DB Daily Fibre: PST & TI / VOD3 - TALK / BT CFO FBACK / ORA - SOSH

研报英文原文证据摘录

DB Daily Fibre: PST & TI / VOD3 - TALK / BT CFO FBACK / ORA - SOSH

Deutsche Bank

Research

Emerging Europe Industry Date

Europe 10 June 2026

DB Daily Fibre

Telecommunications Industry Update

Wireless Services

PST & TI / VOD3 - TALK / BT CFO FBACK

/ ORA - SOSH

Robert Grindle, Ph.D.

KEY EVENTS THIS WEEK

Research Analyst

+44-20-754-58490

Thursday - Orange ex-div

John Karidis

POSTE ITALIANE AND TELECOM ITALIA: A Transformational Deal With Double-

+44-20-754-54610

Digit Upside Potential. PST's tender offer for TIM is a significant strategic move to

combine two Italian incumbents. Standalone, we see Hold-rated TIM as fairly Keval Khiroya, CFA

valued (DB TP EUR 0.64) and using this to value PST post-deal we estimate would Research Analyst

value TIM at EUR 0.83/share based on the offered cash/PST share mix. By contrast, +44-20-754-18164

we have raised our target price for PST to EUR 29.1 p/s (from EUR 21.0 stand-alone), Roshan Ranjit, CFA

reflecting our positive view on the transaction's potential: our new TP assumes a Research Analyst

relatively high (85%) probability of the deal successfully closing. Link to note +44-20-754-52908

Vijay Saravanan

VODAFONE (Buy, last close 110p) / BT GROUP (Sell, last close 197p) / TalkTalk Research Associate

(n/r): The FT reports that VodafoneThree has tabled a bid for the consumer

operations of TalkTalk which has 1.75m broadband customers (95% hosted by Ankit Sharma

Openreach). TalkTalk is also seeking a buyer for its wholesale division PXC (2.7m Research Associate

subs o/w 1.0m are to external customers). As a leading UK ISP (1.8m customers,

14% yoy), VodafoneThree is a logical participant amongst “several” said to have

submitted second round bids. We do not know the contractual relationship that will