Company Overview - Liberty Broadband Corporation (LBRDA, LBRDB, LBRDK) has over 20 years of experience in the TMT sector, both in Europe and globally [1] - The company has a decade of investment experience, maintaining close relationships with relevant companies and themes in the industry [1] - The educational background of the company’s analysts includes Corporate Finance, with experience in various notable companies such as KPN, Liberty Global, and Vodafone [1] Investment Position - The company holds a beneficial long position in the shares of LBRDP through stock ownership, options, or other derivatives [2]

Market Overview - Major U.S. index futures indicate a higher open, with stocks expected to continue the upward trend from the previous sessions [1] - Semiconductor stocks are leading the gains, with ASML shares surging 5% after strong Q4 results and positive 2026 guidance [1] Semiconductor Industry - SK Hynix shares spiked after reporting better-than-expected Q4 results and a record full-year profit for 2025 [2] - China has approved Alibaba, ByteDance, and Tencent to purchase over 400,000 Nvidia H200 AI chips, contributing to a 1.6% increase in Nvidia shares [3][2] Technology Sector - Major tech companies like Microsoft, Meta Platforms, and Tesla are set to report quarterly results, with Microsoft shares rising 2.2% and Apple shares increasing by 1.1% [4][6] - The Nasdaq index reached a nearly three-month closing high, driven by strong performances in the tech sector [5][10] Economic Indicators - The Conference Board reported a significant drop in consumer confidence, with the index falling to 84.5 in January from 94.2 in December, marking the lowest level since May 2014 [9][8] Oil and Commodity Markets - Crude oil futures increased by $0.62 to $63.01 per barrel, following a previous surge [12] - Gold prices rose to $5,277.70 per ounce, up $195.10 from the previous session [12] European Market Reaction - European stocks mostly declined ahead of the U.S. Federal Reserve's policy decision, with the French CAC 40 Index down by 1.5% and the German DAX Index down by 0.6% [22][23] - ASML Holding saw a significant rise in shares due to exceeding analysts' expectations for Q4 orders [23]

Group 1: Leadership Changes - Frank van der Post has been appointed as the new CEO of WideOpenWest Inc. (WOW!), succeeding Teresa Elder, who is retiring [1] - Van der Post previously led the U.S. fiber-broadband business of Cogeco Inc. and has held senior leadership roles in various global companies [2] Group 2: Strategic Focus and Goals - The company aims to accelerate growth plans under van der Post's leadership, focusing on network and customer experience enhancements, operational excellence, and delivering a connected experience [3] - Van der Post expressed gratitude towards investment partners and emphasized the importance of investing in network performance and reliability to drive growth in competitive markets [3] Group 3: Company Background - DigitalBridge Group, Inc. is a leading global alternative asset manager with a focus on digital infrastructure, managing $108 billion in infrastructure assets [4] - Crestview Partners is a private equity firm managing over $10 billion in capital commitments, focusing on middle-market investments [5] - WOW! is a major broadband provider offering high-speed Internet, cable TV, and other services across 20 markets in the U.S. [6][7] Group 4: Recent Transactions - DigitalBridge and Crestview completed the take-private acquisition of WOW! on December 31, 2025, resulting in WOW! common stock no longer being traded on public exchanges [3]

分组1 - The choice of sector for investment significantly impacts potential returns, with a focus on sectors that have demonstrated strong performance [1] - The TMT (Technology, Media, and Telecommunications) sector is highlighted as a professional area of expertise, with over 20 years of experience in Europe and beyond [1] - The analyst has a decade of investment experience, maintaining close connections with relevant companies and themes in the industry [1] 分组2 - The analyst has worked with notable companies such as KPN, Liberty Global, and Vodafone, indicating a broad exposure to various markets and sectors [1]

Core Insights - Nokia has been selected by KPN to transform the Netherlands' core digital infrastructure with an 800G-capable IP and optical network, known as FabriQ, which will enhance speed, resilience, and energy efficiency [1][5][6] KPN Overview - KPN is the leading telecommunications provider in the Netherlands, offering a range of services including mobile, fixed-line, IT, and wholesale, and is rapidly expanding its fiber-optic network to provide high-speed broadband [2] Network Capacity and Technology - The new network will support over 216 terabits per second (Tbps), an increase from the current 48 Tbps, enabling customer services exceeding 10 gigabits per second [3] - The deployment marks the first large-scale brownfield implementation of segment routing over IPv6 (SRv6) in Europe, facilitating automation, fault handling, and flexible traffic management [4] Strategic Importance - FabriQ serves as the foundation for KPN's digital infrastructure, supporting various sectors including manufacturing and smart buildings, and aims to maintain KPN's leadership in digital services [5][6] - The project emphasizes energy efficiency, service flexibility, and long-term resilience, aligning with KPN's goals for sustainable growth [6][8] Network Features - The FabriQ network is designed to connect various access types to any service or cloud, incorporating advanced encryption and intelligent failover, thus enhancing service quality for business and wholesale customers [7][8]

Group 1 - A €17bn ($20bn) proposal by Bouygues Telecom, Free-iliad Group, and Orange to acquire a significant portion of Altice's activities in France has been rejected, driven by the need for Altice's owner Patrick Drahi to reduce substantial debts [1] - The B2B assets were intended to be primarily taken over by Bouygues Telecom, while B2C activities would be shared among all bidders [2] - The proposal reflects two trends in the European telecoms market: the necessity for consolidation and the strain on investment and margins [3] Group 2 - Historical discussions on telecom mergers in Europe have not led to significant outcomes, with past proposals between major players like France Telecom and Deutsche Telekom failing to materialize [4] - While there is an intellectual argument for cross-border consolidation, cultural, political, and regulatory barriers persist, although some providers like Orange and Vodafone have successfully operated across multiple markets [5] - The 'rule of three' suggests that three competitors can effectively scale and invest in individual markets, ensuring sufficient competition to benefit customers [6] Group 3 - The combination of debt and market forces indicates that Altice/SFR will likely be broken up in the future, with questions remaining about the timing, valuation, and asset distribution [7] - Despite the concept of a single market in Europe, significant barriers to cross-border consolidation remain, with potential technological, cultural, and political implications [8]

Core Insights - The article discusses the expertise and experience of a professional in the TMT (Technology, Media, and Telecommunications) sector, highlighting over 20 years of experience in Europe and beyond [1] Group 1: Professional Background - The individual has a decade of investing experience, maintaining close contact with relevant companies and themes in the TMT sector [1] - The professional's educational background is in Corporate Finance, which supports their analytical capabilities in the industry [1] - Notable companies where the individual has worked include KPN, Chellomedia, Liberty Global, and Vodafone, indicating a strong network and understanding of the sector [1]

Group 1 - The article discusses the challenges of assessing individual companies within a sector before making investment decisions, highlighting the utility of Exchange Traded Funds (ETFs) as a solution [1] - The author has over 20 years of experience in the TMT sector, both in Europe and internationally, which informs their investment strategies [1] - The author has a decade of investing experience, maintaining close relationships with relevant companies and industry themes [1] Group 2 - The article does not provide any specific financial data or performance metrics related to the companies mentioned [2][3]

Summary of J.P. Morgan's 2025 Mid-Year Update on Investment Grade TMT Industry Overview - **Industry Focus**: Technology, Media, and Telecommunications (TMT) in Europe - **Current Market Sentiment**: The report indicates a generally positive outlook for the TMT sector, particularly in telecommunications, with expectations for continued growth and potential consolidation opportunities in the market [1][4][12]. Key Themes and Insights - **Telecom Sector**: - The telecom sector is rated as **Overweight** due to solid earnings performance and expectations for year-over-year growth in 2025. The sector is increasingly viewed as strategic, with potential for lighter regulation and consolidation in four-player markets [4][12][36]. - Notable operators have passed "peak capex," leading to improved free cash flow (FCF) as investments in fiber rollouts begin to stabilize [12]. - **Media Sector**: - Rated as **Neutral**, the media sector has shown resilience in advertising spend, despite challenges from trade friction and geopolitical tensions. The European satellite sector has gained strategic importance, with solid balance sheets across the industry [4][13]. - **Technology Sector**: - Also rated as **Neutral**, the technology sector is characterized by a mix of defensive and cyclical subsectors. Demand remains uncertain, particularly for equipment makers and semiconductors [4][14]. Trade Recommendations - **Top Trades**: The report includes specific trade ideas for both EUR and GBP currencies, highlighting various long and short positions in telecom, media, and technology sectors [5][6]. - **Rating Changes**: - Upgrades: KPN and Verizon to **Overweight** - Downgrades: AT&T, Orange, SAP, and Wolters Kluwer to **Neutral** [4]. Market Dynamics - **YTD Supply and Maturities**: - Total supply in the European TMT sector reached €32.3 billion in 2025, with telecoms accounting for €20.1 billion, media for €4.5 billion, and technology for €7.7 billion. This reflects strong demand and favorable rates [17][18]. - **Upcoming Maturities**: Significant maturities are expected for major players like AT&T, Orange, Vodafone, and Telefonica, indicating a need for refinancing and potential market activity [18][20]. Sector Performance Metrics - **Benchmark Spreads**: - As of July 25, 2025, the IG Iboxx Benchmark spread was 91 basis points, with telecommunications at 89 bps, technology at 91 bps, and media at 82 bps, indicating varying levels of risk perception across sectors [16]. Additional Insights - **External Risks**: The report highlights external threats such as oil price volatility and US tariffs, which could impact market stability. However, the overall market has shown resilience to these risks [9][10]. - **Hybrid Securities**: The report notes a preference for hybrid securities, which have performed well year-to-date, with expectations for continued demand despite a relatively low supply [21][22]. Conclusion - The J.P. Morgan report presents a cautiously optimistic view of the European TMT sector, emphasizing the strategic importance of telecommunications and the potential for consolidation. The media and technology sectors are viewed with a more neutral stance, reflecting ongoing challenges and opportunities. Investors are advised to consider the outlined trade ideas and monitor external risks that may affect market dynamics [1][4][12][36].

Core Insights - The share price graph over the last 30 years indicates that shares have lost nearly all their value [1] Group 1: Industry Overview - The TMT (Technology, Media, and Telecommunications) sector has seen significant changes, with a professional having over 20 years of experience in the sector both in Europe and internationally [1] - The professional has a decade of investing experience, maintaining close contact with relevant companies and themes in the industry [1] Group 2: Company Experience - The professional's experience includes working with notable companies such as KPN, Chellomedia, Liberty Global, UPC Cablecom Switzerland, Get Sweden, Ooredoo Middle East, Cell C South Africa, Du Dubai, Axiata South East Asia, Celcom Malaysia, and Vodafone [1]