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
>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...
>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...
>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...
>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...
>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...
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).
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...
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
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.
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