Daily Fibre

Deutsche Bank maintains a Buy on Orange despite M&A delays while downgrading AST SpaceMobile to Hold after a rocket explosion. BT Group faces a 'Sell' rating due to rising broadband competition in the UK.

Key Takeaways

• 1.Orange (ORA) remains a Buy despite complexities and potential delays in the SFR acquisition MoU, with market focus on the June 5th exclusivity deadline.
• 2.AST SpaceMobile (ASTS) was downgraded from Buy to Hold following a rocket explosion during a static fire test, delaying the business plan by an estimated six months.
• 3.French mobile market dynamics show Iliad raising prices on tactical plans (Serie Free) while Orange continues to take market share despite limited volume growth.

Table of Contents

• KEY EVENTS THIS WEEK
• ORANGE (Buy, last close EUR 18.1)
• FRENCH TELCOS / ORANGE (Buy, last close EUR 18.1)
• BT GROUP (Sell, last close 209p)
• DB X-CONNECT (WK 22-52)
• AST SPACEMOBILE (Hold, last close USD 113)
• Appendix 1
• Important Disclosures
• Analyst Certification
• Additional Information
• Equity Rating and Dispersion Key