FWA is on the horizon It has the potential to be disruptive: Keep a v...

FWA has reached 38% penetration in Austria today, 13% in Italy, but is just 1-2% elsewhere in Europe. Furthermore, the EC has just made a major decision to dedicate a further 540MHz of spectrum to mobile carriers increasing their bandwidth by 60%.

Credit Morning 11/21/2025

Tereos : -66% EBITDA in H1 25/26 and expected leverage slippage to 6x in March 2026|Ubisoft: net bookings above expectations in Q2 2025/26. The group breached covenants of certain debt, some of which will be repaid using proceeds from the closing of the JV with Tencent|Orange/Iliad/Bouygues are reportedly mulling a wider offer for SFR (Financial Times)|

Morning Crédit 21/11/2025

Tereos : Résultats S1 25/26 : -66% d’EBITDA au S1 25/26 et dérapage attendu du levier à 6x en mars 2026|Ubisoft (UBIFP, non noté) : net bookings supérieurs aux attentes au T2 2025/26, la guidance annuelle est confirmée. Le groupe a brisé les covenants de certaines dettes qui seront remboursées grâce aux produits de la finalisation de la JV avec Tencent.|Orange/Iliad/Bouygues envisageraient une offre élargie sur SFR (Financial Times)|

INFORME DIARIO 21 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, TELEFÓNICA, UNICAJA. EUROPA: PROSUS. Nvidia, un impulso a las bolsas que se desinfla Los resultados publicados por la tecnológica disipan de momento las dudas en torno a la IA y provocó rebotes en los índices europeos superiores al 1% pero que se fueron moderando hacia el cierre del mercado con un Ibex que se quedó al borde de los 16.000 puntos. En el STOXX 600, Energía e Industriales fueron los que mayores ganancias presentaron frente a Autos...

IBERIAN DAILY 21 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAF, TELEFÓNICA, UNICAJA. Nvidia fuelled stock markets to later ease The results released by the technology group dispelled doubts surrounding AI for the time being, leading to the rally of European markets >1% that eased at the closing bell, with the Ibex near 16,000 points. In the STOXX 600, Energy and Industrial led gains vs. Autos and Media that posted the biggest drops. On the macro side, in the euro zone, December’s consumer confidence was disappointing after remaining at th...

Zegona - ESG Report - Lucror Analytics

AMD, CoreWeave, Autos & Semicap in 2026, and more, our Weekly wrap-up.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the names we followed last week, follow the link.

IBERIAN DAILY 17 NOVEMBER + 3Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ACS, 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’25 results to be released over the coming days in Spain. Fear of AI bubble brings volatility Following the record highs reached last week thanks to the hope of an end to the shutdown in the US and the solid business results, stock markets reeled in part of the gains due to the concerns of a bubble...

INFORME DIARIO 17 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, TELEFÓNICA. EUROPA: AIRBUS, PROSUS. 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’25 que se publicarán en España y Europa en los próximos días. El temor a una burbuja en la IA genera volatilidad en las bolsas Tras los máximos históricos alcanzados en la semana gracias a la esperanza de una resoluci...

Deutsche Telekom (Buy, €40, +46%) Three Key Points for Q3

In this note, we address DT’s Q3 results – and we focus on what we see as three key points of interest: 1) Given the new buyback, how does DT spend their €15bn of “surplus” capital? 2) What should we make of the new fibre messaging? 3) Where does DT go with its Nvidia relationship?

Deutsche Telekom : Guidance raised despite soft Q3 in Germany (as expe...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/13/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 13/11/2025

Coffee, Croissants & Credit/Deutsche Telekom, Grand City Properties

Telecom: Deutsche Telekom reports solid 3Q25 results. Real Estate: Grand City Properties 9M25: steady as she goes

DEUTSCHE TELEKOM: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 28.935 M euros (+1,5% vs +1,7% BS(e) y +1,2% consenso); EBITDA: 11.115 M euros (+0,2% vs +0,4% BS(e) y +0,2% consenso); BDI: 2.670 M euros (+14,3% vs +6,3% BS(e) y +6,1% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 87.361 M euros (+3,0% vs +3,1% BS(e) y +2,9% consenso); EBITDA: 33.412 M euros (+3,2% vs +3,2% BS(e) y +3,2% consenso); BDI: 7.617 M euros (+8,0% vs +5,4% BS(e) y +5,3% consenso).

Deutsche Telekom : Guidance raised despite soft Q3 in Germany (as expe...

INFORME DIARIO 13 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T'25. IDEAS DESTA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, SECTORIAL SOCIMIS. EUROPA: DEUTSCHE TELEKOM, SIEMENS, UNICREDIT. 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’25 que se publicarán en España y Europa en los próximos días. Fin al shutdown más largo de la historia Las bolsas europeas siguieron festejando el final del shutdown estadounidense, con ga...

Telefonica: A new strategic plan/Before the CMD, grand plans were disc...

Last week, Telefonica held its capital markets day and presented its long-awaited new strategy and 3Q25 results. Ahead of the CMD, a radical change in direction, including M&A, was discussed in the media but any such grand plans were missing from its new Strategic Plan. Notably, Telefonica has cut its dividend, but this seems more of a way to deal with weaker free cash flow than a way to cut indebtedness. Also, its outlook for growth remains muted. We are disappointed by Telefonica's outlook for...

Vodafone (Buy, 120p, +30%) H1 26 - Multiple re-rating in play

Vodafone has reported a decent set of H1 results and guidance has been moved to the upper-end of the guidance range (albeit us and consensus were already there). We think there is still a story for the multiple to be re-rated further – and even though there is new dividend guidance today, we also think there is potential for incremental cash return to come at the FY results.

BT (Neutral, 220p, +19%) H1 26: Let’s focus on Starlink & Openreach

Financial and KPI results were broadly in line with expectations and all financial guidance has been reiterated. Therefore, in this note we focus more on two specific angles – 1) How to digest the Openreach line losses and why FY26 might not be “peak line losses” and 2) What to make of the new Starlink deal announced, which we think could have interesting longer-term implications.