View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports
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.

James Ratzer
  • James Ratzer

BT Group (Buy, 220p, +64%) Was 225p Q2 25: Is the share price decline...

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.

Alvaro del Pozo
  • Alvaro del Pozo

TELEFÓNICA: MENSAJES DE LA CONFERENCE CALL RDOS. 3T’24 (ANÁLISIS BANCO...

De la conference call de Rdos. 3T’24 destacamos los siguientes mensajes:  España: A pesar de un entorno de mayor competencia en el segmento de bajo costo,

Alvaro del Pozo
  • Alvaro del Pozo

TELEFÓNICA: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

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...

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/07/2024

Banco BPM reports strong Q3 results and launches a takeover bid on Anima. Coty: cautious tone after Q1 results. Call and tender offer on certain bonds maturing in 2026.>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 07/11/2024

Banco BPM publie de solides résultats T3 et lance une offre sur Anima Coty : un ton prudent après les résultats T1. Rachat de certaines obligations 2026.>...

Stephane Beyazian
  • Stephane Beyazian

Telefonica : Q3 2024: better group FCF growth on non-recurring items

>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 ...

Stephane Beyazian
  • Stephane Beyazian

Telefonica : Q3 2024: better group FCF growth on non-recurring items

>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 ...

Alvaro del Pozo
  • Alvaro del Pozo

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

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...

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

Coffee, Croissants & Credit/Enel, Engie, Verbund, SES, Telefonica, BT

Utilities - Enel: 9M24 robust results support our positive view. Engie: 9M24 results disappoint but YE24 guidance maintained. Verbund: poor 9M24 results as expected

Research Department
  • Research Department

IBERIAN DAILY 07 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...

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...

Haidje Rustau ... (+5)
  • Haidje Rustau
  • Ian Wong
  • Jayanth Kandalam
  • Peter Low
  • Si Yong Ng

Lucror Analytics - Morning Views Europe

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

James Ratzer
  • James Ratzer

GERMAN ALTNET UPDATE: What will be the key to success?

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.

Konrad Zomer ... (+2)
  • Konrad Zomer
  • Stephane Beyazian

ODDO : Two more constellations! IRIS² and Apple-GlobalStar

>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,...

Konrad Zomer ... (+2)
  • Konrad Zomer
  • Stephane Beyazian

ODDO : Et deux constellations de plus ! IRIS² et Apple-Globalstar

>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 ...

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch