Bryan, Garnier & Co Technology Daily | Technicolor, Telecom Italia, Payments

New Street: Telecom Italia (Reduce, €0.15, -40%) from Neutral, €0.38 Scale of changes means levered equity now looks overvalued

While TI’s guidance might be conservative to try to put off KKR, the scale of the changes is significant enough for us to change our view. Our new forecasts imply an average reduction to OpFCF of 35%, and a €5.0bn reduction in EFCF between 2022-30 (worth €0.24/ share).

New Street: Telecom Italia (Neutral, €0.42, +2%) KKR bid still on? Where do we go from here?

Barely a day has gone by in the last two months without some newsflow related to Telecom Italia, but now with news that Pietro Labriola, Telecom Italia General Manager, presented an initial business plan to the Board yesterday as part of a potential defence, we review the current KKR bid situation and our view of the likely next steps.

ING Group : Good Q1 net profit, material SBB expected, stable NII and costs

>Conclusion: Good Q1 net profit, material SBB, stable NII and costs - For Q1 24, we expect a net profit of € 1.52bn with assumed 10bp of loans in loan losses. For Q1 24 we expect a relatively stable net interest income (NII) and expenses. We expect a front loaded SBB announcement of € 3.5bn. For the coming two years we expect continuing wage increases even with a possible slowdown of inflation. The RWA/loan ratio is at an all-time low. Going forward we expect more wa...

Orange : Les hausses de prix compensent la faiblesse commerciale au T1 2024

>Des résultats au T1 2024 très légèrement au-dessus du consensus (1%) - CA du T1 2024 ressort en hausse de 2,1% à 9 850 M€ (0,9% au-dessus du cons. de 9 758 M€), tiré par la croissance en Afrique. L’EBITDAaL du T1 2024 est en hausse de 2,3% à 2 440 M€ (0,4% au-dessus du consensus de 2 430 M€). Les objectifs 2024 sont confirmés : légère croissance de l’EBITDAaL (+2,4% au T1), investissements disciplinés (+3%), FCF > 3,3 Md€ (pas de publication au T1) et dividende de 0,...

Aker BP : Q1 2024 results slightly ahead of expectations but weaker FCF

>Q1 2024 results beat expectations by 4% at the operating level and by 13% at the NI with lower taxes - AkerBP just released its Q1 2024 results with 1/ revenues of $ 3,078m, down 13.4% q-o-q and 1% ahead of the consensus. 2/ EBITDA totalled $ 2,787m, down 12.2%, 1.3% below our expectations and 4% ahead of estimates. EBIT came in at $ 2,194m, in line with our expectations and 4% ahead of the consensus. Adjusted net income was robust at $ 531m, up 223% q-o-q and 13% ah...