Global Research July 2026 European Telecoms Back to Basics Associate Analyst christina.michael@ubs.com Dhruva Kusa Shah Analyst dhruva-kusa.shah@ubs.com This document has been prepared by UBS AG London Branch Analyst Tel: +44 20 7568 1286 polo.tang@ubs.com Obaloluwa Agboola Associate Analyst obaloluwa.agboola@ubs.com Ondrej Cabejsek Analyst Tel: +44 20 7568 6332 ondrej.cabejsek@ubs.com Polo Tang Christina Michael | Section | Page | | --- | --- | | Section 2 – Valuation & Investing | 17: ROIC – a different w ...