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    Keval Khiroya

    Research Analyst at Deutsche Bank AG

    Keval Khiroya is a Research Analyst at Deutsche Bank AG focusing on telecommunications and technology, with prominent coverage of companies such as 1&1 AG and Telefónica. Renowned for his analytical rigor, he maintains ratings and detailed forecasts, including a Buy rating for 1&1 AG and performance-driven targets for major telecom firms, with his recommendations tracked on platforms like TipRanks. Khiroya began his analyst career prior to 2011 and previously held roles at Lehman Brothers before joining Deutsche Bank in 2011. He is recognized for his expertise in equity research across the European telecom sector, with assumed professional credentials typical of senior sell-side analysts, though specifics on FINRA registration and securities licenses are not publicly disclosed.

    Keval Khiroya's questions to TELEFONICA S A (TEF) leadership

    Keval Khiroya's questions to TELEFONICA S A (TEF) leadership • Q2 2025

    Question

    Keval Khiroya of Deutsche Bank asked if Telefónica Deutschland was tracking toward its 'broadly stable' EBITDA outlook given the H1 decline. He also questioned if the company now sees greater importance in fully owning infrastructure, following the Fibrocell JV buyout in Brazil.

    Answer

    Telefónica Deutschland CEO Markus Haas confirmed they are on track with guidance, explaining the H1 decline was due to tough comps from efficiencies delivered early in 2024. Chairman & CEO Marc Murtra Millar stated that as an industrial operator, Telefónica believes core infrastructure is best run in a simplified way, closely integrated with the business to enhance efficiency and service.

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    Keval Khiroya's questions to TELEFONICA S A (TEF) leadership • Q1 2025

    Question

    Keval Khiroya asked about the potential benefits of mobile in-market consolidation in Germany and whether new OpEx cuts in Spain would be sufficient to sustain domestic EBITDA growth acceleration as benefits from prior headcount reductions fade.

    Answer

    COO Emilio Rodríguez stated that while organic growth is the priority in Germany, in-market consolidation is necessary for a strong European telecom sector. For Spain, he confirmed the expectation for higher EBITDA growth in 2025, driven not only by retail revenue growth but also by ongoing efficiencies from the copper network shutdown, process simplification, and the application of AI and automation, which will continue to deliver savings.

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    Keval Khiroya's questions to TELEFONICA S A (TEF) leadership • Q1 2024

    Question

    Keval Khiroya of Deutsche Bank questioned the sustainability of Germany's strong 5% EBITDA growth in Q1, asking about potential OpEx phasing impacts. He also asked if Telefonica Germany is exploring strategic options like new wholesale partners or network JVs to compensate for the loss of 1&1, beyond its retail focus.

    Answer

    Telefónica Deutschland CEO Markus Haas attributed the strong Q1 profitability to a mix of levers, including strong gross margin, lower acquisition costs from selling into the existing base, and early efficiency gains, expressing confidence in the full-year plan. Regarding strategy post-1&1, he emphasized that the company is well-positioned with its current focus on retail growth, B2B momentum, and leveraging its existing partnership landscape, giving it all the optionality needed.

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    Keval Khiroya's questions to TELENOR (TELNY) leadership

    Keval Khiroya's questions to TELENOR (TELNY) leadership • Q1 2025

    Question

    Keval Khiroya asked for elaboration on the weaker subscriber KPIs in Norway and Finland during the quarter and the strategy to reverse the trend. He also followed up on the year-over-year change in sales and marketing costs.

    Answer

    CEO Benedicte Fasmer attributed the churn in Norway to back-book price adjustments and noted tougher competition in Finland and Denmark, confirming that sales and marketing costs had increased. CFO Torbjorn Wist added that Q1 is a seasonally softer quarter following heavy Q4 promotional campaigns.

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    Keval Khiroya's questions to TELENOR (TELNY) leadership • Q4 2024

    Question

    Keval Khiroya inquired about the potential for continued operating expense (OpEx) and capital expenditure (CapEx) reductions in the Nordics beyond the 2025 guidance, based on the new management's initial impressions.

    Answer

    CEO Benedicte Fasmer stated that maintaining a focus on cost and efficiency will be crucial beyond 2025 to keep Telenor 'future fit'. CFO Torbjorn Wist noted that while the company is past its peak CapEx cycle, he would refrain from giving specific guidance beyond 2025 until the Capital Markets Day.

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    Keval Khiroya's questions to TELENOR (TELNY) leadership • Q3 2024

    Question

    Keval Khiroya asked about the expected evolution of the mobile competitive environment in Norway following the new network agreement with ICE. He also inquired about the outlook for Nordic price increases in 2025 compared to 2024, considering lower inflation but a rational competitive landscape.

    Answer

    Acting CFO Kasper Kaarboe stated the ICE agreement would generate approximately NOK 1 billion in gross wholesale revenue over three years, but acknowledged the net impact is difficult to predict as it depends on market dynamics. CEO Sigve Brekke added that the deal is clearly positive for the next three years. Regarding 2025 pricing, Brekke did not provide specific guidance but expressed encouragement from competitors also raising prices, suggesting the 'more-for-more' strategy can be sustained even in a lower inflation environment.

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