BofA sees headwinds for European telecoms in Q3, but better Q4

Reuters

BofA sees headwinds for European telecoms in Q3, but better Q4

2024 8월 14, 오후 1:28 GMT

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** Bank of America expects headwinds to persist for European telecoms in the next three months, while it signals a better end to the year

** "Capex trends net positive but pricing becoming less stable, watch closely," BofA says

** Says domestic service revenue trends across European telecom sector slowed in Q2, expects further slowdown in Q3, a drop to below 1%, and then a rebound to above 1% in the last quarter of the year; for 2025, it sees growth of +1-2%

** BofA also sees 0.8% EBITDA recovery in the third quarter, followed by a further improvement to +1-2% in the last three months of 2024 and, finally, +2% growth in 2025

** It remains positive on Deutsche Telekom DTEGn.DE ahead of its October's Capital Markets Day with a positive outlook for cash returns, but cuts rating on Spain's Telefonica TEF.MC on FX concerns related to Brazil weakness

** BofA has also recently upgraded Norwegian telecom operator Telenor TEL.OL, and continues to like mobile retailer and service provider Freenet's FNTGn.DE TV opportunity

** It has also confirmed Telecoms group Swisscom's SCMN.S Q2 challenges, below-consensus FCF for Swedish telecom operator Telia TELIA.ST, and limited visibility for Belgian telecoms company Proximus PROX.BR

Reporting by Jakub Olesiuk

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BofA sees headwinds for European telecoms in Q3, but better Q4

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