Deutsche Bank's daily telecom update covers Sunrise's management changes, Telefónica's infrastructure repurchase, and competitive intensity in the UK broadband market. Notable rating changes include a price target hike for Viasat and a downgrade for SoftBank to Hold.
Key Takeaways
- 1.Viasat (VSAT) price target was significantly raised from $48 to $97, reflecting higher credit for its spectrum assets.
- 2.SoftBank Group was downgraded to Hold from Buy following a quadrupling in value over the last year and concerns over market mania.
- 3.Telefónica is shifting strategy by repurchasing infrastructure (LineoX), contrasting with previous divestment-focused strategies.
Table of Contents
- KEY EVENTS THIS WEEK
- SUNRISE / LIBERTY GLOBAL
- TELEFONICA
- UK TEL
- BELGIAN TELCOS / PROXIMUS / LIBERTY GLOBAL / ORANGE BELGIUM
- TELIA
- SES
- VIASAT
- SOFTBANK GROUP
- CORPORATE CREDIT
- Appendix 1
- Important Disclosures
- Analyst Certification
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Authors
Robert GrindleJohn KaridisKeval KhiroyaRoshan Ranjit
Securities
SUNNLBTYATEFBT/ASESVSAT9984
Themes
Infrastructure RenationalizationSatellite Market CompetitionUK Broadband Street-Fighting
Regions
EuropeNorth AmericaAsia PacificUnited KingdomGermanyBelgium