Telefonica (Neutral) After a 13% fall post-CMD, is it attractive?

Earlier this morning we published our initial take on Telefonica’s Q3 results and the CMD which has led to new FCF guidance c.20% below prior consensus estimates.

Telefonica (Neutral) CMD Quick Take: After all the hype, just a profi...

Telefonica’s CMD has been just over 9 months in the making – and sadly it isn’t yet clear where the story now goes from here. The new guidance now implies no margin growth or capital efficiency improvement over the next three years – but exactly how the higher level of investment will support longer-term growth beyond 2028 is unclear.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/04/2025

Credit Morning 11/04/2025

Webuild: CFR upgraded by S&P to BB+|ELO a achevé la mise en autonomie financière d’Auchan Retail et de NIH et a bénéficié du soutien de l’AFM à hauteur de 425 m EUR|Picard: new SUNs offering due 2032 and tender offer on the existing SUNs due 2027|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/11/2025

Morning Crédit 04/11/2025

Webuild: CFR upgraded by S&P to BB+|ELO a achevé la mise en autonomie financière d’Auchan Retail et de NIH et a bénéficié du soutien de l’AFM à hauteur de 425 m EUR|Picard : émission d’une nouvelle obligation SUN de maturité 2032 et tender sur la souche 2027|

TELEFÓNICA: RDOS. 3T’25 Y CMD’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 8.958 M euros (-10,6% vs -10,7% BS(e) y -10,7% consenso); EBITDA: 3.071 M euros (+4,2% vs +3,5% BS(e) y +3,2% consenso); EBIT: 952,0 M euros (+28,6% vs +55,3% BS(e) y +51,6% consenso); BDI: 276,0 M euros (+2660,0% vs +3510,0% BS(e) y +4080,0% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 26.971 M euros (-11,3% vs -11,4% BS(e) y -11,4% consenso); EBITDA: 8.966 M euros (-4,3% vs -4,5% BS(e) y -4,6% consenso); EBIT: 3.061 M euros (+9,2% vs +16,2% BS(e) y +15,3% cons...

TELEFÓNICA: 3Q’25 RESULTS & CMD’25 (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 8.958 Bn (-10.6% vs. -10.7% BS(e) and -10.7% consensus); EBITDA: € 3.071 Bn (+4.2% vs. +3.5% BS(e) and +3.2% consensus); EBIT: € 952.0 M (+28.6% vs. +55.3% BS(e) and +51.6% consensus); Net Profit: € 276.0 M (+2660.0% vs. +3510.0% BS(e) and +4080.0% consensus); 9M'25 vs. 9M'24 Results Sales: € 26.971 Bn (-11.3% vs. -11.4% BS(e) and -11.4% consensus); EBITDA: € 8.966 Bn (-4.3% vs. -4.5% BS(e) and -4.6% consensus); EBIT: € 3.061 Bn (+9.2% vs. +16.2% BS(e) and +15.3%...

PHILIPS: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 4.302 M euros (-1,7% vs -1,4% BS(e) y -1,6% consenso); EBITA Ajustado: 484 M euros (+2,9% vs -2,5% BS(e) y -6,2% consenso); BDI: 187 M euros (+3,3% vs -26,0% BS(e) y -29,8% consenso).

Telefonica : Positive 2025-2030 guidance but M&A plans still unclear

Telefonica : Positive 2025-2030 guidance but M&A plans still unclear

Philips : Solid order intake and margins in 3Q

IBERIAN DAILY 04 NOVEMBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: 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’25 results to be released over the coming days in Spain. Initial gains reeled in yesterday with corrections today November kicked off in Europe with gains that were reeled in as the session went on during a day in which all eyes continued to be on the results season. In the STOXX 600, the best-performi...

INFORME DIARIO 04 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’25. IDEAS DESTA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: TELEFÓNICA. EUROPA: AIRBUS, 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. 3T’25 que se publicarán en España y Europa en los próximos días. Sesión de más a menos ayer y de caídas hoy Comenzó en Europa el mes de noviembre con subidas que fueron diluyéndose en una jornada donde las miradas siguieron ...

Benelux Morning Notes

Azelis: Appointment of Boris Cambon-Lalanne as group CFO. Belgian Telecoms: Price increase on most of the non-commercialised products and Scarlet trio. D'Ieteren: Belgian October car registrations down 7%, VW down 20%. Kendrion: Results preview; launching share buyback programme. Kinepolis: Acquires US movie theatre chain Emagine Entertainment for US$105m. Kinepolis: October box office in US/Canada and France attendance drop again. Ontex: Branded activity now fully divested. Philip...

INFORME DIARIO 03 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’25. PREVIEWS (A...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAMBIO CARTERAS, GREENING, SACYR, TELEFÓNICA, UNICAJA. EUROPA: BNP PARIBAS, INTESA SAN PAOLO. 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. 3T’25 que se publicarán en España y Europa en los próximos días. Los resultados empresariales y las negociaciones comerciales marcaron la semana Con un BCE en piloto ...

IBERIAN DAILY 03 NOVEMBER + 3Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: GREENING, SACYR, 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 3Q’25 results to be released over the coming days in Spain. Business results and trade talks set the pace With the ECB on autopilot and with no surprises from the Fed, the stock markets were marked by business results and US-China trade talks. In the STOXX 600, the best performer...

Credit Morning 10/31/2025

INEOS Quattro: conference call comments|Casino is launching work to adapt its financial structure|Iliad and CK Hutchison are reportedly weighing a potential merger of their Italian operations (Reuters)|

TELEFÓNICA: PODRÍA ANUNCIAR UN RECORTE DEL DIVIDENDO (ANÁLISIS BANCO S...

Según Bloomberg, TEF reducirá su dividendo dentro del nuevo plan estratégico que presentará el 4/11