DB Daily Fibre: KPN Q2 OPPTY / VOD DE TARIFFS / PROX NTWK / FRA TWR / TEP Q2

研报英文原文证据摘录

DB Daily Fibre: KPN Q2 OPPTY / VOD DE TARIFFS / PROX NTWK / FRA TWR / TEP Q2

Deutsche Bank

Research

Europe Industry Date

3 July 2026

Telecommunications DB Daily Fibre

Wireless Services Industry Update

KPN Q2 OPPTY / VOD DE TARIFFS /

PROX NTWK / FRA TWR / TEP Q2

Robert Grindle, Ph.D.

We are is pleased to announce that registration is now open for our 30th annual

Research Analyst

dbAccess European TMT Conference 2026, which will take place at Deutsche +44-20-754-58490

Bank’s London office located at 21 Moorfields, on Wednesday, 2 - Thursday, 3

September 2026. Register here John Karidis

+44-20-754-54610

KPN (Buy, last close EUR 4.22): The Q2s (22 July) could bring with them some

concerns over recent revenue trends (DBe H1 revenue growth 0.6%, FY guidance Keval Khiroya, CFA

2.0-2.5%) but we would view any weakness as a buying opportunity as (1) we Research Analyst

expect H2 revenue growth to improve, with EBITDAaL and FCF growth secure. DBe +44-20-754-18164

FY revenue growth 1.7% (guidance 2 – 2.5%); (2) KPN's fundamentals remain Roshan Ranjit, CFA

attractive, particularly with limited FTTH overbuild, and (3) we view valuation as Research Analyst

appealing, supported by average annual cash returns of 8.0%. We make minimal +44-20-754-52908

changes to our EBITDAaL and FCF forecasts ahead of results and reiterate our Buy Vijay Saravanan

recommendation. Link to note. Research Associate

VODAFONE (Buy, last close 98.7p): Telecompaper reports that Vodafone Germany Ankit Sharma

has refreshed its mobile pricing (more for same), which will see GigaMobil plans Research Associate

renamed as ‘Vodafone Mobil’ and will see data allowances for primary SIMs

increase from 7GB to 15GB for XS plans, 25GB to 30GB for S, 50 to 60GB for M and

120gb for L with prices of €29.95-€59.95 unch.