BT集团（卖出，最新收盘价197p）：Sky在Cityfibre网络上推出全光纤宽带服务

IndustryDB Daily Fibre 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 10 July 2025Wireless ServicesDB Daily Fibreselected). Cyber cover costs CHF78/ year and covers all persons and devices in thesame household. SUNN will offer these products under its own brand, with noclaimant risk to Sunrise, and will receive a commission for policies sold. Offeringtelecoms adjacent products (prospect flagged at last September's CMD)to Sunrisetargets and a very healthy untaxed dividend - particularly attractive in a Swisscontext.ORANGE(Buy, lastcloseEUR13.1): Last nightOrange published its consensus fileahead of Q2 results on 29th July. Consensus Q2 group revenues is inline with DBeimplying +0.3% growth y-0-y (Q1 +0.6%) and consensus Q2 EBITDAaL is 0.4%ahead of DBe, with DBe at EUR 3,159m implying 3.0% growth y-0-y (Q1 +3.2%).See our preview note from Tuesday and reach out for the consensus file.TELE2 (Hold, last close SEK 139): Tele2 has published consensus ahead of resultson 17 July. Consensus is a touch ahead of DBe, with Q2 consensus service revenuesrespectively). Q2 consensus FCF SEK 1,032m (DBe SEK 988m). OVERALL: Ourforecasts implyan improvementin EBITDAaLgrowth to +7.3% (Q1 +6.3%).Keywillbe the degree to which non-labour related savings have helped in the quarter.SATELLITE/EUTELSAT(Sell, lastclose EUR3.52): Virgin Atlantic has announceditis introducing Starlinkinflightconnectivityonboard its Boeing 787s, Airbus A350sand A330 neos from Q3 26 with installation expected to complete by end 2027. Theservicewill beofferedforfreeforFlyingClubmembers.OVERALL-VirginAtlantichas joined a list of recently announced Starlink inflight wins which includes UnitedAirlines and Air France. The in-flight connectivity market remains competitive withStarlink having announced a number of high profile contracts including this one.Pricing is key and one of our concerns is OneWeb's engoing global service startdelaycouldhamperglobalcontractwins.Page 2 eC微台 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 10July2025Wireless 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 each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show:- The proportion of "buy","sell" or"hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestmentorAncillaryServices inthepast12months.Thisisrepresented inthe"MiFiDInvestmentandAncillaryServices" bar. The percentage value displayed above the bar shows the proportion of Companies Covered with the givenalso received MIFID Investment and Ancillary Services from DB.- The proportion of "buy" (or"sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has providedInvestment Banking services in the past 12 months for which it has received compensation. The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also providedInvestmentBankingservicesinthepast12months.E.g.5o%abovethe"Cos.w/InvestmentBankingrelationship"barmeans 50% of the Companies Covered with the rating stated also have an Investment Banking Relationship with DB.Buy: Based on a current 12- month view of TSR, we recommend that investors buy the stock.Sell: Based on a current 12-month view of TSR, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do n