Research

Global Telecoms Multiples 2026-02-13

SoftBank 3FQ25: attractively priced quality assets; holding discount at decade low. Neutral, ¥5,250 TP

AMAT 1FQ26: solid print & guide driven by DRAM, but valuation limits upside. Neutral, $345 TP

DOJ Antitrust Shakeup: Impact on Deals

Court hears arguments on whether spectrum rights are property.  Will there be a resolution before the next big auction?

Arista 4Q25: Beat and raise set to continue through 2027. Buy, $175

Eutelsat 2Q26: Nothing to justify the rally

XLSmart – Q4 25 Quick Take: Decent results, but higher capex guided

Swisscom post Q4 25 model update – Macro vs Micro, which will prevail?

OPTU: Model update post 4Q results

PINS: GTM re-org underway as stock hits “deep value” territory

OPTU: Missed Opportunities

Cisco 2FQ26: thesis playing out, high single digit growth with AI and campus, margin expansion pauses.

Grab 4Q25: 20% p.a. growth trading at 12x FCF. Buy

AMZN: Higher capex = higher AWS revenues

Rakuten – Q4 25 Quick Take: Guiding to big step up in Mobile capex

OPTU 4Q25 Quick Take: Strong Financials

What Does the PSKY Announcement of Compliance Mean?

DnF Mobile Readthroughs from Nexon 4Q25 Results: Our Take

TPW: 1HFY26 Results - Topline Growth Remains a Key Priority in 2H