ab 13 August 2024 Global Research and Evidence Lab Bezeq Increased risk, slower 2024; down to Neutral Less attractive risk/reward currently We cut Bezeq to Neutral with a new NIS4.4PT, from Buy and NIS6.1. Bezeq has one of the strongest balance sheets in the sector at c1.6x ND/EBITDA (c2.7x sector) and defensive returns with a 70% 2024E net profit payout (c7% div. yield vs. c5.5% sector). The mid-term case remains attractive with 2026 catalysts of FTTH capex decline (2pp/ sales or more vs. 2024 peak), satel ...