Freenet AG : Stronger margins but no change in FCF outlook
>Better margins in Q2, supporting guidance upgrade - Sales remain broadly flat in Q2 2022 at € 620m, with customer growth (+2%) partly offset by lower mobile ARPU (-0.5% y-o-y), slightly below consensus (€ 626m) due to lower mobile (-5% in hardware sales). The surprise come from EBITDA after leases of € 123m firmly up 8% y-o-y this quarter again and above the consensus (€ 118.3m); progress is driven by tight cost management in mobile and continued economies of scale ...Freenet is a telecommunications provider in Germany. Co. provides its customers a portfolio of services and products, particularly in the field of mobile voice and data services. Co. does not operate its own network, but markets mobile communication services for the mobile network operators Telekom, Vodafone, E-Plus and O2 in Germany, under its own name and on its own account. Apart from its own network-independent postpaid, no-frills and prepaid services, Co. also provides the original network operators' tariffs. Co. operates within two segments: mobile communications and other/holding.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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