reports
- Chris Hoare
South African Telcos South African Telcos - CY23 H2 review – Modest i...
H2 was a better semester for the SA Telcos. Service revenue and EBITDA trends improved and capex – while still above historic levels – was contained. However, improvements were modest as the environment remains difficult and growth remains limited.
- Research Department
IBERIAN DAILY 29 APRIL + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...
NEWS SUMMARY: BBVA, CAF, IAG, NATURGY, TELEFÓNICA, UNICAJA. 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 1Q’24 results to be released over the coming days in Spain. The Ibex hits new annual highs Friday’s gains, driven by the good earnings season on both sides of the Atlantic and some widening in sovereign yields led stock exchanges to end in positive territory, particul...
- Research Department
INFORME DIARIO 29 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, CAF, IAG, NATURGY, TELEFÓNICA, UNICAJA. EUROPA: PHILIPS. 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. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex logra nuevos máximos de 2024 Los avances del viernes, impulsados por la buena campaña de resultados a ambos lados del Atlánti...
- Carole Braudeau
- Carole Braudeau
- James Ratzer
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
HEIA HEINEKEN NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
ABB ABB LTD.
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
OR L'OREAL SA
SCHP SCHINDLER HOLDING AG PREF
EZJ EASYJET PLC
VOD VODAFONE GROUP PLC
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AGN AEGON N.V.
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
HEIA HEINEKEN NV
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
SU SCHNEIDER ELECTRIC SE
BNP BNP PARIBAS SA CLASS A
ABB ABB LTD.
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
OR L'OREAL SA
SCHP SCHINDLER HOLDING AG PREF
EZJ EASYJET PLC
VOD VODAFONE GROUP PLC
WDP WAREHOUSES DE PAUW SCA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
AGN AEGON N.V.
- Stephane Beyazian
Vodafone : Adjustments to forecasts with exit from Spain
>Disposal of Spain, ahead of the upcoming divestment of Italy - We have downgraded our forecasts to reflect the disposal of Spain (but our forecasts do not include the divestment of Italy pending the regulatory agreement): we have reduced our sales estimates by 15% from FY 2025 (to € 40bn), by 5% for EBITDAal (to € 12.2bn) and by 12% for FCFaL (to € 2.6bn). The EPS impact is, however, not significant, as the Spanish unit is not profitable.Pro-forma FY 202...
- Stephane Beyazian
Vodafone : Ajustements des prévisions avec la sortie de l’Espagne
>Cession de l’Espagne, avant celle à venir de l’Italie - Nous révisons à la baisse nos prévisions pour intégrer la cession de l’Espagne (nos prévisions n’intègrent toutefois pas encore la cession de l’Italie dans l’attente de l’accord réglementaire) : nous abaissons de 15% nos estimations de CA à partir de FY 2025 (à 40 Md€), de 5% en EBITDAal (à 12,2 Md€) et de 12% en FCFaL (à 2,6 Md€). L’impact BPA est toutefois non significatif, l’activité espagnole n’étant pas pro...
- Research Department
INFORME DIARIO 16 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NATURGY, SECTOR BANCOS, TALGO, TELEFONICA. EUROPA: ENI, KERING. 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. 1T’24 que se publicarán en España y Europa en los próximos días. Con Oriente Medio en el punto de mira Inicio de la semana positivo en los mercados europeos a pesar del ataque sin consecuencias...
- Research Department
IBERIAN DAILY 16 APRIL + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABAD...
NEWS SUMMARY: BANKING SECTOR, NATURGY, TALGO, 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 1Q’24 results to be released over the coming days in Spain. All eyes on the Middle East European stock markets saw a good start to the week despite Iran’s attack without consequences against Israel last weekend and with sovereign yields widening significantly (US yield abov...
- James Ratzer
- Bruno Cavalier
- Emira Sagaama
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 09/04/2024 Date Performance dep...
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
SDG SYNERGIE SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BAMNB KONINKLIJKE BAM GROEP NV
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
DEME DEME GROUP NV
LHYFE LHYFE S.A.
- Bruno Cavalier
- Emira Sagaama
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 04/09/2024 Date Performance sin...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
SDG SYNERGIE SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BAMNB KONINKLIJKE BAM GROEP NV
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
DEME DEME GROUP NV
LHYFE LHYFE S.A.
- Emira Sagaama
- Jerôme Bodin
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
VIV VIVENDI SE
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Bruno Cavalier
- Emira Sagaama
- Jerôme Bodin
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
VIV VIVENDI SE
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ODDO : Altice: after debt restructuring, a commercial tour de force?
>Our scenario for the restructuring of Altice France - Faced with a debt wall in 2027-2029 (€ 22bn) and already negative FCF, Altice France has opted to force the hand of its creditors by attempting to impose the restructuring of its debt. We see three scenarios: 1/ A general agreement: assuming the reinitialisation of leverage in 2024 at 3.7x and the use of the ~€ 5.4bn proceeds from divestments (Altice Media, La Poste Mobile, XP Fibre, data centres), we calcul...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Research Department
IBERIAN DAILY 09 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, ENAGÁS, MERLIN PROPERTIES, TALGO, TELEFÓNICA. Transitional session Awaiting the release of US inflation data, the ECB meeting and the start of the results season, European stock markets ended with slight gains, lacking a clear driver and with cyclicals favoured, along with widening in sovereign debt. In the STOXX 600, the best-performing sectors were Basic Materials and Autos, whereas Household Goods and Media ended with the biggest drops. On the macro side, in Spain Fun...
- Konrad Zomer
- Stephane Beyazian
ODDO : Altice : après le tour de force obligataire, un tour de force c...
>Notre scenario de restructuration d’Altice France - Face à son mur de dette sur 2027-2029 (22 Md€) et ses FCF déjà négatifs, Altice France a choisi de forcer la main de ses créanciers en tentant d’imposer une restructuration de sa dette. Notre équipe crédit, dans une note publiée ce matin, perçoit trois scenarios : 1/ Un accord général : en supposant une réinitialisation du levier 2024 à 3,7x et l’utilisation de ~5,4 Md€ de produits de cession (Altice Medi...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
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