1&1 (Buy, €27, +84%) United Internet (Buy, €30, +52%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet and 1&1 have reported soft Q2 results and cut guidance for 2024, with weaker mobile retail growth and higher network costs. 1&1 service revenue growth is now expected to slow from +4% YoY in H1 to +2% YoY in H2, impacted by the mobile network outage in May and an increasingly competitive German market environment. We cut our 1&1 cash flow forecasts by c.-5% and reduce our target price by -€2 (to €27/ share) – but remain bullish on the name as wholesale cost savings drive FCF growth next year.

United Internet (Buy, €30, +52%) / 1&1 (Buy, €27, +84%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet and 1&1 have reported soft Q2 results and cut guidance for 2024, with weaker mobile retail growth and higher network costs.

1&1 (Buy, €28, +70%) United Internet (Buy, €30, +30%) 1Q24: Spectrum decision imminent; increasing forward visibility

United Internet, 1&1 and IONOS have reported decent sets of Q1 results, with all financial guidance confirmed and steady progress on the mobile network build. The key remaining uncertainty for the network build is access to low-band spectrum; recent reports have suggested that BNetzA will present its preliminary decision to extend the existing licences on Monday (13 May 2024).

Mobileye 1Q25: legacy business healing, SuperVision adoption slow, important win with Uber. Buy, $20 TP.

Google 1Q25: Compute is king and calls for a re-platforming

Google reported 1Q25 yesterday. See our updated perspective on cloud spending, capex and technology infrastructure.

Intel 1Q25: Weakening outlook near term; hints on the road ahead.