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. - ...
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. - ...
>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...
>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...
We just wrapped up the second day of the BCG and NSR Fiber to the Future Conference. The second day featured discussions with over 30 companies including Altice USA, AT&T, BT Group, Charter, Dycom, Deutsche Telekom, Frontier, Goldman Sachs, Liberty Global, Lumen, Recon Analytics, Shentel, TDS Telecom, Tillman Global, Tucows, and Verizon.
A director at Deutsche Telekom AG sold 116,400 shares at 21.706EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
>Clients: Freenet inTV, Deutsche Telekom in broadband and 1&1 in mobile - In broadband, Deutsche Telekom added 66,000 clients in Q4 2023 vs Vodafone -94,000, O2D +23,000 and 1&1e -10,000 by our estimates. Deutsche Telekom continues its fibre roll-out (2-3 million new lines per year). Telefonica and 1&1 hope for better trends in the future but we see no visible signs. Freenet, which launched its offering in 2023, underlines the difficulty of building a brand on this ma...
>Clients : Freenet #1 (TV), Telekom #2 (internet) et 1&1 #3 (mobile) - Sur l’internet fixe, Deutsche Telekom a ajouté 66 000 clients au T4 2023 vs Vodafone -94 000, O2D +23 000, et 1&1e -10 000 selon nous. Telekom poursuit le déploiement de la fibre (2-3 M de lignes nouvelles par an). Telefonica et 1&1 espèrent de meilleures tendances à venir mais nous ne voyons pas de signe visible. Freenet, qui a lancé son offre en 2023, souligne la difficulté de construire une mar...
>2024 outlook and 2023 results still at the top of the sector - For 2024, the group sees FCF growth of 16% to € 18.9bn vs a consensus of € 18.9bn, adjusted EBITDAaL of € 42.9bn (consensus € 42.8bn) and adjusted EPS up 9% at over € 1.75 (consensus € 1.78, or a maximum gap of 2%). This outlook again puts Deutsche Telekom at the top of the sector. TMUS, which accounts for two-thirds of the value of the group, had already announced its 2023 results and its outlook for 202...
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