DB Daily Fibre: Industry Update

研报英文原文证据摘录

DB Daily Fibre: Industry Update

Deutsche Bank

Research

Europe Industry Date

23 June 2026

Telecommunications DB Daily Fibre

Wireless Services Industry Update

TEP FY / BT BUS FBK / DT FITCH / CH

PRICING / TEF / ZEG / ETL / CLNX

Robert Grindle, Ph.D.

KEY EVENTS THIS WEEK

Research Analyst

+44-20-754-58490

Tuesday - Telecom Plus FY results

Wednesday - Telekom Austria AGM John Karidis

+44-20-754-54610

TELECOM PLUS (Hold, last close 956p): FY26 as pre-announced, but FY27

guidance, at the midpoint, is c.41% below consensus forecasts due to expensive Keval Khiroya, CFA

FY27-FY31 strategy reset. Research Analyst

+44-20-754-18164

[TEP pre-announced several customer metrics; £132m adjusted PBT; c.1.0x Roshan Ranjit, CFA

(period-end) net debt/adjusted EBITDA; a change in how it returns at least 80% of Research Analyst

PAT to shareholders (from 100% via DPS to ~50%:50% via DPS/SBB)]. +44-20-754-52908

Vijay Saravanan

FY26 results: £132.2m adjusted PBT is as pre-announced and +5% YoY (vs. Research Associate

£126.3m in FY25). 0.9x period-end net debt/adjusted EBITDA compares with c.1.0x

pre-announced and 0.8x at YE25. 50p FY26 DPS and £40m SBB compare with Ankit Sharma

49.1p and £39.3m expected by us. Research Associate

FY27 guidance: much below consensus expectations due to expensive FY27-FY31

strategy reset. In Apr-26, TEP said it is “considering initiatives” with a view to

“progressively increasing services per customer, reducing churn, growing

contribution per customer, and enhancing customer lifetime values, in order to

maximise long-term shareholder value”. [We believe TEP’s business model is

struggling to work for the reasons we detailed in research dated 5-May-26]. Today,

TEP announced a 5yr strategy reset that will cost c.£55m of yearly P&L spend to