NOS NOS.LS
NOS is the main telecommunications operator in Portugal, offering fixed and mobile telecommunications services, as well as IT and entertainment solutions in the Portuguese market. NOS shows solid financial health (ND/EBITDA 2.64) and attractive valuation (P/E 10.42, FCF yield 9.18%), with a net dividend yield of 7.22% supporting shareholder returns, although flat revenue growth (0.00%) and 5G/AI investment limit upside potential.
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
NOS is the main telecommunications operator in Portugal, offering fixed and mobile telecommunications services, as well as IT and entertainment solutions in the Portuguese market. NOS shows solid financial health (ND/EBITDA 2.64) and attractive valuation (P/E 10.42, FCF yield 9.18%), with a net dividend yield of 7.22% supporting shareholder returns, although flat revenue growth (0.00%) and 5G/AI investment limit upside potential.
Score by category
| Category | Score |
|---|---|
| Financial health | 6.6 |
| Quality / Moat | 6.8 |
| Valuation | 7.9 |
| Growth | 5.7 |
| Dividend | 7.4 |
| Momentum | 8.7 |
| Risk & Context | 8.1 |
OVERALL SCORE: 7.4/10
Context and risks
Moderate regulatory risk in Portugal and exposure to a domestic market with competitive pressure. 5G/AI investment increases leverage (ND/EBITDA 2.64) in a rising European rate environment (ECB hiking), making debt refinancing more expensive.
News considered in the analysis
- Nos Sgps SA (ZONNF) Q2 2026 Earnings Call Highlights: Solid EBITDA Growth Amidst Flat Revenue — Resultados del Q2 con crecimiento sólido de EBITDA pero ingresos planos; refuerza la estabilidad operativa pero no cambia la trayectoria de crecimiento.
- 3 European Dividend Stocks Yielding Up To 6.5% — Listículo genérico sin información específica nueva sobre NOS.
- Nos Sgps SA (STU:PMV) Q1 2026 Earnings Call Highlights: Strong IT Growth and Improved Financial ... — Resultados del Q1 ya conocidos y descontados por el mercado; el crecimiento de TI es positivo pero no es información nueva.
- Nos Sgps SA (ZONNF) Q4 2025 Earnings Call Highlights: Strong Cash Flow and Operational ... — Resultados del Q4 2025 ya descontados; el fuerte flujo de caja es consistente con la nota de salud financiera.
- NOS S G P S Balances Earnings Growth With Heavy 5G And AI Investment — La inversión intensiva en 5G e IA puede presionar el flujo de caja libre y el apalancamiento a medio plazo, aunque es necesaria para la competitividad.
Verdict: Hold; the combination of cheap valuation and high dividend provides support, but flat growth and moderate leverage warrant caution.
Main risk: The main risk is competitive pressure in the Portuguese telecom market, keeping revenues flat, along with increased leverage from 5G/AI investments in a rising European rate environment.
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