Silver Sunset: Top EU TMT Talking Points Today - Let’s Discuss

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Silver Sunset: Top EU TMT Talking Points Today - Let’s Discuss

rally viewed as unlikely buyers given limited catalysts for a re-rating, ongoing

earnings and investment uncertainty, and pressure on margins, while a renewed bid from REA would also face strategic and

financing hurdles. Key constraints include News Corp’s c.62% ownership of REA and its likely reluctance to accept material

dilution, with Marcus assuming any deal would require a meaningful equity raise alongside debt. Through our conversations,

feedback has been generally lukewarm on the potential for REA to re-visit the bid for RMV. Some investors took recent

management team changes to imply a desire for offshore acquisitions, although that sentiment has cooled in recent months.

Overall, investors felt the recent sector de-rating has become overdone, but with few obvious catalysts for a near-term re-rating,

any renewed interest from REA is viewed as a longer-dated possibility rather than an imminent outcome. See his recent thoughts

on the topic HERE - Let me know if you would like to discuss this in more detail with Marcus as he has spoken to a lot of

investors on this subject this week.

NOKIA (OW): Spec thoughts into earnings - Nokia shares have pulled back roughly 35% from their highs, alongside most of

optical but the key question for investors is whether anything has fundamentally changed. In my view, the answer remains no. The

recent weakness appears largely tied to a broader cooling-off across the optical networking complex which had done extremely

well into a particularly harsh tape (so profit taking makes sense). As we head into results next week, Nokia remains one of the

names across my EU world that could have the biggest intraday move on positive results. We expect strong Cloud and AI orders