reports
- Russell Waller
Altice France (Overweight) Iliad (Equal Weight) Bouygues (Buy, TP: €55...
There have been several recent articles about French M&A. The latest article from TMT finance yesterday has some fairly specific details, and most importantly, seems to suggest that the price demanded for SFR is now approaching what we would see as fair value.
- Carole Braudeau
Credit Morning 07/03/2025
Orano warns of bankruptcy of its subsidiary in Niger|Afflelou: S&P and Fitch maintain ratings and outlooks stable after dividend|Maxeda: excellent Q1 results, debt buybacks continue, no comment on the refinancing|Bouygues and Iliad are reportedly discussing a split of SFR (BFM Business)|
- Carole Braudeau
Morning Crédit 03/07/2025
Orano alerte sur la faillite de sa filiale au Niger|Afflelou : S&P et Fitch maintiennent les ratings et outlooks stables après le dividende|Maxeda : très bons résultats T1, les rachats de dettes se poursuivent, pas de commentaires sur le refinancement|Bouygues et Iliad discuteraient d’un partage de SFR (BFM Business)|
- Julian Dobrovolschi
- Thomas Zlowodzki
ENX EURONEXT NV
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
ITRK INTERTEK GROUP PLC
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
WPP WPP PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALKAL KALRAY SA
JEN JENOPTIK AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Julian Dobrovolschi
- Thomas Zlowodzki
ENX EURONEXT NV
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
ITRK INTERTEK GROUP PLC
VNA VONOVIA SE
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
WPP WPP PLC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALKAL KALRAY SA
JEN JENOPTIK AG
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
ARM ARM HOLDINGS PLC
AMS AMS-OSRAM AG
- Stephane Beyazian
- Sven Edelfelt
- Stephane Beyazian
- Sven Edelfelt
Bouygues: Monthly disclosure of the total number of shares and voting ...
Bouygues: Monthly disclosure of the total number of shares and voting rights REGULATED INFORMATION MONTHLY DISCLOSURE OF THE TOTAL NUMBER OF SHARES AND VOTING RIGHTS Paris, 01/07/25 Article 223-16 of the AMF General Regulation Date Shares Voting rights Theoretical (1) Exercisable (2) 30 June 2025 382,851,284 497,542,923 495,349,631 (1) In accordance with Article 223-11 of the AMF General Regulation, this number is calculated on the basis of all the shares to which voting rights are attached, including shares for which voting rights have been suspended.(2) For ...
Bouygues : Publication mensuelle du nombre d'actions composant le capi...
Bouygues : Publication mensuelle du nombre d'actions composant le capital et du nombre total de droits de vote INFORMATION REGLEMENTÉE PUBLICATION MENSUELLE DU NOMBRE D'ACTIONS COMPOSANT LE CAPITAL ET DU NOMBRE TOTAL DE DROITS DE VOTE Paris, le 01/07/25 Article 223-16 du Règlement général de l’AMF Date Nombre d’actions composant le capital Nombre total de droits de vote théoriques (1) exerçables (2) 30 juin 2025 382 851 284 497 542 923 495 349 631 (1) Conformément à l’article 223-11 du Règlement général de l’AMF, nombre calculé sur la base de l’ensemble des a...
- Russell Waller
Bouygues (Buy, TP: €55, +47%) Bouygues Telecom CFO meeting: Pricing, ...
We met Bouygues Telecom CFO, Christian Lecoq in Paris, and provide feedback in this report. We are Buyers of Bouygues due to the strength of the FCF growth to come (telco and non-telco), and the possible Telco M&A upside. In addition, we think that the fibre JVs provide hidden value not fully appreciated by the market. We lift our target to €55 as we now incorporate these into our SOP.
- Russell Waller
Bouygues: Monthly disclosure of the total number of shares and voting ...
Bouygues: Monthly disclosure of the total number of shares and voting rights REGULATED INFORMATION MONTHLY DISCLOSURE OF THE TOTAL NUMBER OF SHARES AND VOTING RIGHTS Paris, 02/06/2025 Article 223-16 of the AMF General Regulation Date Shares Voting rights Theoretical (1) Exercisable (2) 31 May 2025 382,260,376 490,734,378 488,575,494 (1) In accordance with Article 223-11 of the AMF General Regulation, this number is calculated on the basis of all the shares to which voting rights are attached, including shares for which voting rights have been suspended.(2) F...
Bouygues : Publication mensuelle du nombre d'actions composant le capi...
Bouygues : Publication mensuelle du nombre d'actions composant le capital et du nombre total de droits de vote INFORMATION REGLEMENTÉE PUBLICATION MENSUELLE DU NOMBRE D'ACTIONS COMPOSANT LE CAPITAL ET DU NOMBRE TOTAL DE DROITS DE VOTE Paris, le 02/06/2025 Article 223-16 du Règlement général de l’AMF Date Nombre d’actions composant le capital Nombre total de droits de vote théoriques (1) exerçables (2) 31 mai 2025 382 260 376 490 734 378 488 575 494 (1) Conformément à l’article 223-11 du Règlement général de l’AMF, nombre calculé sur la base de l’ensemble des...
- Carole Braudeau
- Carole Braudeau
- Russell Waller
Altice France (Overweight) Key questions from the Q1 25 results and m...
Last week SFR reported weak numbers at the SR and EBITDA level (HERE). We are surprised the bonds have not been sold off more. Possibly that is because new OpFCF guidance is for OpFCF to be up y/y despite the EBITDA declines, and/or investors think fundamentals are not important when there is a high chance of M&A. We are overweight the bonds based on the likelihood that M&A happens this year – HERE – but absent M&A, it is hard to find much to cheer about in the results: KPIs are solid, but stabi...
- Russell Waller
Altice France (SFR) Q1 25: Positive new OpFCF guidance despite weak SR...
Altice France has reported Q1 25 results which are quite weak at both the SR and EBITDA level. There is new guidance on OpFCF, which is for it be up y/y (i.e. for capex declines to offset EBITDA declines (which slipped to –11.6% y/y ex construction from –11.2% y/y in Q4 24)), which is a positive, but we can’t help but feel that the OpFCF guidance has been given in order to distract from the weak underlying numbers. We are overweight the bonds based on the likelihood that M&A happens this year bu...
- Carole Braudeau
Credit Morning 05/27/2025
Strategic Transformation of Thyssenkrupp|Bertrand Franchise reported an 8.5% decline in Q1 25 EBITDA|Ardian is reportedly looking into acquiring SFR networks to ease consolidation (BFM Business)|MasOrange and Vodafone Spain are considering selling only 20% of Fiberco (Expansion)|
- Carole Braudeau
Morning Crédit 27/05/2025
Strategic Transformation of Thyssenkrupp|Bertrand Franchise a publié un EBITDA en repli de -8.5% au T1 25|Le fonds Ardian étudierait une reprise des réseaux de SFR pour faciliter une consolidation (BFM Business)|MasOrange et Vodafone Spain réfléchiraient à céder seulement 20% du capital de Fiberco (Expansion)|
- Julian Dobrovolschi
ENGI ENGIE SA.
EN BOUYGUES SA
HNR1 HANNOVER RUECK SE
CEZ CEZ AS
KBC KBC GROUP N.V.
RF EURAZEO SA
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
RWE RWE AG
VER VERBUND AG CLASS A
DTE DEUTSCHE TELEKOM AG
ANA ACCIONA SA
BC8 BECHTLE AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
SIE SIEMENS AG
PIRC PIRELLI & C. S.P.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SYENS SYENSQO
CVC CVC CAPITAL PARTNERS PLC
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