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

France 2 July 2026

Spain DB Daily Fibre

Sweden Industry Update

Telecommunications

Wireless Services

TEF - BBVA / VMO2 CONSUMER / SFR

SALE / TELIA- FTTH

Robert Grindle, Ph.D.

TELEFONICA (Sell, last close EUR 3.46): BBVA yesterday announced in a CNMV

Research Analyst

filing that its stake in Telefonica has fallen to 1.97% from a previous 5.0%. BBVA also +44-20-754-58490

left the Telefonica Board this year and according to OK Diario, the BBVA Chairman

recently reiterated that the Telefonica stake was a financial rather than strategic John Karidis

holding. Telefonica, meanwhile, sold its stake in BBVA last year. OVERALL: The

+44-20-754-54610

three core shareholders in Telefonica, each with 10%, are SEPI (Spanish state),

CriteriaCaixa and Saudi Telecom Company. As detailed in our research, the Keval Khiroya, CFA

Telefonica equity story is highly dependent on taking part in consolidation and Research Analyst

potentially using this to raise capital to improve the balance sheet. Whilst deals are +44-20-754-18164

possible, timing is difficult to predict and with benefits highly dependent on price Roshan Ranjit, CFA

and structure. See note. Research Analyst

+44-20-754-52908

UKTEL: Virgin Media O2’s Consumer business unit has been restructured in order Vijay Saravanan

to create a more agile entity which will encompass trading, propositions, digital, Research Associate

data and insights, customer service and retail. The new unit will be led by Lyssa

McGowan OBE as CEO of Consumer, reporting directly to Lutz Schüle. Previous Ankit Sharma

CCO and COO roles will be eliminated. Whilst at least partly cost driven, a more lean, Research Associate