reports
- James Ratzer
Deutsche Telekom (Buy, €36, +33%) CMD outlook and thoughts
Following on from the TMUS CMD a few weeks ago (write-up here), DT is now hosting its own CMD (due to start shortly) and in advance of that has set out its key targets. We run through our reaction to those in this note and the questions we will be most interested in getting answers to.
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/10/2024
Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - ...
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/10/2024
Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - ...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Stephane Beyazian
Deutsche Telekom : New 2024-2027 targets: stronger growth but 2027 FCF...
>Two days of presentations under way - Deutsche Telekom announced its 2024-2027 targets this morning. The company will now present the outlook for each division over the next two days (Europe, Germany, TMUS, branding, networks & AI, business, portfolio, group financials).The good news: faster growth in Europe and AI to cut costs - Deutsche Telekom targets group revenue growth of 4% CAGR over 2023-2027 vs a consensus of 0%, and group EBITDAaL growth of...
- Stephane Beyazian
Deutsche Telekom : New 2024-2027 targets: stronger growth but 2027 FCF...
>Two days of presentations under way - Deutsche Telekom announced its 2024-2027 targets this morning. The company will now present the outlook for each division over the next two days (Europe, Germany, TMUS, branding, networks & AI, business, portfolio, group financials).The good news: faster growth in Europe and AI to cut costs - Deutsche Telekom targets group revenue growth of 4% CAGR over 2023-2027 vs a consensus of 0%, and group EBITDAaL growth of...
- Research Department
INFORME DIARIO 10 0CTUBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: REPSOL. EUROPA: AIRBUS, DEUTSCHE TELEKOM. Jornada de transición A excepción del Ibex que cerró plano, ganancias moderadas en Europa en otra jornada sin casi referencias macroeconómicas y sin novedades desde Medio Oriente. Así, en el STOXX 600, tan sólo Energía cerró con pérdidas, frente a las mayores ganancias de Tecnología y Autos. En EE.UU. las actas de la última reunión de la Fed reflejan bastante desacuerdo para recortar -50 p.b. y que será muy ...
- Carole Braudeau
- Carole Braudeau
- Jan Frederik Slijkerman
Telecoms answer the call for a sustainable business model
Our economy can become more sustainable if we lower our electricity consumption. KPN and Telecom Italia show the way forward with a substantial reduction in electricity use. Telefonica and BT are less successful. In this article, we describe the transition to renewable electricity use and energy-saving options in both fixed and mobile networks
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/26/2024
‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In the U...
UBI UBISOFT ENTERTAINMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
SW SODEXO SA
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
GAMA GAMMA COMMUNICATIONS
FII LISI SA
NXT NEXT PLC
BAS BASF SE
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
HM B H&M HENNES & MAURITZ AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
SIE SIEMENS AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
FDJ LA FRANCAISE DES JEUX SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 09/26/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Olfa Taamallah
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/09/2024
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffrent ma...
UBI UBISOFT ENTERTAINMENT SA
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
SW SODEXO SA
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
COLR ETABLISSEMENTEN FRANZ COLRUYT N.V.
GAMA GAMMA COMMUNICATIONS
FII LISI SA
NXT NEXT PLC
BAS BASF SE
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
HM B H&M HENNES & MAURITZ AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
SIE SIEMENS AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
FDJ LA FRANCAISE DES JEUX SA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
- Olfa Taamallah
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 26/09/2024
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
RR. ROLLS-ROYCE HOLDINGS PLC
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
EN BOUYGUES SA
SDG SYNERGIE SA
INF INFOTEL SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
BEN BENETEAU SA
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GBT GUERBET SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
BA. BAE SYSTEMS PLC
VRNL VERNEUIL PARTICIPATIONS
MONT MONTEA SCA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
AXS ACCSYS TECHNOLOGIES
CLNX CELLNEX TELECOM S.A.
HBH HORNBACH HOLDING AG & CO. KGAA
FNTN FREENET AG
LDO LEONARDO SPA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALVGO VOGO SA
LAT LATECOERE
R3NK RENK GROUP AG
ARVEN ARVERNE GROUP SA
- Konrad Zomer
- Stephane Beyazian
ODDO : More users switching provider in France, Italy and the UK
>More consumers are looking to change provider in France, Italy and UK - The Oliver Wyman consultancy published yesterday a survey with 7,000 consumers in five countries (see page 2). These studies are not indisputable but offer additional indicators.Mobile market: according to the survey, the desire to switch operator within 24 months is up sharply in Italy (27%, +9pp), the UK (31%, +6pp) and France (27%, +4pp). No major shifts in Germany (26%, +2pp) or Spain (2...
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
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
- Ben Rickett
- James Ratzer
- Russell Waller
EU TELECOMS REFRESH: Can the outperformance continue?
When was the last time we could write that the EU Telecoms sector has been the second best performing sector in the market YTD? As a result, this raises the question of whether the outperformance can continue. We believe regulation will ultimately determine the answer to this question.
- Konrad Zomer
- Stephane Beyazian
ODDO : Plus d’envies de résiliations en France, Italie et au Royaume-U...
>Les consommateurs veulent plus bouger en France, Italie et Royaume-Uni - La cabinet Oliver Wyman a publié hier un sondage auprès de 7 000 consommateurs dans 5 pays (Cf. page 2). Ces études ne sont pas incontestables mais offrent des indicateurs de plus.Marché mobile : selon l’étude, la volonté de changer d’opérateur d’ici 24 mois est en nette hausse en Italie (27%, +9pp), au R-U (31%, +6pp) et en France (27%, +4pp). Pas de grand changement en Allemagne (26%, +2p...
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
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 26 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ECOENER, GREENING, GRIFOLS, TELEFÓNICA. Optimism wanes It was a negative session on European stock markets after the gains from the past few days that had brought the IBEX above 11,800 points and a high since 2015. In the STOXX 600, the best-performing sectors were Consumer Goods and Household Goods, with Energy and Autos suffering the biggest losses. On the macro side, in the US, new home sales fell less than expected. The Congress approved a measure to a avoid the shutdown until...
- Research Department
INFORME DIARIO 26 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ECOENER, GREENING, GRIFOLS, TELEFÓNICA. EUROPA: BASF, UNICREDIT. Freno al optimismo en bolsa Jornada negativa en Europa después de las ganancias de las últimas sesiones que habían lanzado al Ibex por encima de los 11.800 puntos y máximos de 2015. Así, en el STOXX 600 los mejores sectores fueron B. Consumo y Hogar frente a Energía y Autos que sufrieron las mayores caídas. Por el lado macro, en EE.UU. la venta de viviendas nuevas cayó menos de lo prev...
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