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VIVENDI - BUY | EUR31.5(+8%)
Ligue 1 + Amazon vs Canal+: 4 questions
Is this a good deal for the Ligue 1?
Should Amazon be considered as credible competitive threat for C+?
Can C+ afford to lose all Ligue 1?
NFON - BUY | EUR25 (+69%)
Acceleration of growth expected
Q1 good but not fully representative of the full year
Catalyst are strong and outlook remains positive
Investment case confirmed, estimates slightly adjusted
NFON (BUY, TP EUR25) | Very encouraging Q1 results:
ILIAD - BUY | EUR155 VS. EUR210 (+14%)
Growth will be more expensive than expected
So far, 5G strategy in France is not up to expectations
The group needs to target a new high end segment to fuel growth in Fr.
Company’s profile and outlook justifies lower valuation
A complex operation mitigating regulatory risks
Regulatory risk still present in spite of deal structure
All shareholders to benefit from synergies if deal goes through
ILIAD | BUY | EUR210
Deteriorated 2021 outlook
Growth slowing down and France cash flow guidance downgrade
Modest KPIs across geographies
TECHNICOLOR - BUY | EUR4.3(+48%)
Delivering according to plans
Back to growth in line with our expectations
Trend in PS improving, with bright outlook ahead
Connected Home is strong, but semiconductors clouds are hanging…
Q1 comforts our investment case
TF1 - BUY | EUR8.7 VS. EUR8.5 (+7%)
Waiting for acceleration in recovery
Q1 2020 above expectations…
… leads us to slight revision of our TP
Visibility remains limited in Broadcasting, but EBIT is under control
ORANGE - BUY | EUR12(+14%)
Q1 2021 marking the start of retail – wholesale rebalancing
Q1 results fully in line with expectations
Pressure on French wholesale offset by retail
EKINOPS (Conviction BUY, TP EUR9.5) | Launch portable satellite communication solution with IEC:
M6 - BUY TOP PICKS | EUR22.2 (+19%)
Strong Q1 results adding to speculation
Q1 results end up above expectations…
… confirming M6 Group as a valuable target
NFON | BUY | EUR25
2021 CMD: aiming to become a market leader in Europe
New growth path to 2024
Market opportunities offset competitive risks
No medium/long term guidance…we stick to our estimates
No financial guidance beyond 2021, stick to our case
Headline (heading 1)
Top Pick Q2: speculative bet
A look back at Q1
What we see for Q2
Top pick Q2: M6 Group
Top Pick Q2: investments to reaccelerate as pandemic fades out
A look back at Q1 2021
What we see for Q2 2021
No top pick in Q2
• UCaaS (Unified Communications as a Service) is the new paradigm of corporate communications, with software-based solutions and providers replacing legacy telecommunication services.
The pandemic has helped throw the spotlight on this market which is growing more than 20% annually.
EKINOPS (Conviction BUY, TP EUR9.5) | Landmark virtualization deal in North America:
Technicolor BUY – TP EUR4.3
Return to Pride Lands
Technicolor’s stock performance over recent years has been a story of missed
objectives and disappointments, with a combination of operational
misconducts and adverse market conditions.
We now believe, however, that the time is right to start considering the investment
With a new management team, a new strategy and streamlined businesses, Technicolor
is now very different to how it was. In this note, we highlight why we believe the group
should be considered from a fresh perspective.
More specifically, we show that:
• Most of the i...
ILIAD - BUY | EUR210 VS. EUR215 (+37%)
Remaining confident in growth trajectory
Growth trend confirmed with good cash generation outlook…
… but French mobile net adds in France throw a shadow on KPIs
Buy confirmed, but removed from top pick list
EKINOPS - Conviction BUY | EUR9.5(+47%)
Unchanged trajectory beyond 2020/2021 turbulences
Conviction buy confirmed with limited risks ahead
M&A in the US: stay tuned
Number slightly updated, TP untouched
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