Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Airtel Africa has announced a second share buyback program of up to $100m, with the first $50m tranche starting today until the 24th of April 2025. This is positive news and as we wrote HERE reflects the strength of execution of AAF

Morning Crédit 23/12/2024

Ventes Retail France : un mois de novembre globalement positif mais avec des disparités|Biogroup : feedback conf call des résultats 9M 2024, les biologistes obtiennent quelques concessions de l’Assurance Maladie|

Credit Morning 12/23/2024

French retail sales: a decent month overall, but still with disparities|Biogroup: feedback 9M 2024 earnings call, biologists win some concessions from the Assurance Maladie|

European Telecoms: The Year Ahead 2025 Ongoing regulatory support all...

2024 saw the best outperformance for the telecoms sector since 2013 (and the third best since 2000) and ironically this came in a year with one of the lowest announced M&A volumes. We believe this is a testament to improved perception of the underlying fundamentals.

Vodafone Group Plc: Update following ratings affirmation

Our credit view of Vodafone reflects the company's commitment to its net leverage target, against its soft performance in the core German market.

Sub-Saharan African Telecoms Solid quarter; Q3 24 review

Q3 was a solid quarter for the Sub-Saharan African (SSA) operators. Airtel Africa continued to outperform peers from an EBITDA and capex perspective. We recently wrote on AAF’s strength of execution (HERE) where we also highlighted the extent of its outperformance which may surprise investors.

ODDO : Conclusions du T3 2024 en France

ODDO : Conclusions of Q3 2024 in France

Airtel Africa (Buy, TP: GBp200, +88%) Strength of execution

Airtel Africa is the outperformer among African portfolio telcos. Investors may be surprised at the extent of this outperformance which we highlight in this note.

Credit Morning 12/11/2024

Zalando launches takeover bid for About You|Moody’s downgrades Cheplapharm to B3/Stable|

Morning Crédit 11/12/2024

Zalando lance une offre de rachat sur About You|Moody’s downgrades Cheplapharm to B3/Stable|

Vodafone Group Plc - September 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Credit Morning 12/05/2024

The dividend paid out by Decathlon should support other AFM companies|Ipsos will not submit an offer for the acquisition of Kantar Media|Amundi and Allianz are said to have discussed Allianz Global Investors on several occasions|

Morning Crédit 05/12/2024

Le dividende versé par Decathlon devrait financer d’autres sociétés de l’AFM|Ipsos ne remettra pas d’offre pour l’acquisition de Kantar Media|Amundi et Allianz auraient discuté à plusieurs reprises d’Allianz Global Investors|

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/11/2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/28/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 11/28/2024

ODDO BHF Small & MIDCAP MORNING NEWS – 28/11/2024

MTN (Buy, TP: ZAR130, +57%) Q3 24: Solid, SR growth back on track wit...

MTN has reported a solid set of Q3 results with service revenue and EBITDA trends accelerating and service revenue trending back in line with the MT guidance.

Vodafone : Better FCF in H1 2025 but record low in Germany

>H1 2025 EBITDA in line with expectations - Q2 2025 group sales were up 4.6% y-o-y to € 9,240m, above expectations (consensus € 9,071m, ODDO BHF € 9,226m), and still helped by hyperinflation in Turkey (sales +89% y-o-y). H1 2025 EBITDAaL was up 2.5% y-o-y to € 2,730m. The targets for 2025 were confirmed (as expected): Vodafone is targeting adjusted pro forma EBITDAaL of € 11bn and adjusted FCF of at least € 2.4bn (consensus: € 2.47bn). These pro forma targets are...