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    European telcos remain 'investable' but need a push, NewStreet Research says

    Picture of Orange SA logoOrange SA
    17/12/2025 11:21
    ** The European telecoms sector is not expensive and remains "very investable", but needs "more synergistic M&As" and government support to outperform again, NewStreet Research says

** "We need to see more front-footed action from industry leaders," the brokerage says, citing state support into AI gigafactories or wireless infrastructure as potential catalysts

** NSR downgrades Telefonica TEF.MC to "reduce", saying its weaker growth outlook is not fully priced in

** It upgrades Cellnex CLNX.MC and Inwit INWT.MI to "buy", viewing the market as "too bearish" on the tower outlook, as well as Tele2 TEL2b.ST, for which it sees a good cash return story in 2026

** It raises Portugal's NOS NOS.LS to "neutral", as rival Digi DIGI.BX makes slower-than-expected progress on fibre rollout

** The brokerage still sees good upside in Deutsche Telekom DTEGn.DE, Orange ORAN.PA, Vodafone VOD.L, Telia TELIA.ST and Bouygues BOUY.PA

RATING AND PT CHANGES:


    COMPANYRATINGOLD RATINGPTOLD PT
    Deutsche TelekomBuy-EUR 43EUR 40
    InwitBuyNeutralEUR 11.8EUR 11
    OrangeBuy-EUR 18.9EUR 16.7
    VodafoneBuy-130p120p
    CellnexBuyNeutralEUR 34EUR 28.5
    BouyguesBuy-EUR 56EUR 54
    TeliaBuy-SEK 48SEK 40
    Tele2 BBuyNeutralSEK 170SEK 149
    British Telecom 70TD.LNeutral-240p220p
    United Internet UTDI.DENeutral-EUR 32EUR 30
    Proximus PROX.BRNeutral-EUR 8.3EUR 10.6
    Zegona ZEG.LNeutral-1,510p1,340p
    KPN KPN.ASNeutral-EUR 4.4EUR 3.9
    Orange Belgium OBEL.BRNeutral-EUR 21.6EUR 19.8
    Swisscom SCMN.SNeutral-CHF 609CHF 575
    Elisa ELISA.HENeutral-EUR 40EUR 45
    Liberty Global A LBTYA.ONeutral-$11.6$11.5
    Telenor TEL.OLNeutral-NOK 150NOK 170
    OTE OTEr.ATNeutral-EUR 17.2EUR 16
    Sunrise SUNN.SNeutral-CHF 39CHF 43
    SES SESFg.LUNeutral-EUR 5.2EUR 5
    Telecom Italia Ords TLIT.MINeutral-EUR 0.45EUR 0.42
    NOSNeutralSellEUR 3.3EUR 3.1
    TelefonicaSellNeutralEUR 2.9EUR 4.4
    

(Reporting by Javi West Larrañaga)

((javier.west@thomsonreuters.com; +34 918 35 61 12))

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