Marnik Hinnekens
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TP ICAP - Europe - Morning CreditUpdate 12/11/2019 - Atlantia- FR

Atlantia (Achat) : EBITDA de €5,7 mds (+115%, +1% en comparable) sur les 9M-19

Telecom Italia (Achat) : Réduction de la dette, développement des services cloud en partenariat avec Google

Iliad (Achat) Une offre de rachat d’actions de €1,4md, financée par une augmentation de capital

Credito Emiliano - 9M-19 : RN de €158m (+4,5%)

Mediobanca (Achat) : La participation de Leonardo Del Vecchio est passée à environ 9,9%

BPCE (Achat) - 9M-19 :  Résultat avant impôts de €4,1 mds (-5,5%)

Expedia (Achat) - 9M-19 : Résultat opérationnel de $743m (+20,2%)

ArcelorMittal (Achat) : Fitch confirme la note BBB- et révise la perspective à négative


Atlantia is a holding company with subsidiaries and associates whose business is the construction and operation of motorways, airports and transport infrastructure, parking areas and intermodal systems, or who engage in activities related to the management of motorway or airport traffic.

Credit Agricole S.A.

Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.

Credito Emiliano

Credito Emiliano has four segments: Commercial Banking, which comprises the corresponding segment of Co. and its subsidiaries, Credemleasing spa, Credemfactor S.p.A., Banca Euromobiliare spa, Euromobiliare Asset Management SGR, Credem International (Lux) sa, Credem Private Equity SGR, Credemtel spa, Euromobiliare Fiduciaria SpA and Creacasa srl; Bancassurance, represented by its Credemvita spa subsidiary and Credemassicurazioni spa; Finance, which includes management of interest rate risk on the banking book, the investment portfolio and the trading portfolio; and Other, which includes Magazzini Generali delle Tagliate S.p.A. At Dec 31 2013, Co. had total assets of Euro31.53 billion.

Deutsche Post AG

Fromageries Bel S.A.

Fromageries Bel specializes in the manufacture and sale of cheese products. Co. produces brand name cheese for retailing of for catering. Co. sells two types of cheese: processed cheese and "fresh cheese". Most of Co.'s cheese products are sold in portions. These products are marketed under the brands Lavachequirit®, Mini Babybel®, Kiri® , Leerdammer® and Boursin®.

Iliad S.A.

Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations ( Retail Telecom offers various mobile phones & services to customers.


Mediobanca Banca Di Credito Finanzario's core businesses are lending and investment banking. Co. helps its clients by providing them with advisory services in addition to medium-term bank credit. Co. is the parent company of the Mediobanca Banking Group, which has operations in consumer credit, retail banking, leasing, and private banking. Co.'s business divisions are comprised of: Corporate and Investment Banking, which comprises Wholesale Banking and Private Banking; Principal Investing, which brings together all equity investments in associates (IAS28) and available for sale assets; and Retail and Consumer Banking, which comprises consumer credit and retail banking activities.

Telecom Italia

Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).

Tullett Prebon
Tullett Prebon

Tullett Prebon, part of TP ICAP group, is one of the world's leading interdealer brokers. Primarily operating as an intermediary in the wholesale financial and energy sectors, Tullett Prebon facilitates the trading activities of its clients, in particular commercial and investment banks. Product areas include: Fixed Income Securities and their derivatives, Interest Rate Derivatives, Treasury products, Equities and Energy and Commodities.With offices in 24 countries, Tullett Prebon operates voice, hybrid, electronic, volume matching, algorithmic matching and risk mitigation platforms, to accommodate its clients' requirements and to satisfy the regulatory driven evolution of the marketplace.

 Tullett Prebon Paris - Credit Research provides daily research on :

Corporate € bond issuers : Investment grade, High Yield and non-rated
Banking sector (surbordinated debt included) and insurance (EUR and USD issues)
Sovereign risk and macro events

We deliver to our institutional clients  :
Daily Company news : CreditUpdate : day-to-day monitoring of credit events
Sector Analysis and Company Focus
Semi-annual and complete statistical key data of banks
Credit recommendations
Credit arbitrage presentations

The credit research is based on a dynamic and reactive methodology  :
Financial analysis
Contextual analysis
Macro-economic analysis
Monitoring of issuers’ credit quality
Our bond investment recommendations (Outperform (+), Market perform (=) and Underperform (-)) are medium-term, for a period higher than 6 months
The research is highly reactive to specific company and market events.

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