EU Telecoms Ready for a Good 2024

After many years of headwinds, the EU telecoms sector has now performed in line with the market over the past two years supported by a gradual reduction in the risk profile as regulatory tailwinds help make earnings trends more predictable.

In 2023, all of the major telcos outperformed the market, with the aggregate performance held back by Vodafone.

We believe the EU telecoms sector is set for a good 2024 with a continued reduction in risk perception helping to support a multiple re-rating.