FWA: Should wireline operators be worried?

The Vodafone-Three UK proposed merger is now moving to a Phase 2 enquiry and one of their major arguments for the merger focuses on offering increased FWA services.

ODDO BHF Small & MIDCAP MORNING NEWS - 09/04/2024 Date Performance depuis l’entrée Date Performance depuis l’entrée

Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/09/2024 Date Performance since listing Date Performance since listing

We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...

Elisa (Neutral, TP: €54, +27%) Q1 24: EBITDA growth better than SR growth, but B2B EBITDA still negative y/y

Elisa reported good results, with stable service revenue growth (+3% YoY) but importantly an acceleration in clean EBITDA (to +6% y/y from +4% y/y in Q4). EBITDA growth was better than SR growth for the first time since Q3 2021. This is what the market wanted to see, as concerns have been around operational leverage;

Mobileye pre 1Q24 model update

ADYEN (Buy, TP: EUR1,800, +27%) Rise of the Merchants: Shifts in Interchange and what it means for Adyen, PayPal and peers

As part of our accelerated efforts in Payments, our latest Deep Dive focuses on Interchange and the implications for Adyen and peers. The current narrative suggests it's not relevant for future profitability. We would refute this simplification: there are risks and opportunities for Adyen.