M1

M1: BNP initiates coverage and guides that related upside has largely been priced in at current levels. In fact, longer term, vulnerabilities are present as smaller operators encroach on M1’s addressable market in broadband (e.g. with My Republic and Superinternet’s aggressiveness in targeting SMEs), and potentially mobile. In the mobile business, after several quarters of robust gains, incremental growth could also start to taper. M1 also has a less established bundling strategy, making it most vulnerable to intensifying mobile competition. BNP initiates coverage on M1 with Hold with TP of $3.75