Call it a week：European IG and HY TMT update

Investment Rating - The report maintains an Underweight recommendation on Telefonica [8]. Core Insights - Altice International's sale of Teads to Outbrain is valued at approximately $1 billion, with Altice receiving$ 725 million at close and $105 million in convertible preferred equity, indicating a strategic shift [3][4]. - Bouygues reported H1 results with total revenues up 1% year-on-year, but telecom revenues fell short of estimates, leading to a reaffirmation of FY24 guidance [3][4]. - Cellnex's Q2 results showed a 6% revenue increase from its tower business, with EBITDAaL growing by 7.8% year-on-year, reflecting operational efficiency [4][5]. - Digi announced the acquisition of Nowo Communications for €150 million, expanding its mobile and fixed client base [4]. - Inwit reported Q2 revenues of €257 million, up 8.2% year-on-year, driven by CPI-linked price increases and new service developments [4]. - Liberty Global's financial policy focuses on shareholder value, with plans for share buybacks and a commitment to maintaining a leveraged credit group [5]. - Telecom Italia's Q2 results were slightly ahead of expectations, with a focus on its ServCo business and a target to reduce net leverage to below 2.0x by year-end 2024 [8]. - Vodafone launched a tender offer and €500 million senior issue to reduce debt, following the completion of its Vodafone Spain divestment [8]. - Wolters Kluwer reported a 6% organic revenue increase in Q2, with a reaffirmation of FY24 guidance [9]. Summary by Company - **Altice International**: Sale of Teads valued at ~$ 1 billion, strategic portfolio review nearing completion [3]. - Bouygues: H1 revenues rose 1% y/y, telecom revenues fell short, FY24 guidance reaffirmed [3][4]. - Cellnex: Q2 revenue growth of 6%, EBITDAaL up 7.8% y/y, operational efficiency noted [4][5]. - Digi: Acquisition of Nowo Communications for €150 million announced [4]. - Inwit: Q2 revenues of €257 million, up 8.2% y/y, driven by new service developments [4]. - Liberty Global: Focus on shareholder value, plans for share buybacks, maintaining leverage [5]. - Telecom Italia: Slightly ahead of expectations in Q2, targeting net leverage <2.0x by YE24 [8]. - Vodafone: Launched tender offer and €500 million senior issue for debt reduction [8]. - Wolters Kluwer: 6% organic revenue growth in Q2, FY24 guidance reaffirmed [9].