Telco Chatter

Research evidence excerpt

Telco Chatter

Akhil Dattani AC Europe Equity Research

(44-20) 7134-4725 17 June 2026 J P M O R G A N

akhil.dattani@jpmorgan.com

European Towers: Stocks hit new highs. But structural upside remains. CLNX (OW, top

pick), INWIT (initiate OW), VTWR (N)

European Towers: Storm clouds clearing. Resume Cellnex at OW. Initiate on Vantage at

N

European TMT: ChatTMT: Generative AI: Assessing the potential impact across TMT

Global Telcos: Is spectrum still a curse?

Belgian Telcos: New entrant saga in focus. Multiband auction & CityMesh deep dives

Bouygues: Overhangs cleared. Equans upgrades and French consolidation in focus.

Move to OW

Bouygues: Life post Equans. Deal consolidation should increase confidence and unlock

value.

Bouygues: Bouygues to acquire Equans for €7.1bn. Price higher than expected. Broader

details limited at this stage

BT Group: Staging a revival. Earnings growth, consolidation, and shareholder returns.

Add to AFL

BT Group: Bharti Enterprises (Sunil Mittal’s holding company) acquires Altice UK’s

24.5% stake in BT

BT Group: Welcome decision to provide long-term FCF guidance of £3bn closes the

“duration gap”

BT Group: Shares back at their lows. We see an attractive risk-reward ahead

BT Group: Could BT’s share price double over the next 12 months?

Cellnex: Overhangs continue to overshadow the valuation case. We see better risk-

reward elsewhere. D/g to N

Cellnex: Catalyst pipeline has the potential to decouple the shares from rates

Cellnex: Gauging shareholder return expectations. Feedback from our buyside survey

Cellnex: A deep dive into Cellnex’s cash flow outlook. Cutting estimates on land

acquisition spend

Cellnex: CMD feedback. Asset sales, guidance, and buybacks should see investors

return to the name

Cellnex: Pivoting from M&A to organic growth.