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    Berenberg sees shift to 'defensive growth' for European telecoms

    Picture of Tele2 AB (publ) logoTele2 AB (publ)
    26/06/2025 08:25
    ** Berenberg predicts transition from "defensive" to "defensive growth" for European telecom stocks as it initiates or re-initiates coverage on 20 companies from the sector

** It sees sustainable free cash flow growth of 10% annually for the sector over 2025-2030, following prolonged period of lacklustre returns and underperformance vs the wider market

** The broker expects that savings in capital expenditure and operating expenditure will boost earnings, with gross capex and opex expected to fall by 5 billion euros and 2.5 billion euros per year respectively over 2025-2030 as telecoms operators complete their fibre/5G network roll outs and shut down copper/PSTN

** It prefers European telecoms stocks that create value for investors, deliver positive cash returns momentum and screen as "relatively cheap" vs the sector

** The broker's top picks include BT Group BT.L, Deutsche Telekom DTEGn.DE, Cellnex CLNX.MC, Telecom Italia TLIT.MI, SES SESFg.LU, Zegona ZEG.L and Proximus PROX.BR, which it expects to offer the most upside for investors


    COMPANYRATINGPT
    ProximusBUYEUR 11.10
    Sunrise
    Communications    		HOLDCHF 49.00
    Telecom Italia
    (Ords)    		BUYEUR 0.52
    Telecom Italia
    (Savs)    		BUYEUR 0.52
    ZegonaBUYGBP 1,000
    BT GroupBUYGBP 2.40
    Cellnex TelecomBUYEUR 46.00
    ElisaBUYEUR 54.00
    INWITBUYEUR 12.30
    KPNBUYEUR 4.78
    OrangeBUYEUR 15.00
    SESBUYEUR 9.60
    Liberty GlobalHOLDUSD 11.00
    SwisscomHOLDCHF 569.00
    Tele2HOLDSEK 125.00
    TelefonicaHOLDEUR 4.30
    TelenorHOLDNOK 138.00
    Telia CompanyHOLDSEK 30.00
    VodafoneHOLDGBP 0.80
    

 (Reporting by Marta Serafinko)

 ((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))

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