Telco Daily: Hot topics call, 1Q Wrap, Germany, TIM

Research evidence excerpt

Telco Daily: Hot topics call, 1Q Wrap, Germany, TIM

Barclays | Telco Daily

(where we see trends/valuation as among the most attractive, offsetting in part uncertainty

about a potential change of the corporate structure); Tele2 (where we see best-in-class growth,

as well as scope for in-market consolidation), Zegona (on improving trends, and valuation) and

Telecom Italia (where we see robust growth potential, as well as scope for an increase in Poste's

offer).

Barclays – Telco Hot Topics **TODAY**

Join the Equity Research team for our bi-weekly call on the 'hot topics' in EU Telecoms today

(3:00pm – 3:30pm London). The call will be a quick run-through of the main 3-4 topics of the

previous two weeks, with opportunities for Q&A, taking 30 minutes in total. Suggestions for

topics are welcomed, and the most requested will be chosen. Victoria Adé (IG European TMT

Credit Research) and Mark Foley (Barclays High Touch Trading) will be guest speakers on this

call. Please see the link for registration details.

Germany – Government approves the draft TKG reform bill, positive DTE

The draft Telecommunication Act (TKG) reform bill has been approved by the government with

some changes. Debates in the Parliament and the Federal States will start in the coming months

with implementation likely by the beginning of 2027. Despite intense lobbying from different

parties, the initial proposal to give full deployment right notably access to in-building fiber

network has been maintained with improvements to the procedure. This should greatly

facilitate the deployment of FTTH for DTE in MDU which has been difficult as it requires the

approval of housing associations who had little incentive to facilitate it notably when there was

a CATV network.