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.
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.
BT’s stock is trading off 6% at the time of publication on a quarter where EBITDA beat consensus and all profitability guidance has been maintained. In fact, given the future guidance now also includes an incremental £100m impact from last week’s Budget, the guidance is actually an upgrade.
3Q'24 vs. 3Q'23 Results Sales: € 10.023 Bn (-2.9% vs. -3.7% BS(e) and -3.3% consensus); EBITDA: € 2.946 Bn (-11.5% vs. -2.2% BS(e) and -3.2% consensus); EBIT: € 740.0 M (-30.0% vs. -9.3% BS(e) and -2.6% consensus); Net Profit: € 10.0 M (-98.0% vs. -50.2% BS(e) and -34.5% consensus); 9M'24 vs. 9M'23 Results Sales: € 30.418 Bn (-0.3% vs. -0.6% BS(e) and -0.4% consensus); EBITDA: € 9.37 Bn (-2.3% vs. +0.9% BS(e) and +0.5% consensus); EBIT: € 2.803 Bn (-5.8% vs. +1.6% BS(e) and +3.9% consensus); Net...
>Q3 2024 results 1% with consensus - Q3 2024 revenues are down 3% y-o-y to € 10,023m, due to negative forex changes, and in line with consensus (consensus € 9,983m, ODDO BHF € 10,356m). Q3 2024 EBITDA was down 2.5% y-o-y to € 3,260m or 1% above consensus (consensus € 3,224m). EBITDAaL was down 3.4% at € 2,595m, also 1% above expectations (consensus € 2,564m, ODDO BHF € 2,683m).2024 targets are confirmed: revenue growth of 1%, EBITDA 1-2%A, FCF > 10%. The targets ...
>Q3 2024 results 1% with consensus - Q3 2024 revenues are down 3% y-o-y to € 10,023m, due to negative forex changes, and in line with consensus (consensus € 9,983m, ODDO BHF € 10,356m). Q3 2024 EBITDA was down 2.5% y-o-y to € 3,260m or 1% above consensus (consensus € 3,224m). EBITDAaL was down 3.4% at € 2,595m, also 1% above expectations (consensus € 2,564m, ODDO BHF € 2,683m).2024 targets are confirmed: revenue growth of 1%, EBITDA 1-2%A, FCF > 10%. The targets ...
Rdos. 3T'24 vs 3T'23: Ventas: 10.023 M euros (-2,9% vs -3,7% BS(e) y -3,3% consenso); EBITDA: 2.946 M euros (-11,5% vs -2,2% BS(e) y -3,2% consenso); EBIT: 740,0 M euros (-30,0% vs -9,3% BS(e) y -2,6% consenso); BDI: 10,0 M euros (-98,0% vs -50,2% BS(e) y -34,5% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 30.418 M euros (-0,3% vs -0,6% BS(e) y -0,4% consenso); EBITDA: 9.370 M euros (-2,3% vs +0,9% BS(e) y +0,5% consenso); EBIT: 2.803 M euros (-5,8% vs +1,6% BS(e) y +3,9% consenso); BDI: 989...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, AEDAS, AMADEUS, ARCELORMITTAL, INDRA, INMOBILIARIA COLONIAL, ROVI, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain. European stock markets do not welcome Trump European stock markets saw strong corrections, particularly the Ibex after D. Trump’s victory. On the contra...
In today's Morning Views publication we comment on developments of the following high yield issuers: Air France-KLM, AMS Osram, Banijay, Ahlstrom, Sappi, Trivium, Verisure, TI Fluid Systems, Telecom Italia, Nexans, PureGym, Nokia, Ardagh Metal Beverage Packaging, Gestamp
Last week, we reviewed the UK altnet market. So this week, we turn our attention to Germany and how the fibre challengers are developing in that market. We have done a lot of work over the past few months on the MDU market in Germany for TeleColumbus and OXG. So now, we specifically focus on Deutsche Glasfaser and the recent UGG/ Infrafibre deal, as these players mount their challenge against DT in the SDU market.
>IRIS²: a high cost, new investments for SES and Eutelsat - The European Commission has awarded a 12-year concession contract for the design, delivery and operation of the IRIS² constellation to SpaceRISE, a consortium composed of Eutelsat, SES and Hispasat. IRIS2 will have 260 low earth orbit satellites (LEO, orbit used by OneWeb/Eutelsat) and 18 medium earth orbit satellites (MEO, the orbit for which SES is the only player). Orange and Deutsche Telekom are partners,...
>IRIS² : un coût élevé, de nouveaux investissements pour SES et Eutelsat - La Commission européenne a attribué un contrat de concession de 12 ans pour la conception, la livraison et l'exploitation de la constellation IRIS² à SpaceRISE, un consortium composé d'Eutelsat, SES et Hispasat. IRIS2 comptera 260 satellites de basse orbite (LEO, orbite utilisée par OneWeb/Eutelsat) et 18 de moyenne orbite (MEO, l’orbite dont SES est le seul acteur). Orange et Deutsche Telekom ...
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