Swisscom (Neutral, TP: CHF 595, -13%) Post Q4 25 model update – Macro...

In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback and compare our new estimates to guidance and consensus. Swisscom trades at a significant premium to the sector thanks to favourable macro factors (rates, yield, Italy M&A, CHF strength) but the telco issues (Swiss SR, Salt share gains, ARPU weakness), do not warrant such an elevated multiple in our view.

INFORME DIARIO 13 FEBRERO + RDOS. ESPAÑA. IDEAS DESTACADAS Y PREVIEWS ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: REPSOL, TELEFÓNICA. EUROPA: HERMÈS INT., L’ORÉAL, SAFRAN. 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. 4T’25 que se publicarán en España y Europa en los próximos días. Siguen las dudas sobre la rentabilidad de la IA Las bolsas europeas revertieron las ganancias en el tramo final de la sesión, presionadas...

IBERIAN DAILY 13 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: REPSOL, 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 4Q’25 results to be released over the coming days in Spain. Doubts on AI profitability continue European stock markets reversed the gains at the end of the session, pressured by the uncertainty surrounding margins in the US tech sector (the Nasdaq fell -2.0%) and by sales in commodities and crypto...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/12/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/02/2026

Swisscom : 2026 outlook as expected but still losing clients in Italy

Swisscom : 2026 outlook as expected but still losing clients in Italy

Coffee, Croissants & Credit/RELX, Swisscom, Unibail

RELX reports strong FY25 results / Swisscom FY25 results look soft ahead of Vodafone Italia acquisition / Unibail FY25: further deleveraging, solid shopping centre performance

Swisscom (Neutral, TP: CHF609, -9%) Q4 25: A good EBITDA beat thanks ...

Swisscom has reported a good set of Q4 numbers; a small SR miss, but EBITDAaL is c2% ahead thanks to faster than expected synergy delivery in Italy (Italy EBITDAaL c+8% ahead).

INFORME DIARIO 12 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: EUROPA: AB INBEV, AHOLD DELHAIZE, ASML, DEUTSCHE TELEKOM, ESSILORLUXOTTICA, MERCEDES BENZ GROUP, SANOFI. 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. 4T’25 que se publicarán en España y Europa en los próximos días. El dato de empleo en EE.UU. agita los mercados Jornada de más a menos en las bolsas europeas, que ...

Deutsche Telekom : TMUS reassures on its prospects with 9% FCF growth ...

Deutsche Telekom : TMUS rassure sur ses perspectives avec 9% de croiss...

Deutsche Telekom (Buy, €44, +44%) TMUS stake to rise faster than expec...

TMUS has provided new guidance out to 2027 – and DT has also said it won’t participate in the TMUS buyback in 2026 and might look at additional options to increase its stake even further. We therefore run through the implications for this and what further headroom DT might have.

Coffee, Croissants & Credit/Alphabet, Telefonica, Gecina, WP Carey

Alphabet goes with CHF and GBP – but Reverse Yankee supply is still set to rise / Telefonica has agreed to sell Telefonica Chile / Gecina FY25: solid results, notes momentum continues to build in Paris prime offices / WP Carey 4Q25: beats consensus and increases 2026 guidance

Millicom (Buy, TP: $70, +7%) Millicom acquires Telefonica Chile: A po...

Millicom has announced today that it has acquired a 49% stake in Telefonica Chile, with the option to buy the remaining 51% in year 5 and 6 post closing. We see this deal as a potentially valuable option, though market may have concerns Millicom is stretching management too thinly.

IBERIAN DAILY 11 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ENDESA, INDRA, INSURANCE SECTOR, SANTANDER, 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 4Q’25 results to be released over the coming days in Spain. Ibex remains at 18,100 points Stock markets fell in a transition session, waiting the employment data to be released today in the US. In the STOXX 600, the best-performing sectors were Chemicals and Aut...

INFORME DIARIO 11 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENDESA, INDRA, SANTANDER, SECTOR SEGUROS, TELEFÓNICA. EUROPA: AHOLD DELHAIZE, BAYER. 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. 4T’25 que se publicarán en España y Europa en los próximos días. El Ibex mantiene los 18.100 puntos Ligeras caídas en los mercados en una jornada de transición a la espera de l...

Millicom (Buy, TP: $70, +7%) acquires Telefonica Chile: A potentially ...

Millicom has announced today that it has acquired a 49% stake in Telefonica Chile, with the option to buy the remaining 51% in year 5 and 6 post closing.

Credit Morning 02/06/2026

Jaguar Land Rover (Q3 2025/26): last quarter affected by cyberattack, before other headwinds|Coty: major profits warning under new CEO|End of discussions on the proposed merger between Glencore and Rio Tinto|

Morning Crédit 06/02/2026

Jaguar Land Rover (T3 2025/26) : un dernier trimestre plombé par la cyberattaque, avant d’autres vents contraires|Coty : profit warning important sous l’égide du nouveau CEO|Fin des discussions sur le projet de fusion entre Glencore et Rio Tinto|