reports
- James Ratzer
Vodafone (Buy, 135p, +87%) Vodafone CFO departing: Quick thoughts
Vodafone has announced that Luka Mucic will be stepping down as Vodafone CFO by year-end, after only taking on the role in September 2023. We run through some quick thoughts on this move here and set out our estimates ahead of results in 2 weeks time
- James Ratzer
- Stephane Beyazian
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
SK SEB SA
NOKIA NOKIA OYJ
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAF SAFRAN S.A.
DTE DEUTSCHE TELEKOM AG
BKT BANKINTER SA
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
- Maissa Keskes
- Stephane Houri
AC ACCOR SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
BNP BNP PARIBAS SA CLASS A
RNO RENAULT SA
SK SEB SA
NOKIA NOKIA OYJ
G ASSICURAZIONI GENERALI S.P.A.
ENI ENI S.P.A.
SAF SAFRAN S.A.
DTE DEUTSCHE TELEKOM AG
BKT BANKINTER SA
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
FER FERROVIAL SA
- Stephane Beyazian
- James Ratzer
Vodafone (Buy, 135p, +93%) Vodacom upside undervalued
When talking about Vodafone with market participants, almost all of the discussion tends to be on Germany. However, this morning my colleague Chris has upgraded his estimates for Vodacom and we have increased our target from ZAR150 to ZAR180 – with the full details published here. We believe the positive benefits from Vodacom are being overlooked in the Vodafone share price and we re-visit that thesis in this note with an updated view on Vodafone.
- Research Department
INFORME DIARIO 25 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’25. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, INDRA. EUROPA: DEUTSCHE TELEKOM, SAFRAN, UNICREDIT, VINCI. 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. 1T’25 que se publicarán en España y Europa en los próximos días. El Euro STOXX 50 se asienta en los 5.100 puntos Subidas en las bolsas europeas, en una jornada de menos a más. En el STOXX 600...
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
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
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
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
- Julian Dobrovolschi
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
MF WENDEL SE
LSEG LONDON STOCK EXCHANGE GROUP PLC
SZG SALZGITTER AG
RF EURAZEO SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
TKO TIKEHAU CAPITAL SCA
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
STLA STELLANTIS N.V.
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
FLOW FLOW TRADERS LTD
CVC CVC CAPITAL PARTNERS PLC
- Julian Dobrovolschi
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
MF WENDEL SE
LSEG LONDON STOCK EXCHANGE GROUP PLC
SZG SALZGITTER AG
RF EURAZEO SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
TKO TIKEHAU CAPITAL SCA
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
STLA STELLANTIS N.V.
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
FLOW FLOW TRADERS LTD
CVC CVC CAPITAL PARTNERS PLC
- Stephane Beyazian
- Stephane Beyazian
- Ben Rickett
- James Ratzer
- Russell Waller
EU TELCOS: What a recessionary scenario might look like
When the news of the Trump tariffs first hit the tapes, we didn’t write anything initially as a) we didn’t think we had much of value to add to the thousands of column inches already written on the topic, and b) the direct impact from the tariffs to the EU telecoms sector is minimal – resulting in relative outperformance for the group over the past few days.
- James Ratzer
Vodafone (Buy, 135p, +87%) India value extraction on the horizon?
Vodafone’s lock-up in India expires at the end of this month. Given the news today on a debt-for-equity swap involving the Indian Government at Vodafone Idea, we explore the implications of this and whether there could be a surprise value crystallisation for Vodafone on the cards.
EQS-News: freenet bestätigt die vorläufigen Ergebnisse für das Geschäf...
EQS-News: freenet AG / Schlagwort(e): Jahresbericht/Jahresergebnis freenet bestätigt die vorläufigen Ergebnisse für das Geschäftsjahr 2024, den Dividendenvorschlag von 1,97 EUR sowie die Prognose für das Geschäftsjahr 2025 27.03.2025 / 09:23 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. freenet bestätigt die vorläufigen Ergebnisse für das Geschäftsjahr 2024, den Dividendenvorschlag von 1,97 EUR sowie die Prognose für das Geschäftsjahr 2025 Büdelsdorf, 27. März 2025 - Nach Feststellung des Konzernjahresabschlusses der freenet AG [IS...
EQS-News: freenet confirms the preliminary results for the 2024 financ...
EQS-News: freenet AG / Key word(s): Annual Report/Annual Results freenet confirms the preliminary results for the 2024 financial year, the proposed dividend of EUR 1.97 and guidance for 2025 financial year 27.03.2025 / 09:23 CET/CEST The issuer is solely responsible for the content of this announcement. freenet confirms the preliminary results for the 2024 financial year, the proposed dividend of EUR 1.97 and guidance for 2025 financial year Büdelsdorf, 27 March 2025 - Following the adoption of the consolidated financial statements of freenet AG [ISIN DE000A0Z2ZZ5] as of...
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