德意志银行每日光纤报告：DT-TMUS/MASORAPESTAKE/ETL - 英国政府/TEF BR FTTH/SES DoJ

IndustryDB Daily Fibre微台 Robert Grindle, Ph.D.Research Analyst+44-20-754-58490John KaridisResearch Analyst+44-20-754-54610Keval Khiroya, CFAResearch Analyst+44-20-754-18164Roshan Ranjit, CFAResearch Analyst+44-20-754-52908Vijay SaravananResearch AssociateAnkit SharmaResearch Associate 11 July 2025Wireless ServicesDB Daily Fibreyears. Whilst a deal uses B/S headroom we still see scope for cash return growth atOrange. See our note.EUTELSAT (Sell, last close EUR 3.75): Yesterday afternoon the UK announced itGovernment via The Secretary of State for Science, Innovation and Technology ofthe United Kingdom has made a commitment to subscribe to the Reserved Capitalincrease and the Rights Issue pro-rata its shareholding post the Reserved CapitalIncrease, for a total of EUR 163.3m. This will see the total amount of capitalcompletion of the capital increase exercise (expected to complete by end calendar2025) the UK Government will maintain its current ownership of 10.89%. OVERALL- Whilst it was strange the UK Government did not commit to participating in thecapital increase when initially announced alongside the other strategic holders, itis not a material surprise it is supporting the funding. Whilst the incremental capitalwill help, we believe further funding could be needed to support the mid term IRis2capex requirements. To put into context the additional funding of EUR 163.3mcompares to annual capex of c. EUR 500-600m.TELEFONICA (Sell, last close EUR 4.49): Telefonica Brasil has entered into a sharepurchase agreement to acquire the 50% stake in FiBrasil, a FTTH JV, owned byCDPQ. The rest is owned by the Telefonica Group. The purchase price for the stakeis BRL850m (EUR131m)andthe acquisitionfollows a Bloomberg reportearlierthisyear which said that Telefonica was looking to acquire it. As a reminder, the JV wasset up five years ago and with CDPQ investing EUR 27Om into the JV in return fora 50% stake, and the asset was meant to cover 5.5m homes over a four year period(current homes passed 4.6m). OVERALL: A relatively small deal and in the absenceof any large dividend payments to shareholders having been made, a low purchaseprice. We value Telefonica's 50% stake at EUR 270no The deal may be country-specific but it may also suggest that Telefonica is how likely less keen on JVstructures and/or wants to control infrastructyre. This has potential read across tothe UK where VMO2's sale of a stakein NetCo has been paused which isunderstandable given Telefonica isunGergoing the strategic review, but Telefonicamay also be reconsidering its,Aevious approach of selling stakes in infrastructure.We Wait to see the outcomof e Telefonica and Zegona (Buy, last close 752p)Spanish FibreCo, but the structure already gives Telefonica a controlling stake. Linktorecentnote.SES (DB restricted): Earlier this week the proposed acquisition of Intelsat by SESTeam Telecom - comprising of officials from the Departments of Defence, Justiceand Homeland Security, plus other US agencies. The clearance does not yet applyto the Federal Communications Commission. The decision comes with conditions,including notifying Team Telecom of changes to the merged company's satellitenetwork, major new equipment and service purchases, and new business partners.OVERALL - SES has guided to the deal closing in H2 25, with clearances havingbeenreceivedfromtheUKCMAandtheE.C."DeutscheBankisactingasFinancialAdvisorandUnderwriter,providing committedfinancing to SES SA in its acquisition of Intelsat SA."Page 2 Appendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localour website at https://research.db.com/Research/Disclosures/EguityResearchDisclosures. Aside from, within this report,Investors are strongly encouraged to review this information before investing.Analyst CertificationThe views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those.issuers.'In addition, the undersigned lead analyst has not and will not receive anycompensation for providing a specific recommendation or view in this report. Robert Grindle, Keval Khiroya, Roshan Ranjit.DeutscheBankAG Page 3 11July2025Wireless ServicesDB Daily FibreEguityratingdispersionandbankingrelationshipsEquity Rating and Dispersion KeyThe Equity Rating Dispersion Chart depicts the following:The proportion of recommendations that are rated"buy","sell"and"hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage.E.g. 50% above the "buy" / "Companies Covered" bar means that 50% of DB's equity research covered companies overthe past 12 months have a "buy" rating.Next to e