Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

Equity Bottom-Up

AT&T Inc. is a communications holding company. The Company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, Internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

<ul><li>Deregulation of communication technologies is leading to intermodal competition and a reordering of assets in the industry.</li><li>Telecom sector is lagging behind big tech stocks, but AI-driven growth in data usage presents a unique opportunity for growth.</li><li>AT&amp;T's decision to divest its content business was necessary to focus on its core business of connectivity and meet customer demands for a high-quality product.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Deregulation of communication technologies is leading to intermodal competition and a reordering of assets in the industry.Telecom sector is lagging behind big tech stocks, but AI-driven growth in data usage presents a unique opportunity for growth.AT&amp;T's decision to divest its content business was necessary to focus on its core business of connectivity and meet customer demands for a high-quality product.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

AT&T CEO: Connecting the Future, Embracing AI and Driving Cultural Change

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

Telecom Argentina SA provides telecommunications services including local, long-distance and international service in Argentina.  The Company, through its subsidiaries, also provides cellular telecommunications services and offers paging services.

<ul>
<li>We upgrade Telecom Argentina to Overweight as the TMA acquisition strengthens its market position, supports operating momentum, and benefits from reduced political risk and improving macro stability.</li>
<li>Regulatory uncertainty remains meaningful, and we think clearer visibility on the Telefónica approval process and integration timeline will be critical for value realization and credit performance.</li>
<li>• We see more value in the TEOAR 2031s given their lower duration, attractive relative spreads versus the EM B Index and peers, and supportive operating trends despite weak liquidity.</li>
</ul>


We upgrade Telecom Argentina to Overweight as the TMA acquisition strengthens its market position, supports operating momentum, and benefits from reduced political risk and improving macro stability.
Regulatory uncertainty remains meaningful, and we think clearer visibility on the Telefónica approval process and integration timeline will be critical for value realization and credit performance.
• We see more value in the TEOAR 2031s given their lower duration, attractive relative spreads versus the EM B Index and peers, and supportive operating trends despite weak liquidity.


Telecom 3Q25: Stronger Margins and a More Constructive Outlook

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Vivendi SE provides culture, entertainment, media, and communication services. The Company specializes in audiovisual and cinema, communications, magazines, gaming, live performance, and distribution platform activities. Vivendi serves customers worldwide.

<ul>
<li>Holdco dispersion persists: GBL simplifies and strengthens liquidity yet trades at –30.5%; Industrivärden and Investor remain unusually tight; Heineken Holding stable in its post-Covid range.</li>
<li>Porsche SE’s ~30% discount aligns with “no-liability” scenarios, while Rio Tinto’s DLC premium stays structurally elevated, leaving convergence trades dependent on governance catalysts rather than statistical mean reversion.</li>
<li>Vivendi’s discount widened to 42% on legal timing noise; AMF logic unchanged. Optionality rebuilt, making Vivendi the most asymmetric setup in the current holdco universe.</li>
</ul>


Holdco dispersion persists: GBL simplifies and strengthens liquidity yet trades at –30.5%; Industrivärden and Investor remain unusually tight; Heineken Holding stable in its post-Covid range.
Porsche SE’s ~30% discount aligns with “no-liability” scenarios, while Rio Tinto’s DLC premium stays structurally elevated, leaving convergence trades dependent on governance catalysts rather than statistical mean reversion.
Vivendi’s discount widened to 42% on legal timing noise; AMF logic unchanged. Optionality rebuilt, making Vivendi the most asymmetric setup in the current holdco universe.


Selected European HoldCos and DLC: November 2025 Report

Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

Connect to the right investors through smart and insightful financial models and research analysis.

Airtasker Limited operates as a software development company. The Company develops community platform that connects people who need to outsource tasks and find local services such as home cleaning, handyman jobs, admin work, photography, and graphic design. Airtasker serves customers in Australia.

<ul><li>Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.</li><li>ART held an investor day last week showcasing a range of senior management and media capital partners.</li><li>Product development continues to focus on improving marketplace trust (improved tasker details and job descriptions), increased frequency of transactions (better/fewer quotes, taskers own page) and using AI for better/faster job matches.</li></ul>

Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.ART held an investor day last week showcasing a range of senior management and media capital partners.Product development continues to focus on improving marketplace trust (improved tasker details and job descriptions), increased frequency of transactions (better/fewer quotes, taskers own page) and using AI for better/faster job matches.

Airtasker Ltd - Not just relying on media capital for growth

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Frontier Communications Parent / Equity Bottom-Up

Frontier Communications Parent, Inc. operates as a telecommunications company. The Company offers a variety of communications solutions services through its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and frontier secure digital protection.

<ul><li>Frontier Communications recently reported its financial and operational results for the second quarter of 2024, highlighting its promising trajectory in fiber broadband expansion and ongoing improvement in company performance.</li><li>The company recorded its second consecutive quarter of revenue growth, reaching $1.48 billion, marking the fastest organic growth in over a decade.</li><li>This was primarily driven by a record addition of 92,000 new fiber broadband customers and a robust ARPU growth of 3.5% year-over-year, which indicates a continued demand for higher-speed internet and value-added services.</li></ul>

Frontier Communications recently reported its financial and operational results for the second quarter of 2024, highlighting its promising trajectory in fiber broadband expansion and ongoing improvement in company performance.The company recorded its second consecutive quarter of revenue growth, reaching $1.48 billion, marking the fastest organic growth in over a decade.This was primarily driven by a record addition of 92,000 new fiber broadband customers and a robust ARPU growth of 3.5% year-over-year, which indicates a continued demand for higher-speed internet and value-added services.

Frontier Communications Builds 3,500 Fiber Passings a Day—Is This Hyper-Growth?

Insights in the Communication Services Space

Communication Services
Insights in the Communication Services Space

AT&T CEO: Connecting the Future, Embracing AI and Driving Cultural Change

- Deregulation, asset reordering, increasing data traffic, AI growth, infrastructure profitability, consumer switching behavior, customer...

In Good Company with Nicolai Tangen

Telecom 3Q25: Stronger Margins and a More Constructive Outlook

Telecom Argentina’s TMA acquisition, improving fundamentals, and compelling relative value create a timely opportunity for investors seeking yield...

Leandro Gubler

Selected European HoldCos and DLC: November 2025 Report

Holdco discounts diverged in November: GBL strengthens its case, Investor stays rich, Porsche SE sits at structural levels, Vivendi’s setback...

Jesus Rodriguez Aguilar

Airtasker Ltd - Not just relying on media capital for growth

Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want...

Research as a Service (RaaS)

Frontier Communications Builds 3,500 Fiber Passings a Day—Is This Hyper-Growth?

Frontier Communications recently reported its financial and operational results for the second quarter of 2024, highlighting its promising...

Baptista Research