Saipem : Saipem to be the main winner from the merger with Subsea7, if...

Saipem announced earlier this week that it is planning on merging with Subsea7. The news, albeit surprising, is positive in our view as it will create a bigger and global player in the offshore space, representing around 83% of the combined group’s EBITDA. Also, it will have a positive impact on Saipem’s margins, as Subsea7 has stronger margins of around 16% (vs around 9% for Saipem). While not stated at the moment, a spin-off of the onshore segment post-transaction is not to be excluded given t...

Saipem : Saipem to be the main winner from the merger with Subsea7, if...

Saipem announced earlier this week that it is planning on merging with Subsea7. The news, albeit surprising, is positive in our view as it will create a bigger and global player in the offshore space, representing around 83% of the combined group’s EBITDA. Also, it will have a positive impact on Saipem’s margins, as Subsea7 has stronger margins of around 16% (vs around 9% for Saipem). While not stated at the moment, a spin-off of the onshore segment post-transaction is not to be excluded given t...

CELLNEX: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’24 (ANÁLISIS BANCO SA...

De la conference call de Rdos. 4T’24, destacamos los siguientes mensajes:  Cierre venta de Irlanda e inicio recompra de acciones:

Cellnex (Neutral, €31, -9%) Q4 24: Strong EBITDA quarter, but core gr...

Cellnex’s Q4 results were stronger than expected, albeit a lot of this seems to be supported by a number of one-off items with tenancy growth remaining modest. New guidance has now been adjusted for the Ireland/ Austria disposals and we remain a bit below the medium-term outlook. In this note, we review the impacts on the Q4 numbers and we assess our forecasts vs. the new outlook.

Credit Morning 02/26/2025

Mobilux : reassuring Q2 results|Altarea: a more marked recovery towards the end of the financial year|Thyssenkrupp Elevator: a new stage in the refinancing of the debt and a new shareholder|Worldline: 2024 results slightly below guidance, disappointing outlook for 2025 and hiring of a new CEO|

Morning Crédit 26/02/2025

Mobilux : des résultats T2 rassurants|Altarea : une reprise plus marquée vers la fin d’exercice|Thyssenkrupp Elevator : une nouvelle étape dans le refinancement de la dette et un nouvel actionnaire|Worldline : résultats 2024 légèrement inférieurs à la guidance, perspectives décevantes pour 2025 et nomination d’un nouveau CEO|

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/26/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 02/26/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 26/02/2025

Cellnex : Q4 results and guidance in line; but some PoPs growth decele...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/02/2025

SES : 2025 outlook in line with consensus

SES : 2025 outlook in line with consensus

Coffee, Croissants & Credit/E.ON, SES, Cellnex, Deutsche Telekom, Wolt...

Utilities - E.ON: Decent 2024 results and strong prospects

Worldline : A new CEO named in a bid to boost poor results

CELLNEX: FY2024 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'24 vs. 4Q'23 Results Sales: € 1.038 Bn (-0.7% vs. -2.9% BS(e) and -3.3% consensus); EBITDA: € 863.0 M (+13.6% vs. +8.4% BS(e) and +8.4% consensus); FY2024 vs. FY2023 Results Sales: € 3.941 Bn (-2.8% vs. -3.3% BS(e) and -3.4% consensus); EBITDA: € 3.25 Bn (+8.0% vs. +6.7% BS(e) and +6.7% consensus); Net Profit: € -28.0 M (€ -297.0 M in FY2023 vs. (€ -275.0 M BS(e));

Fresenius SE & CO KGaA : Q4 review – Good finish to 2024, guidance as ...

Saipem : 2024 results and outlook in line with expectations

Worldline : Un nouveau CEO pour tenter de redresser des résultats prob...

TAG Immobilien AG : Preliminary FY 2024 figures better than expected –...