DB Daily Fibre: Industry Update

Research evidence excerpt

DB Daily Fibre: Industry Update

Deutsche Bank

Research

Europe Industry Date

22 June 2026

Telecommunications DB Daily Fibre

Wireless Services Industry Update

AAF - MTN CMD READ / TEF ARG / ES

PWR BACKUP / SAT - JIO IPO / X-C

Robert Grindle, Ph.D.

KEY EVENTS THIS WEEK

Research Analyst

+44-20-754-58490

Wednesday - Telekom Austria AGM

John Karidis

AIRTEL AFRICA (Buy, last close 350p): Read-across from MTN's CMD. 1) AAF

+44-20-754-54610

remains very well run but hosting its own CMD would not help investors much

because the Group gives near no guidance. For some help to assess AAF's outlook Keval Khiroya, CFA

therefore, we considered MTN’s views of its prospects to 2030 regarding OpFCF / Research Analyst

customer growth / mobile data / home broadband / mobile money / data centres. +44-20-754-18164

MTN Group is Airtel’s closest peer as it runs telcos in several Sub-Saharan Roshan Ranjit, CFA

countries, and its single biggest telco is in Nigeria as well. 2) In summary, in the next Research Analyst

5 years and in constant currency terms, MTN expects revenue growth at least equal +44-20-754-52908

to that in the last 5 years, expanding EBITDA margin, and relatively lower capital Vijay Saravanan

intensity. Therefore, MTN expects faster OpFCF CAGR in the next 5 years vs. the last Research Associate

5 years. Since near everything MTN detailed in its CMD applies to Airtel as well, this

bodes well for Airtel as well. 3) Our AAF forecasts are unchanged, and our Sum-Of- Ankit Sharma

The-Parts Price Target remains 450p share. This is +28% vs. the stock’s price now, Research Associate

so our rating remains Buy. Link to note

TELEFONICA (Sell, last close EUR 3.69): Argentina’s National Competition

Authority (ANC) has approved Telecom Argentina’s acquisition of Telefonica’s