Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Modulaire, evoke, Novelis, TalkTalk, Zegona, NewDay, Flora Food Group, Borr Drilling, Solenis, TUI, Air Baltic

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Sappi, Multiversity, TalkTalk, Tullow Oil, Softbank Group, Novelis

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Altice France (SFR), Zegona, Urbaser, Telecom Italia, TalkTalk, Nemak, Tata Motors, Tereos, Grupo Antolin, Rexel, Iceland Foods

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Trivium, Applus, Altice France (SFR), Casino Guichard-Perrachon, International Personal Finance, TeamSystem, Aston Martin, Virgin Media O2, Liberty Global, TalkTalk, Recordati, Tata Motors, Nexans, Italmatch Chemicals, Itelyum Group, Teva

TalkTalk (1st Lien - Overweight) New capital injection a mixed blessi...

TalkTalk has announced a new funding arrangement of up to £100m of extra liquidity. They have also provided new guidance and we run though our take on the new funding and the new guidance. We then provide an update to our forecasts and what this might mean for M&A possibilities

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Intrum, MasOrange, Victoria, TalkTalk, House of HR, Vallourec, Recordati, Ahlstrom, Ineos Quattro

Talktalk - ESG Report - Lucror Analytics

Vodafone (Buy, £1.20, +40%) Q1 26: Clearer evidence of value over volu...

Vodafone’s Q1 results do show some signs of improving revenue growth in Germany with a more disciplined approach to pricing. We think Vodafone still looks very attractively priced at the moment, but we believe a longer-term outlook from management would help to underpin more confidence in the investment case.

BT Group (Buy, £2.65, +26%) Q1 26: The line loss debate continues (in ...

BT’s Q1 results were broadly in line with expectations financially, but the eye-grabbing number is the lower Openreach line losses compared to prior quarters.

EU Telecoms: Half-time 2025 Review Sector has outperformed: More sele...

The European Telecoms continues to outperform: up 17% YTD vs. the market up 10%. While this is great to see, adding to the 12pp outperformance in 2024 and supporting our investment thesis of improving regulation, it does mean the equity upside story from here is becoming more selective.

TalkTalk (Overweight 1st lien) Deeper dive on customer trends and est...

There is a lot of focus (quite rightly) on TalkTalk’s customer trends as a longer-term indicator of their growth trajectory but the initial Q1 results suggested a wide range of outcomes.However, we now have more detail on this from the company and in this note, we take a deeper dive into the precise customer trends and provide an updated set of forecasts. For BT, we then also assess the potential impact that this might be having on Openreach.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: TalkTalk, Zegona, Ontex, EnQuest Plc, Froneri, Loxam

TalkTalk (1st lien Overweight) Q1: Rising customer churn an additiona...

TalkTalk has reported Q1 results – the first time that they have done so. Rising churn appears to be acting as a further drag on customer trends which puts even more weight on the need for their consumer brand relaunch to be a success, albeit we are cautious on the level of impact this will have given constrained resources. The company suggested that they have received some inbound M&A interest and we still see a sale as the most likely ultimate option which we believe should help to support the...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: CMA CGM, Cirsa, Ineos, Ineos Quattro, TalkTalk, Picard, Telecom Italia, Air France-KLM

Vodafone (Buy, £1.20, +50%) Tele Columbus (Overweight) German TV refr...

Over the past year, Vodafone and TeleColumbus have been hugely affected by the MDU bulk migration. However, going into the second half of 2025, we will start to lap this impact so trends will revert to something more “normal”.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Bite, TalkTalk, Samvardhana Motherson, Biogroup, Cirsa

Vodafone to Virgin spectrum sale: More details revealed

As part of the Vodafone-Three merger (VOD3UK), the merging companies committed to sell a portfolio of spectrum to VMO2. The details of that spectrum portfolio have now been formally disclosed by Ofcom, which has published a notification listing the frequencies that are due to be transferred (LINK). In this note, we run through the final decisions and implications for potential UK revenue share.

BT (Buy, 265p, +47%) Was 240p Upside beyond the mythical £3bn FCF t...

BT’s target to reach £3bn FCF by the end of the decade has almost become mythical in status. Initially set back in 2021, is it the longest-standing piece of guidance (ever) in the telecoms sector? Quite possibly – and yet we are only half-way there.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: TalkTalk, La Doria, Asmodee, Synthomer, Vedanta Resources, Ineos Quattro, Odigeo

TalkTalk (1st lien to Overweight) CEO meeting feedback: M&A optionali...

We recently met with James Smith, TalkTalk CEO. With the 1st lien bond now trading at 45 or 2.8x EBITDAaL after a sharp sell off in recent weeks, we believe that the risk-reward now looks attractive with M&A optionality not being priced in and upgrade the first-lien debt to Overweight.