• Research Tree
  • Features
  • Pricing
  • Events
  • Reg.News
  • Short Interest
  • Explore Content
    • Explore

      • Providers
        • Providers

          • Free/Commissioned
          • High Net Worth Offering
          • Institutional Offering

          Free/Commissioned

          Research that is free to access for all investors. Companies commission these providers to write research about them.

          View Research

          What is our Main Bundle Offering?

          Brokers who write research on their corporate clients and make it available through our main bundle offering.

          View Research

          What is Institutional?

          Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.

          View Research
      • Regions
        • Regions

          • UK
          • Rest of EMEA
          • N America
          • APAC
          • LatAm
      • Exchanges
        • Exchanges

          • Aquis Apex
          • Australian Securities Exchange
          • Canadian Securities Exchange
          • Euronext Paris
          • London Stock Exchange (domestic)
          • SIX Swiss Exchange
      • Sectors
        • Sector Coverage

          • Building & Construction
          • Discretionary Personal Goods
          • Discretionary Retail
          • Energy
          • Health
          • Investment Trusts
          • Media
          • Resources
          • Technology
      • Small / Large Cap
        • Small / Large Cap

          • UK100
          • UK250
          • UK Smallcap
          • UK Other Main Markets
          • Other
  • Login
  • Sign Up
LIVE

Event in Progress:

Join Here ×

working
  • 21 Apr 2021

Monetising the Need for Speed


Vodafone Group Public Limited Company (VOD:LON), 80.4 | Deutsche Telekom AG (DTE:ETR), 0 | United Internet AG (UTDI:ETR), 0 | freenet AG (FNTN:ETR), 0 | 1&1 AG (1U1:ETR), 0 | T-Mobile US, Inc. (TMUS:NAS), 0 | Telefonica Deutschland Holding AG (O2D:HAM), 0 | T-Mobile US, Inc. (0R2L:LON), 0

  • BNP Paribas Exane
    • Mills Joshua JM | Paramaguru Kohulan KP | McHugh Sam SM | Roncier Alexandre AR

    • 39 pages


 

This content is only available within our institutional offering.

Sign in

This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account

This content is only available to commercial clients. Sign in if you have access or contact support@research-tree.com to set up a commercial account


Sign In
Not a commercial user? Register here for our wider research bundle

Monetising the Need for Speed


Vodafone Group Public Limited Company (VOD:LON), 80.4 | Deutsche Telekom AG (DTE:ETR), 0 | United Internet AG (UTDI:ETR), 0 | freenet AG (FNTN:ETR), 0 | 1&1 AG (1U1:ETR), 0 | T-Mobile US, Inc. (TMUS:NAS), 0 | Telefonica Deutschland Holding AG (O2D:HAM), 0 | T-Mobile US, Inc. (0R2L:LON), 0

  • Published: 21 Apr 2021
  • Author: Mills Joshua JM | Paramaguru Kohulan KP | McHugh Sam SM | Roncier Alexandre AR
  • Pages: 39
  • BNP Paribas Exane


Our STAMP 2021 survey shows that Germany is still one of the most attractive EU telco markets, with happier customers willing to spend on faster broadband speeds and more mobile data. Whilst there is some near term headline risk on cable TV regulation we think DT and VOD are both well placed for growth. We remain cautious on TEF DE''s mobile outlook despite recent network improvement, and Drillisch''s network build plans could ultimately result in lower wholesale revenue. DT is our top pick ahead of the upcoming CMD (May 20th), and raising estimates on higher TMUS synergies means the stock offers +5% EBITDA CAGR and 7% proportionate FCF yield (2023E). Good German Growth - DT (+) and Vodafone (+) benefit from the flight to quality Our survey results show that DT is clearly identified as the premium German operator, in a good position to monetise new FTTH investments. Broadband switching data also suggests VOD should enjoy a recovery after poor trends in 2020, helping to offset risks from potential changes to cable TV bundling. In mobile German customers are generally more satisfied y/y with quality, as market pricing remains inflationary. Vod/DT and 1and1 look better placed to benefit than O2. 1and1-Drillisch network build unlikely to be disruptive, but still a long term risk for TEF DE (=) New wholesale deal terms and better tower access have improved Drillisch''s opportunity to build a network. But our analysis still suggests that the operator cannot afford to be more price disruptive, with 15% market share already. That is reassuring for incumbents, but TEF D remains vulnerable on the retail side and given that DRIG wholesale fees likely account for 60% of OpFCF. DT''s CMD (May 20th) can be a positive catalyst - we also raise numbers for TMUS (+) Our latest STAMP results show that TMUS is still the best brand in US mobile, with opportunity to win more share in underpenetrated rural/suburban areas and also wireless broadband over time. We...

More Content

More Content

FTSE 100 extends losses; Vodafone sinks while Diageo warns on Trump tariffs - Market Report

Companies: Vodafone Group Public Limited Company

Proactive

Most popular equity research this week | 30-3 Feb

Companies: AVONTALKCVRVODZPGJOULTTR0ROY

Research Tree

FTSE 100 extends losses; Vodafone sinks while Diageo warns on Trump tariffs - Market Report

Companies: Vodafone Group Public Limited Company

Proactive

Deutsche Telekom – the rainmaker for private equity?

Companies: Deutsche Telekom AG

AlphaValue

FTSE 100 opens down; Vodafone declines on lower dividend but BAE moves higher - Market Report

Companies: Vodafone Group Public Limited Company

Proactive
Research Tree
Useful Links
  • Features
  • Pricing
  • RNS/Newswires Feeds
  • Providers Hub
  • Company Hub
  • Stock Pick League
  • Chrome Extension
  • iOS and Android Apps
Account
  • Login
  • Join Now
  • Contact
  • Follow us on Linkedin
  • Follow us on X

© Research Tree 2025

  • Apple Store
  • Play Store
  • Terms of Service
  • Privacy Policy and Statement on Cookies

Research Tree will never share your details with third parties for marketing purposes. Research Tree distributes research documents that have been produced and approved by Financial Conduct Authority (FCA) Authorised & Regulated firms as well as relevant content from non-authorised sources, who are not regulated but the information is in the public domain. For the avoidance of doubt Research Tree is not giving advice, nor has Research Tree validated any of the information.

Research Tree is an Appointed Representative of Sturgeon Ventures which is Authorised and Regulated by the Financial Conduct Authority.

Top
  • Home
  • Features
  • Pricing
  • Event Hub
  • Reg.News
  • Short Interest Tracker
  • Explore Content
    • Regions
      • UK
      • Rest of EMEA
      • N America
      • APAC
      • LatAm
    • Exchanges
      • Aquis Apex
      • Australian Securities Exchange
      • Canadian Securities Exchange
      • Euronext Paris
      • London Stock Exchange (domestic)
      • SIX Swiss Exchange
    • Sectors
      • Automobile Industry
      • Banks
      • Building & Construction
      • Chemicals
      • Discretionary Personal Goods
      • Discretionary Retail
      • Energy
      • ETFs
      • Financial Services
      • Food & Drink
      • Food Production
      • Health
      • Household Goods & DIY
      • Industrial Equipment, Goods & Services
      • Insurance & Reinsurance
      • Investment Trusts
      • Leisure, Tourism & Travel
      • Media
      • Open-ended Funds
      • Other
      • Real Estate
      • Resources
      • Staple Retail
      • Technology
      • Telecoms
      • Utilities
    • Small / Large Cap
      • UK100
      • UK250
      • UK Smallcap
      • UK Other Main Markets
      • Other
    • Private/EIS
      • EIS Single Company
      • EIS/SEIS Funds
      • IHT Products
      • SEIS Single Company
      • VCT Funds
  • Providers
    • Free/Commissioned
      • Acquisdata
      • Actinver
      • Actio Advisors
      • Asset TV
      • Astris Advisory
      • Atrium Research
      • Baden Hill
      • BlytheRay
      • BNP Paribas Exane - Sponsored Research
      • Bondcritic
      • Brand Communications
      • BRR Media
      • Calvine Partners
      • Capital Access Group
      • Capital Link
      • Capital Markets Brokers
      • Cavendish
      • Checkpoint Partners
      • Clear Capital Markets
      • Couloir Capital
      • Doceo
      • Edison
      • Engage Investor
      • Equity Development
      • eResearch
      • First Equity
      • Five Minute Pitch TV
      • focusIR
      • Fundamental Research Corp
      • Galliano’s Latin Notes
      • GBC AG
      • goetzpartners securities Limited
      • Golden Section Capital
      • GreenSome Finance
      • GSBR Research
      • H2 Radnor
      • Hardman & Co
      • Holland Advisors
      • Hypothesis Research
      • InterAxS Global
      • Kepler | Trust Intelligence
      • London Stock Exchange
      • Longspur Clean Energy
      • Mello Events
      • Messari Research
      • Nippon Investment Bespoke Research UK
      • NuWays
      • OAK Securities
      • Oberon Capital
      • Optimo Capital
      • Panmure Liberum
      • Paul Scott
      • Peel Hunt
      • PIWORLD / Progressive
      • Proactive
      • Progressive Equity Research
      • Quantum Research Group
      • QuotedData
      • Research Dynamics
      • Research Tree
      • Resolve Research
      • SEAL Advisors Ltd
      • ShareSoc
      • Shore Capital
      • Sidoti & Company
      • Small Cap Consumer Research LLC
      • StockBox
      • Tennyson Securities
      • The AIC
      • The Business Magazine Group
      • The Edge Group
      • The Life Sciences Division
      • Trinity Delta
      • Turner Pope Investments
      • UK Investor Group
      • ValueTrack
      • Vox Markets
      • VRS International S.A. - Valuation & Research Specialists (VRS)
      • VSA Capital
      • Winterflood Securities
      • Yaru Investments
      • Yellowstone Advisory
      • Zacks Small Cap Research
      • Zeus Capital
    • High Net Worth Offering
      • Fox-Davies Capital
      • ABG Sundal Collier
      • ACF Equity Research
      • Align Research
      • Allenby Capital
      • AlphaValue
      • Alternative Resource Capital
      • Arctic Securities
      • Arden Partners
      • Auctus Advisors
      • Baptista Research
      • BNP Paribas Exane - Sponsored Research
      • Canaccord Genuity
      • Cavendish
      • Couloir Capital
      • Degroof Petercam
      • Dowgate Capital
      • First Berlin
      • First Equity
      • First Sentinel
      • Greenwood Capital Partners
      • Hannam & Partners
      • Hybridan
      • Kemeny Capital
      • Longspur Clean Energy
      • Louis Capital
      • Magnitogorsk Iron and steel works
      • Medley Global Advisors
      • Northland Capital Partners
      • OAK Securities
      • Oberon Capital
      • Panmure Liberum
      • QuotedData Professional
      • Shard Capital
      • ShareSoc
      • Shore Capital
      • Singer Capital Markets
      • SP Angel
      • Stanford Capital Partners
      • Stifel FirstEnergy
      • Stockdale Securities
      • Tamesis Partners
      • Tennyson Securities
      • The Life Sciences Division
      • Turner Pope Investments
      • VSA Capital
      • Whitman Howard
      • Yellowstone Advisory
      • Zeus Capital
    • Institutional Offering
      • Fox-Davies Capital
      • ABG Sundal Collier
      • ACF Equity Research
      • Acquisdata
      • Allenby Capital
      • Alternative Resource Capital
      • Arctic Securities
      • Arden Partners
      • Auctus Advisors
      • BNP Paribas Exane
      • Bondcritic
      • Canaccord Genuity
      • Capital Access Group
      • Capital Link
      • Cavendish
      • Couloir Capital
      • Degroof Petercam
      • Dowgate Capital
      • Edison
      • First Berlin
      • First Equity
      • First Sentinel
      • Five Minute Pitch TV
      • Fundamental Research Corp
      • Galliano’s Latin Notes
      • GBC AG
      • Golden Section Capital
      • Goodbody
      • Greenwood Capital Partners
      • Hannam & Partners
      • Holland Advisors
      • Hybridan
      • InterAxS Global
      • Investec Bank
      • Kepler | Trust Intelligence
      • Numis
      • NuWays
      • OAK Securities
      • Oberon Capital
      • Panmure Liberum
      • Peel Hunt
      • QuotedData
      • QuotedData Professional
      • Research Dynamics
      • Research Tree
      • Shard Capital
      • Shore Capital
      • Sidoti & Company
      • Singer Capital Markets
      • Small Cap Consumer Research LLC
      • SP Angel
      • Stanford Capital Partners
      • Stifel
      • StockBox
      • Tamesis Partners
      • Tennyson Securities
      • The AIC
      • The Business Magazine Group
      • The Life Sciences Division
      • ValueTrack
      • Velocity Trade
      • VSA Capital
      • Winterflood Securities
      • Zacks Small Cap Research
      • Zeus Capital
  • Contact
  • Sign Up
  • Sign In