Research

Safaricom (Buy) – H2 FY26: Robust semester; positive FY27 guide

LY Corp (Buy) – Q4 FY25 Quick Take: Decent results and upgrade to shareholder renumeration

Evaluating a US Fiber M&A Target? We Have the Data

Airtel Africa – Q4 26: Another strong quarter

NTT Corp – Q4 FY25 Quick Take: Signs of mobile recovery but profit targets pushed back

OTE Q1 26: Solid results, with new supportive SR guidance added

TTD: Reiterate Sell as revenue decelerating, and gross spend is likely worse

OPTU: Not the start the market hoped for in 1Q

Liberty LA (Buy) - Q1 26: Return of shareholder remuneration; encouraging KPIs in Puerto Rico

MTCH: Stable outlook with Tinder green shoots emerging

Uber 1Q26: Mobility accelerating; Uber remains a key asset for robotaxi deployments. Buy, $115

TRUE – Q1 26 Quick Take: Underwhelming numbers but dividends a big plus

Arm 3FQ26: 1P CPU demand strengthening; supply constraints. Buy, $250

OPTU 1Q26 Quick Take: “Not Great, Bob”

xAI & Anthropic: The Foundry Model Comes to AI Infrastructure

Takeaways from Connect (X) 2026 Day Three

Merger Activity Updates

Bouygues Q1 26: Profitability on track; French M&A still likely to happen we think

MTN Uganda – Q1 26: Slower quarter; MT guidance maintained

Global Telecoms Multiples 2026-05-07