Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.</li>
<li>Our latest estimates suggest there could be 14 ADDs/DELs for SE600 in the June 2026 rebal.</li>
<li>The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It is not highly tracked, but we can expect many index changes during its quarterly review.
Our latest estimates suggest there could be 14 ADDs/DELs for SE600 in the June 2026 rebal.
The final rankings will be based on the float market caps as of the close of trading on 29th May 2026.


Quiddity Leaderboard SE600 Jun26: Base Date This Week; Many Changes Incoming

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is an overreaction as we view telecom as a sector somewhat immune to geopolitical changes. In our view, Brexit will have no effect on cross-border transfers of voice or data as mobile termination rates for voice have already been reduced to negligible levels and for data have been cut in half and will be down to local roaming rates by the end of 2017.Within the U.K., we think BT will likely be the most affected as the majority of its revenue is from the U.K. Its only non-U.K. revenue is from its global services division. However, we think what losses do accrue will be offset by stronger revenue from the global services division as revenue from other currencies is translated into a weaker pound.Analysts: Allan C. Nichols, CFA

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is an overreaction as we view telecom as a sector somewhat immune to geopolitical changes. In our view, Brexit will have no effect on cross-border transfers of voice or data as mobile termination rates for voice have already been reduced to negligible levels and for data have been cut in half and will be down to local roaming rates by the end of 2017.Within the U.K., we think BT will likely be the most affected as the majority of its revenue is from the U.K. Its only non-U.K. revenue is from its global services division. However, we think what losses do accrue will be offset by stronger revenue from the global services division as revenue from other currencies is translated into a weaker pound.Analysts: Allan C. Nichols, CFA

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Share Repurchase Programme: EUR 800M buyback (4% of market cap) aims to cancel shares, boosting EPS and shareholder value, funded by non-core asset sales.</li>
<li>Valuation Insight: Current market price significantly undervalued versus EUR 42.68 consensus target and EUR 43.80 DCF valuation, offering substantial upside potential.</li>
<li>Strategic Alignment: Ensures financial discipline (DFN/EBITDA 5–6x target by 2025/2026) while enhancing returns via repurchase programme and increased dividend payouts from 2026 onward.</li>
</ul>


Share Repurchase Programme: EUR 800M buyback (4% of market cap) aims to cancel shares, boosting EPS and shareholder value, funded by non-core asset sales.
Valuation Insight: Current market price significantly undervalued versus EUR 42.68 consensus target and EUR 43.80 DCF valuation, offering substantial upside potential.
Strategic Alignment: Ensures financial discipline (DFN/EBITDA 5–6x target by 2025/2026) while enhancing returns via repurchase programme and increased dividend payouts from 2026 onward.


Cellnex Share Repurchase Programme: Valuation and Potential Impact on Stock Price

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jtower-inc" target="_blank" data-smartkarma-citation="entities:31042:1" rel="noopener">JTower (4485 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/digitalbridge-group-inc" target="_blank" data-smartkarma-citation="entities:20231:1" rel="noopener">DigitalBridge Group (DBRG US)</a> at JPY3,600, a 161.8% premium to the undisturbed price of JPY1,375 (13 August). </li>
<li>Despite the hefty takeover premium, the offer is light (compared to historical trading ranges and the recent placement) and opportunistically timed (the share price has fallen 61% since 9 May). </li>
<li>Nevertheless, barring a spurt of activism, the offer should succeed as the required 40.7% minority acceptance rate is not onerous and should be comfortably met by Japanese cross-holders.    </li>
</ul>



JTower (4485 JP) has recommended a tender offer from DigitalBridge Group (DBRG US) at JPY3,600, a 161.8% premium to the undisturbed price of JPY1,375 (13 August). 
Despite the hefty takeover premium, the offer is light (compared to historical trading ranges and the recent placement) and opportunistically timed (the share price has fallen 61% since 9 May). 
Nevertheless, barring a spurt of activism, the offer should succeed as the required 40.7% minority acceptance rate is not onerous and should be comfortably met by Japanese cross-holders.    


JTOWER (4485 JP): DigitalBridge’s 162% Takeover Premium Offer Is Opportunistic

Italy

Infrastrutture Wireless Italiane S.p.A. (INWIT) is Italy's leading wireless infrastructure company. It builds, manages, and operates shared multi-operator passive infrastructure, including towers, masts, poles, small cells, and Distributed Antenna Systems (DAS), providing hosting and coverage services to mobile network operators, fixed wireless access providers, and broadcasters. The company, headquartered in Rome, Italy, was founded in 2015.

Infrastrutture Wireless Italiane (INW IM)

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Infrastrutture Wireless Italiane (INW IM)

Quiddity Leaderboard SE600 Jun26: Base Date This Week; Many Changes Incoming

The final rankings for the June 2026 rebal will be based on data as of 29th May 2026. The ADDs/DELs will be announced on 1st June 2026. Bank...

Afridi Reyal

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized...

New Street Research

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is...

Morningstar, Inc.

JTOWER (4485 JP): DigitalBridge’s 162% Takeover Premium Offer Is Opportunistic

Despite the hefty takeover premium, the offer is light and opportunistically timed. Nevertheless, barring the emergence of activists, there seems...

Arun George

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52-week Range

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Quiddity Leaderboard SE600 Jun26: Base Date This Week; Many Changes Incoming

The final rankings for the June 2026 rebal will be based on data as of 29th May 2026. The ADDs/DELs will be announced on 1st June 2026. Bank...

Afridi Reyal

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized...

New Street Research

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is...

Morningstar, Inc.

Cellnex Share Repurchase Programme: Valuation and Potential Impact on Stock Price

​Company initiates EUR 800M buyback to boost EPS and shareholder value, undervalued stock offers substantial upside potential, financial discipline...

Jesus Rodriguez Aguilar

JTOWER (4485 JP): DigitalBridge’s 162% Takeover Premium Offer Is Opportunistic

Despite the hefty takeover premium, the offer is light and opportunistically timed. Nevertheless, barring the emergence of activists, there seems...

Arun George

Company initiates EUR 800M buyback to boost EPS and shareholder value, undervalued stock offers substantial upside potential, financial discipline...