GS EUROPEAN EXPRESS: Telcos: Trucks: Sunbelt Rentals: ABI: Sustain: Macro: Global: Corporate Access

We highlight key takeaways from our third European Communacopia Conference in London on 15-16 September, which supported our bullish sector view. We heard confidence on pricing power and cost efficiencies from most operators, offsetting near-term cost inflation and driving accelerated growth and returns. Cost efficiencies are increasingly amplified by AI driving accelerating FCF generation above consensus. All companies see satellite competition risk as overstated, with consolidation optimism reiterated. Best positioned: BT Group, Vodafone, Telefonica, Orange and Royal KPN NV. On trucks, we highlight key takeaways from Day 2 of IAA, dominated by a constructive view on US and European truck end markets against a more guarded medium-term view on Chinese competition and CO2 regulation;