Iliad Holding plans to issue new bonds to fund the investment in Tele2 and a tender on Iliad Holding 2026 notesIsabel Marant: well preserved liquidity but further deep fall in the wholesale order bookVerisure markets new bonds with two special covenants linked to a potential IPOBUT/Mobilux: new bond offering with the inclusion of Conforama into the scope>...
Isabel Marant : liquidité supérieure aux attentes mais nouvelle chute du carnet de commandesBUT/Mobilux : Nouvelle émission obligataire avec intégration de Conforama dans le périmètreIliad Holding compte émettre des de nouvelles obligations pour financer l’investissement dans Tele2 et un tender sur la souche Iliad Holding 2026Verisure commercialise des nouvelles obligations avec deux covenants spéciaux liés à une potentielle IPO>...
PHILADELPHIA--(BUSINESS WIRE)-- Today, Comcast Corporation built on its long-standing commitment to veterans, service members, and their families with the introduction of several new initiatives. Timed with National Military Appreciation Month, the company unveiled “The Aviators,” an epic advertising campaign directed by Oscar winner Kathryn Bigelow, launched a new Xfinity Military discount program, and committed to invest more than $1 million in nonprofits that serve the military community in 2024. This press release features multimedia. View the full release here: For National Military Appr...
In this weekend update, we reconsider our initial takes on several events last week and how they could be affected by events this week. Specifically, we look at the interplay of the FCC’s Title II Order, the Second Circuit opinion upholding New York State’s mandate for ISPs to offer low-income households a low-cost broadband offering, Senator Cantwell’s draft spectrum bill, and how all are affected by the end of ACP funding in the next few weeks.
What’s new: In this note, we cover changes to our estimates, and comparisons with guidance and consensus. Please see separate notes reviewing results and thoughts following the earnings call. We lowered broadband adds, revenue and EBITDA. No change to thesis, though we expect Broadband stocks to be challenged for next few quarters. Price target is $51 (+34%).
With the AGM now behind us, it looks like the NetCo sale is going ahead, and bondholders now need to elect between staying at TIM ServCo or shifting to the NetCo. We believe the consensus view from bondholders is to follow the assets and to elect to switch to NetCo.
What's new: in this note we cover our thoughts on Broadband market growth, the strength in Broadband market pricing, the impact of ACP, our expectations for Comcast’s net adds and ARPU in 2Q24 and the second half of the year, the impact of the “Now” products, the outlook for Connectivity EBITDA, and our expectations for leverage and repurchases. We are still working through numbers for Content & Experiences, and we will cover these in our Model Update note at the end of the day.
What’s new: Revenue and EBITDA were roughly in-line, while FCF beat handily on lower capex, cash taxes, and interest. Leverage inched down. Repurchases were higher than our estimate, but lower than consensus. Connectivity financials were fine, but subscriber metrics a little worse than expected. Content financials were similarly fine, with better Media OCF offsetting softer Theme Parks OCF. We suspect the FCF beat is largely due to timing and full year estimates are unlikely to move much. Contex...
Atos: weak Q1 2024 results, need for fresh funds has already increasedVerisure launches a new term loan; new bonds to followVerallia: Q1 2024 logically weak but the recovery in demand is confirmedAngloAmerican Plc: Takeover offer from BHP Group for the entire share capital>...
Atos : faibles résultats au T1 2024, les besoins de nouveaux fonds a augmentéVerisure lance un nouveau term loan ; des nouvelles obligations suivrontVerallia : T1 2024 logiquement faible mais la reprise de la demande se confirmeAngloAmerican PLC : Offre de rachat sur la totalité du capital par BHP>...
>€ 500m of new 2031 unsecured notes to fund a tender on 2024/2025 notes - On Monday, opco Iliad SA issued € 500m of new 2031 unsecured notes at a yield of 5.375% (expected ratings: Ba2/BB, in line with existing unsecured notes issued by Iliad SA). Proceeds from the new issue will be used for general corporate purposes and, in whole and in part, to finance a tender on the 2024 notes at a price of 99% and 2025 notes at a price of 98.25% for a maximum total amount of €...
>€ 500m of new 2031 unsecured notes to fund a tender on 2024/2025 notes - On Monday, opco Iliad SA issued € 500m of new 2031 unsecured notes at a yield of 5.375% (expected ratings: Ba2/BB, in line with existing unsecured notes issued by Iliad SA). Proceeds from the new issue will be used for general corporate purposes and, in whole and in part, to finance a tender on the 2024 notes at a price of 99% and 2025 notes at a price of 98.25% for a maximum total amount of €...
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