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James Ratzer
  • James Ratzer

BT (Buy, 220p, +53%) The press is not right – Mittal has not “complet...

BT has disclosed that Mittal now has a 24.5% voting interest in BT. Therefore, the press is reporting that Mittal has now completed the stake purchase.

Felix Fischer ... (+7)
  • Felix Fischer
  • Haidje Rustau
  • Ian Wong
  • Jayanth Kandalam
  • Peter Low
  • Si Yong Ng
  • Tanvi Arora

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Air Baltic, Aggreko, PHM Group, Rekeep, Hapag-Lloyd, Bite, Applus, Iliad, Digi Communications, Kem One, Axactor, Nomad Foods (Iglo), Premier Foods, CBR Fashion, Telecom Italia, Boparan, Altice France (SFR), Ineos, Ineos Quattro, Casino Guichard-Perrachon

Stephane Beyazian
  • Stephane Beyazian

Telecom Italia : Q3 2024: enterprise stronger, consumer still difficul...

>Q3 2024 earnings still growing excluding forex impact - Q3 2024 group service revenues were flat y-o-y at € 3,367m, in line with expectations (ODDO BHF € 3,322m, consensus € 3,366m). Like-for-like (excluding the sale of NetCo and negative forex changes with Brazil), group service revenues are up 4.5% y-o-y driven by Brazil (+7%) and domestic Enterprise (+11%). Q3 2024 organic EBITDAaL of € 931m is 1% below expectations (ODDO BHF € 943m, consensus € 947m) but still up...

Stephane Beyazian
  • Stephane Beyazian

Deutsche Telekom : Q3 2024: Germany not much impacted by higher compet...

>Q3 2024: solid figures with adjusted EBITDAaL +6% y-o-y - Q3 2024 sales are up 4% like-for-like y-o-y to € 28,501m in line with consensus (ODDO BHF € 28,028m, consensus € 28,470m). Q3 2024 adjusted EBITDAaL is up 6% y-o-y to € 11,096m or 1% above consensus (ODDO BHF € 10,972m, consensus € 11,045m). FCFaL are up 28% year-to-date to € 15bn, helped by lower cash capex (-10% year-to-date).Deutsche Telekom is overall confirming guidance: (i) adjusted EBITDAaL of € 4...

Stephane Beyazian
  • Stephane Beyazian

Deutsche Telekom : Q3 2024: Germany not much impacted by higher compet...

>Q3 2024: solid figures with adjusted EBITDAaL +6% y-o-y - Q3 2024 sales are up 4% like-for-like y-o-y to € 28,501m in line with consensus (ODDO BHF € 28,028m, consensus € 28,470m). Q3 2024 adjusted EBITDAaL is up 6% y-o-y to € 11,096m or 1% above consensus (ODDO BHF € 10,972m, consensus € 11,045m). FCFaL are up 28% year-to-date to € 15bn, helped by lower cash capex (-10% year-to-date).Deutsche Telekom is overall confirming guidance: (i) adjusted EBITDAaL of € 4...

James Ratzer
  • James Ratzer

Deutsche Telekom (Buy, €36, +30%) Q3 24: Not yet benefitting from the...

After all the excitement of the CMD, we are back to business with a modest upgrade to DT’s ex-US EBITDA guidance, supported both by Germany and Europe.

Stephane Beyazian
  • Stephane Beyazian

Telecom Italia : Q3 2024: enterprise stronger, consumer still difficul...

>Q3 2024 earnings still growing excluding forex impact - Q3 2024 group service revenues were flat y-o-y at € 3,367m, in line with expectations (ODDO BHF € 3,322m, consensus € 3,366m). Like-for-like (excluding the sale of NetCo and negative forex changes with Brazil), group service revenues are up 4.5% y-o-y driven by Brazil (+7%) and domestic Enterprise (+11%). Q3 2024 organic EBITDAaL of € 931m is 1% below expectations (ODDO BHF € 943m, consensus € 947m) but still up...

Stephane Beyazian
  • Stephane Beyazian

Telecom Italia : Q3 2024: enterprise stronger, consumer still difficul...

>Q3 2024 earnings still growing excluding forex impact - Q3 2024 group service revenues were flat y-o-y at € 3,367m, in line with expectations (ODDO BHF € 3,322m, consensus € 3,366m). Like-for-like (excluding the sale of NetCo and negative forex changes with Brazil), group service revenues are up 4.5% y-o-y driven by Brazil (+7%) and domestic Enterprise (+11%). Q3 2024 organic EBITDAaL of € 931m is 1% below expectations (ODDO BHF € 943m, consensus € 947m) but still up...

Jan Frederik Slijkerman ... (+5)
  • Jan Frederik Slijkerman
  • Jeroen van den Broek
  • Jesse Norcross
  • Nadège Tillier
  • Timothy Rahill

Coffee, Croissants & Credit/E.ON, Hera, ASML, Deutsche Telekom, Teleco...

Utilities - E.ON: Indebtedness increases; bonds look too expensive. Hera posted robust 9M24 results

Alvaro del Pozo
  • Alvaro del Pozo

DEUTSCHE TELEKOM: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'24 vs 3T'23: Ventas: 28.501 M euros (+3,4% vs +3,7% BS(e) y +3,4% consenso); EBITDA: 11.096 M euros (+5,8% vs +5,5% BS(e) y +5,6% consenso); BDI: 2.335 M euros (+3,0% vs +5,3% BS(e) y +5,6% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 84.837 M euros (+78,2% vs +78,3% BS(e) y +78,1% consenso); EBITDA: 32.388 M euros (+6,2% vs +6,1% BS(e) y +6,2% consenso); BDI: 7.050 M euros (+15,3% vs +16,2% BS(e) y +16,3% consenso).

Research Department
  • Research Department

INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’24. IDEAS DESTACADAS Y P...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRIFOLS, IBERDROLA. EUROPA: ASML, DEUTSCHE TELEKOM, PROSUS, SIEMENS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. La inflación estadounidense sigue el camino esperado Las bolsas europeas terminaron con caídas, aunque el dato de i...

Felix Fischer ... (+4)
  • Felix Fischer
  • Haidje Rustau
  • Ian Wong
  • Tanvi Arora

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Nexans, Almaviva, Best Secret (Schustermann & Borenstein), PureGym, Telecom Italia, Vallourec, Nokia, Infopro Digital, Cirsa

Ben Rickett ... (+2)
  • Ben Rickett
  • James Ratzer

Telecom Italia (Buy, €0.33, +37%) Q3 24 – The domestic value is emergi...

TI shares still haven’t really recovered from the CMD in March, but if the strong operational performance as seen in the Q3 results can continue, then over time hopefully the share price should follow.

Haidje Rustau ... (+6)
  • Haidje Rustau
  • Ian Wong
  • Jayanth Kandalam
  • Peter Low
  • Si Yong Ng
  • Trung Nguyen

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: PHM Group, Rekeep, Air Baltic, Telecom Italia, Digi Communications, Huhtamaki, Boels, Nomad Foods (Iglo), Arxada, Ardagh, Softbank Group, Samvardhana Motherson, Borr Drilling, Iceland Foods

Jan Frederik Slijkerman
  • Jan Frederik Slijkerman

TMT hybrid yields trended lower/Move up in quality

In this report we evaluate spreads in the TMT hybrids space. Over the year, TMT hybrid notes have performed well. However, we now think the tightening potential over senior notes is more limited. One can move up in quality (or lower duration) without giving up much additional spread.

James Ratzer
  • James Ratzer

Telefonica (Neutral, €4.5, +7%) Q3 24 – Revenue, EBITDA and FCF beat

Telefonica’s Q3 results are solid, being marginally ahead of consensus across the board. In particular, strong KPIs in Spain and high organic growth in Brazil stands out, and with all guidance reiterated, we believe there could be some upside to consensus estimates.

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