Eir (Most Preferred) Q3 24: A solid set of numbers, but growth has slowed this quarter

Eir has reported a solid set of Q3 numbers, but underlying trends are slower than in Q2, with SR growth of 0.0% y/y from +1.7% y/y and EBITDAaL growth +0.7% y/y from +2.8% y/y in Q2.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Odigeo, Engineering Group, Teva, Versuni (formerly Philips Domestic Appliances), Alain Afflelou, Eircom, Iliad, Borr Drilling, Ithaca Energy, Tullow Oil, Victoria, TUI Cruises, Axactor, McLaren, EVOCA, Flos B&B Italia (formerly International Design Group)

eir (Most Preferred) Q2 24: Another good set of numbers

Eir has reported a solid set of Q2 numbers; underlying trends are slower than in Q1, but still good: SR growth is +1.7% y/y from +2.2% y/y and EBITDAaL growth is +2.8% y/y from +7.0% y/y, with +4.9% y/y for H1 vs guidance for LSD EBITDAaL growth for the full year. We recently made eir one of our most preferred names in European Telco high Yield – read about that HERE – and these results support our view that although the eir spreads are quite tight, they could be tighter still given the outlook (asset cover) and leverage (with a possible rating upgrade to come?).

Palo Alto Networks 1FQ25: Platformization progressing and going mainstream. Buy, $410 TP.

Nvidia 3FQ25: beat & guide up; Buy, $173 TP.

Nvidia reported 3FQ25 yesterday.

Ad Expert Call Takeaways: GOOGL Ad Tech, TTD, PMax, Advantage+, and the role of Clouds

Yesterday, we hosted a call with Jeremy Woodlee, CEO of Santa Ynez Partners, a boutique advisory firm focused on digital media and ad tech. Previously, he spent three years at Accenture leading its global relationship with Google Ads after spending 11 years at Google, and three years at Magnite (fka Rubicon Project).