Bryan, Garnier & Co Technology Daily | Edenred, Telecom Italia, Software AG

Morningstar | TI Updated Star Rating from 20 Jun 2019

Italy accounts for the lion's share of Telecom Italia's revenue. Within Italy, the fixed-line business remains more than twice the size of the mobile business. While the core retail fixed-line business continues to shed customers and see sales declines, some of these losses are being offset by growth in other areas, such as broadband and pay television.TI is one of the most leveraged telecom operators in Europe. While it has sold assets and canceled its dividend, EBITDA continues to struggle due to the weak Italian economy, causing the debt/EBITDA ratio to increase despite the firm paying down...

Morningstar | Telecom Italia Faces Increasing Competition in Italy

Italy accounts for the lion's share of Telecom Italia's revenue. Within Italy, the fixed-line business remains more than twice the size of the mobile business. While the core retail fixed-line business continues to shed customers and see sales declines, some of these losses are being offset by growth in other areas, such as broadband and pay television.TI is one of the most leveraged telecom operators in Europe. While it has sold assets and canceled its dividend, EBITDA continues to struggle due to the weak Italian economy, causing the debt/EBITDA ratio to increase despite the firm paying down...

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

Sasol Provides Full-Year Production Update

No-moat Sasol provided an update on its full-year fiscal 2019 production metrics that included relatively stable liquids production. For the full year ended June 30, Sasol produced 1,470 thousand barrels of crude oil and condensate a day compared with 1,469 mboe/d in the year-ago period. However, declines continued with the company’s natural gas production, down 4% to 130.3 billion cubic feet compared with the period ended June 30, 2018. Sasol also reported flat refined products of 31.4 mmboe/d ...

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...