reports
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- Joachim Gunell
Ericsson (Hold, TP: SEK84.00) - Gross margin cracks start to form
We expect Q1 adj. EBITA to beat Infront consensus by 10%. However, Ericsson’s challenges for 2025e are mounting: 1) gross margin headwinds (key for its share price); 2) faded earnings and FCF momentum with -2% adj. EBITA and -40% FCF growth YOY forecasts after a strong 2024; 3) a low likelihood of share buybacks in 2025, despite its overcapitalisation; and 4) the potential CEO succession could create a wait-and-see scenario. We have lowered our 2025e adj. EPS by 18% (mainly FX) and reiterate our...
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 4Q24
We publish today our comprehensive quarterly bible: 240 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides.
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
IFX INFINEON TECHNOLOGIES AG
TXG 10X GENOMICS INC CLASS A
ERIC.B ERICSSON
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
WOLF WOLFSPEED INC
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
- Pierre FerraguÊ
Bible 4Q24: Telecom Infrastructure – Recovery across the board
Today, we are publishing the Telecom Infrastructure section of our 26th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Telecom capex rebounded, up 13% YoY, driving a strong recovery across the value chain—from fixed and mobile equipment to semiconductors. Nokia remains our top pick in the sector.
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Youssef Besbes
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
BAS BASF SE
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
NOVO B NOVO NORDISK A/S
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Youssef Besbes
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
BAS BASF SE
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
NOVO B NOVO NORDISK A/S
- Maissa Keskes
- Stephane Houri
- Maissa Keskes
- Stephane Houri
- Joachim Gunell
Ericsson (Hold, TP: SEK93.00) - Earnings beat streak off course
Ericsson stock faced a high bar into Q4 earnings, and while headline adj. EBITA fell short of lofty expectations, we view it as a useful building block for the medium-term margin case. As we believe the share price now captures the near-term outlook, we have downgraded to HOLD (BUY), having lowered our target price to SEK93 (100) and cut our 2025e adj. EBITA by 4%.
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Baptiste Salaville
- Stefano Toffano
- Baptiste Salaville
- Stefano Toffano
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