trying to move the debate on from ...

The broad theme of Vodafone’s results remains the same as in past periods: Germany has been disappointing and has been the main focus of the market, but other parts of the business have been able to offset it, with increasing weight now on Vodacom for FY26.

Benelux Morning Notes

Alfen: Dead cat bounce? Ayvens: Overhang cure. Belgian telcos: Hey! discontinues €5 offer, OBEL price increases from June 2025. B&S Group: Pulls FY EBITDA guidance in light of tariffs. D'Ieteren: CMD, 1Q25 Preview. Kendrion: Wrestling through difficult macro conditions. NN Group, ASR: Vote on Dutch pension reforms postponed. TKH Group: Not that bad, good progress at Eemshaven. UCB: US Most Favoured Nation initiative back on the agenda. Vastned: Good results, integration ongoing...

Coffee, Croissants & Credit/Proximus, Orange, Telefonica

Proximus is confident it can weather Digi's competition and reports solid results. Orange could acquire remaining stake in MasOrange. Telefonica could sell is business in Chile

Vodafone (Buy, 135p, +87%) Vodafone CFO departing: Quick thoughts

Vodafone has announced that Luka Mucic will be stepping down as Vodafone CFO by year-end, after only taking on the role in September 2023. We run through some quick thoughts on this move here and set out our estimates ahead of results in 2 weeks time

Benelux Morning Notes

BE Semiconductor Industries: Important TCB Next order. Belgian telcos: Telenet weak Q1 commercially across the board, financials reasonable. D'Ieteren: Belgian April car registrations down 5%, VW down 11%. GBL: NAV per share above estimates. Kinepolis: US Peer Cinemark 1Q25 results a slight miss. KPN: VodafoneZiggo 1Q25 very weak, cut guidance on EBITDA, revenue after 2 months

Vodafone (Buy, 135p, +93%) Vodacom upside undervalued

When talking about Vodafone with market participants, almost all of the discussion tends to be on Germany. However, this morning my colleague Chris has upgraded his estimates for Vodacom and we have increased our target from ZAR150 to ZAR180 – with the full details published here. We believe the positive benefits from Vodacom are being overlooked in the Vodafone share price and we re-visit that thesis in this note with an updated view on Vodafone.

Elisa Oyj: 1 director

A director at Elisa Oyj sold 10,000 shares at 45.730EUR and the significance rating of the trade was 66/100. 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 showi...

Tele2 (Hold, TP: SEK140.00) - Drivers of cash flow to be reversed

Tele2 reported a solid Q1 with a beat on EBITDA, and especially strong cash flow, which was related to one-off items that are mostly expected to be reversed in coming quarters. We reiterate our HOLD and SEK140 target price.

Executing margin improvements