UBS ups Freenet as long-term deals with big operators soothe concerns
** UBS upgrades mobile retailer and service provider Freenet FNTGn.DE to "buy" from "hold", saying it benefits from competitive tensions in the German mobile market that have pushed operators to give it longer term deals
** Freenet, which retails its own branded tariffs and resells tariffs from mobile network operators, has signed 5-10 year deals with all three major operators in Germany, UBS notes
** This eases structural concerns for Freenet's Mobile business, it says, predicting a stable Mobile EBITDA in a longer term, rather than the structural decline it had expected before
** UBS expects Freenet's Waipu TV business to benefit from regulatory changes and the shift from bulk cable TV contracts in apartment blocks to individual billing that opens up a market opportunity of 12 million homes
** Shares in Freenet are up 2.8% at 1056 GMT
Reporting by Eva Orsolya Papp
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