DT vs. BT: 160% total return over 10 years. Which one? DT (Buy, €32, +...

It’s been a busy day and we have now wrapped on the BT full-year results meeting and the DT earnings call and share our key takeaways from the day on the similarities and differences between the two.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024

We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024

Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...

Deutsche Telekom : Slow start for FCF in Q1 (+4%) but 2024 guidance co...

>EBITDAaL above (Europe), FCF below (WCR) - Q1 2024 revenues up 0.4% y-o-y at € 27.942bn (consensus € 27.993bn), with an increase of 2.9% for service revenues driven by TMUS (+2%) and Europe (+7%). Q1 EBITDAaL came in 5% higher at € 10.473bn (ahead of cons. of € 10.249bn) or +6% on a comparable basis. FCFaL up 3.6% at € 3.708bn (cons. € 3.879bn), with weaker growth driven by capex down by just 2% and a weaker WCR than expected. However, for 2024, the group confir...

Coffee, Croissants & Credit/Snam, Deutsche Telekom and BT

Utilities - Snam improves 2024 EBITDA guidance

Deutsche Telekom : Démarrage lent des FCF au T1 (+4%) mais objectif 20...

>EBITDAaL au-dessus (Europe), FCF en-dessous (BFR) - CA du T1 2024 en hausse de 0,4% sur un an à 27 942 M€ (consensus 27 993 M€), dont une hausse de 2,9% sur le CA de services tiré par TMUS (+2%) et l'Europe (+7%). L’EBITDAaL du T1 ressort en hausse de 5% à 10 473 M€ (au-dessus du cons. de 10 249 M€) ou +6% à base comparable. Les FCFaL sont en hausse de 3,6% à 3 708 M€ (cons. 3 879 M€), en croissance plus faible en raison des investissements seulement en baisse de 2% ...

Deutsche Telekom (Buy, €32, +44%) Q1 24: Financial strength over KPI s...

Big picture: all guidance has been reiterated and domestic & European EBITDA has beaten expectations and the underlying dynamics in the German market are likely to remain strong.

DEUTSCHE TELEKOM: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 27.942 M euros (+0,4% vs -0,3% BS(e) y +0,6% consenso); EBITDA: 10.473 M euros (+5,1% vs +3,2% BS(e) y +2,9% consenso); BDI: 2.238 M euros (+14,2% vs -3,9% BS(e) y -4,2% consenso).

INFORME DIARIO 16 MAYO + RDOS. ESPAÑA 1T’24. PREVIEWS (ANÁLISIS BANCO ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. EUROPA: DEUTSCHE TELEKOM, ENI, SIEMENS. 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’24 que se publicarán en España y Europa en los próximos días. Las bolsas siguen de fiesta Nueva jornada de avances, con el Ibex liderando y consolidando má...

Deutsche Telekom AG - December 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Coffee, Croissants & Credit/Veolia, Vodafone, Deutsche Telekom, Inmobi...

Utilities: Veolia posts another strong quarter and reaffirms EBITDA target

German spectrum auction Evidence of pragmatic telecoms regulation

BNetzA’s latest proposal for the German spectrum auction might well now be close to the final outcome, and delays the uncertainty of an auction and potential large cash outflows until 2030 for all German operators. This seems a further example of pragmatic regulation in the European telecoms sector.

Swisscom (Neutral, TP: CHF610, +22%) Q1 24:Mixed numbers, weaker SR ...

Swisscom has reported a slightly mixed set of numbers. Swiss SR trends have deteriorated faster than expected; EBITDA is more in-line, but OpFCF and FCF are both light. We worry that Swiss SR trends will come under further pressure in the run-up to the Sunrise IPO, and as Salt starts to offer a fixed product to more of the country.

Telenor (Buy, TP: NOK145, +14%) Q1 24: Good numbers, impressive FCF g...

Telenor has reported a good set of Q1 numbers, with SR and EBITDA c1% ahead, and FCF 49% ahead. FY24 guidance has not been lifted (but has been reiterated) despite the good Q1 numbers, with phasing of payments/items to impact FCF throughout the rest of the year, and this is perhaps a little disappointing, but momentum is clearly with Telenor at present, and if current trends persist, then guidance and estimates will move up.

EBITDA-capex 3% above, strong FCF

Deutsche Telekom : Premiers (petits) pas de T-Mobile dans la fibre

>Résultats T1 2024 : T-Mobile maintient sa surperformance - T-Mobile continue de surperformer avec l’ajout de 532 000 contrats mobile (vs AT&T 349 000 et Verizon -68,000), 4% de croissance de CA de service au T1 2024 (vs concurrents 3.3%), 8% de croissance EBITDA et 39% de croissance FCF. T-Mobile relève de 2-4% ses objectifs d’abonnés pour 2024, d’EBITDA et de FCF de ~100 M€ soit ~0.3%.T-Mobile, détenu à 51% par Deutsche Telekom et qui représente plus de 95% de ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/26/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/04/2024

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