热门话题电话会议、T-Mobile US并购、Digi反馈、Tele Columbus业绩、瑞典频谱

Hot topics call, TMUS M&A, Digifeedback, Tele Columbus results,Sweden spectrum Emerging Markets TelecomsNEUTRALLatin America Telecom & MediaNEUTRALEuropean Telecom ServicesNEUTRAL We highlight latest research, news flow and significantobservations relevant to our stock coverage across European/CEEMEA Telecoms, and Global Towers/Satellites. European Telecom Services •Hot topics call -Join the Equity Research team for our bi-weekly call on the 'hot topics' in EU•Telecoms on Friday, 30 May 2025 (3:00pm – 3:30pm London) Maurice Patrick+44 (0)20 3134 3622maurice.patrick@barclays.comBarclays, UK •T-Mobile US- How could acquisitions impact long-term guidance?• Mathieu Robilliard+44 (0)20 3134 3288mathieu.robilliard@barclays.comBBI, Paris •Digi Fireside chat feedback– Focus is set to remain on organic growth, “asset heavy”•approach, and long term market share targets •Tele Colombus 1Q25 (NC)– Revenue/EBITDA under pressure withsofterRGUs, Suspends full•year guidance Ganesha Nagesha+91 (0)22 6175 1712ganesha.nagesha@barclays.comBarclays, UK •Sweden– Regulator sets rules for 2025 spectrum auction• Detailed stories Maxime Delaugerre+44 (0)20 3555 5672maxime.delaugerre@barclays.comBarclays, UK Invite: Conference call: Barclays: Telco Hot Topics Join the Equity Research team for our bi-weekly call on the 'hot topics' in EU Telecoms onFriday, 30 May 2025 (3:00pm – 3:30pm London). The call will be a quick run-through of the main3-4 topics of the previous two weeks, with opportunities for Q&A, taking 30 minutes in total.Suggestions for topics are welcomed, and the most-requested will be chosen. Victoria Adé (IGEuropean Telecoms Credit Research) and Mark Foley (Barclays High Touch Trading) will be guestspeakers on this call. Please see the link for registration details. Future of Telecoms: Fireside Chat with Professor William Webb Join us for a call with Professor William Webb on Thursday, 5 June 2025 (3:00pm – 4:00pmLondon), where we will discuss subjects such as (a) What is the outlook for future mobilenetworks –trafficand capacity growth, and business models, and (b) Satellite vs Fibre vs FWAbroadband models. Please see the link for registration details. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 4.Completed: 29-May-25, 06:55 GMTReleased: 29-May-25, 06:56 GMTRestricted - External T-Mobile US - How could acquisitions impact long-term guidance?(*29 May 2025) We expect TMUS to provide updated long-term guidance to account for recently completed andupcoming M&A. We take a closer look at these transactions to get a sense for how TMUS couldrevise guidance. Since T-Mobile provided long-term guidance late last year, the company hasclosed on the acquisition of digital advertising companies Blis and Vistar (1), and on the JV toacquire Lumos (2). The company is further expected to close on its acquisition of US Cellular’swireless operations (3) and on a JV to acquire Metronet (4) this year, at which time we expect thecompany will provide updated long-term guidance. We take a closer look at these acquisitionsto frame potential guidance changes later this year. Digi Fireside chat feedback – Focus is set to remain on organic growth, “asset heavy”approach, and long term market share targets Yesterday we hosted a Fireside chat with Digi CEO Serghei Bulgac. The discussion was wideranging, from how Digi took a dominant share in the Romania market due to Fibre investment,but also more recently the plan in Spain, Portugal and Belgium. Key highlights from the callwere a) Digi sees continued scope for market share growth in Spain – The company sees c20%broadband market share potential in Spain over time in areas where it has its own networkcoverage, and will build up to 17-20m Fibre homes in the next 3-5 yrs vs 12.5m at present b) Digialso plans to use its 60MHz of owned spectrum to build c5k mobile sites (some being own infra)in Spain over the next 3 yrs, creating an overlay to the Telefonica national roaming deal c) EUConsolidation and recent Telefonica comments: Digi mentions that it will more likely be a buyerof the asset and not seller in its markets, but for the time being the clear focus is on organicgrowth d) In Portugal/Belgium the immediate goal is c10% share (for EBITDA breakeven). WhileDigi acknowledge some execution issues with recent launches, the company takes a long termapproach, sees solid opportunities in both markets, although we sensed conviction