reports
- Russell Waller
Deutsche Telekom AG: 1 director
A director at Deutsche Telekom AG sold 1,796 shares at 29.310EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
- Russell Waller
Altice France equity (Neutral, TP: €10.3, -14%) Altice France bonds (E...
The price war at the low end of the French mobile market, which began at the beginning of summer 2024, and which we have written about extensively (HERE, HERE, HERE and HERE), appears to be coming to an end, thanks to some tariff changes that should lead to higher APRUs. We show some new work on tariffs in France in this short report, that should be good for all the MNOs.
- James Ratzer
UK consolidation Should VMO2 consider shutting down its HFC network?
Two of the most common questions we get asked at the moment are: 1) How will the UK broadband market consolidate?, and 2) What can VMO2 do to turn around their performance? We believe an interesting answer to both of these questions could be for VMO2 to consider shutting down their HFC network and moving to wholebuy Openreach’s FTTH network. This could be both value accretive for VMO2 and BT – and allow for a more rational UK market structure. In this thought-piece, we explore further how this...
- Russell Waller
Altice France equity (Neutral, TP: €10.3, -14%) Altice France bonds (E...
New Altice France debt and equity is now trading. Given the material change in bond terms, and the creation of a new separately traded equity piece, we reassess our rating, and think that at these levels the bonds look pretty fairly valued, and so take the bond rating to Equal weight from Overweight (the old bonds ended up +20% from the lows), and initiate on the equity with a Neutral, as we think that the equity is already implying a high probability of a deal happening, and see minimal underli...
- Nicolas David
- Stefano Toffano
- Thomas Zlowodzki
SGO COMPAGNIE DE SAINT-GOBAIN SA
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SZG SALZGITTER AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ERA ERAMET SA
DTE DEUTSCHE TELEKOM AG
FAE FAES FARMA S.A.
NDA AURUBIS AG
ANA ACCIONA SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
- Nicolas David
- Stefano Toffano
- Thomas Zlowodzki
SGO COMPAGNIE DE SAINT-GOBAIN SA
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
GIVN GIVAUDAN SA
SZG SALZGITTER AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ERA ERAMET SA
DTE DEUTSCHE TELEKOM AG
FAE FAES FARMA S.A.
NDA AURUBIS AG
ANA ACCIONA SA
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
RIO RIO TINTO PLC
UNI UNICAJA BANCO S.A.
BHP BHP GROUP LTD
CASH PROSEGUR CASH SA
HOME NEINOR HOMES SA
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
GRE GRENERGY RENOVABLES
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
- Stephane Beyazian
- Stephane Beyazian
- James Ratzer
CityFibre Q3: Significant customer acceleration with Sky launch & BT ...
CityFibre has just released a Q3 trading update which highlights the acceleration in customer volumes that they are seeing with Sky – and this is likely to put incremental pressure on BT, especially if momentum accelerates further in Q4 which we think could be likely.
- Ben Rickett
- James Ratzer
UK Fixed Market Review: Fewer lines to go round BT back to Neutral. D...
We now think the UK physical broadband line market is shrinking for the first time due to the impact of high penetration, FWA, satellite, mobile tethering and low economic growth. It is difficult to see this structural trend changing in the foreseeable future and we therefore adjust our view of UK fixed market growth – cutting our 2030 forecast for UK wireline broadband lines by 10%.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Russell Waller
Altice France (Overweight) Bouygues (Buy, TP: €52, +39%) Iliad (Equal ...
There have been a few recent reports that the sale process for XpFibre has heated up. It has been suggested that a sale might eventually be pulled and the stake used as a sweetener in any eventual deal; but actually, a sale could also be the first domino in the whole M&A process, as an XpFibre sale would help to ease leverage concerns that Bouygues might have from acquiring SFR. We still think a SFR-Bouygues deal is more likely than not by year end, and that Bouygues is the best way to play this...
- James Ratzer
TalkTalk (1st lien: From Overweight to Neutral) Update on new initiat...
In early June, we upgraded the TalkTalk 1st lien debt to Buy – and it has since rallied from 45 to 75. We have also now seen a good degree of the Consumer changes that TalkTalk highlighted were coming earlier this year and based on what we have seen, we see no reason to change our existing forecasts. In this note, we therefore run through the new initiatives, the valuation and hence, the driver of our decision to move the 1st lien bonds back to Neutral.
- James Ratzer
- James Ratzer
- Russell Waller
Why you should be reading the Tariff Tracker – a leading SR indicator
We publish monthly front book pricing data in our Tariff Tracker product. In this report we show some new analysis looking at how front book tariffs are a good leading indicator for service revenue trends in mobile and fixed, including new work looking at discounted and undiscounted prices.
- Ahmed Ben Salem
- Ahmed Ben Salem
- Stephane Beyazian
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