BT (Buy, 220p, +53%) The press is not right – Mittal has not “complet...

BT has disclosed that Mittal now has a 24.5% voting interest in BT. Therefore, the press is reporting that Mittal has now completed the stake purchase.

Liberty Global (Neutral, $14, +14%) Post-Sunrise spin review: New tar...

The Sunrise spin has now been completed. In our Q3 results note, we set out our preliminary views on how Liberty post-Sunrise spin could look.

Credit Morning 11/14/2024

Banco BPM acquires 5% stake in Banca MPS>...

Morning Crédit 14/11/2024

Banco BPM achète une participation de 5% dans Banca MPS>...

Vodafone (Buy, 140p, +100%) Post call thoughts: What is needed to hit...

Vodafone’s H1 earnings call recently wrapped up with the stock having sold off during and after the call. We review our thoughts on this and in this note show some further analysis on what would be required to meet the FY EBITDA guidance based on the new comments given in the call.

Vodafone (Buy, 140p, +100%) H1 25 - Questions still lingering in Germ...

Vodafone has reported their H1 results, and although headline numbers were in line with expectations and all guidance has been reiterated.

Altice International (Over weight) Digi (Equal weight) NOS (Neutral, T...

Digi launched in Portugal, one week ago – read our take HERE. In this report we look at how the launch has been received in Portugal (including a run-through of tariff changes by the incumbents).

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.

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.

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.

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,

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...

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.>...

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.>...

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 ...

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 ...

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...

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

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...

Vodafone UK-3 merger: Detailed review of CMA remedy paper