Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Nemak, Telenet, Lowell, AMS Osram, evoke, Atalian, Maxeda, TUI, Morrisons

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Sappi, Telecom Italia, Telenet, Mahle, Seche Environnement, Crown Holdings

bpost/A turnaround is not a next day delivery/HOLD

HOLD maintained; target price increased from €1.75 to €1.95 to reflect progress made in the last two quarters and the increase in outlook. However, we also believe tough trading conditions, optimisation of Staci and transformation of Radial US will mean that a recovery of fundamentals cannot be expected in the next quarter(s) as visibility is low and transformation takes time. We do see the longer-term potential but first want to see tangible evidence of margin recovery which validates plugging ...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/11/2025

Benelux Morning Notes

Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...

Morning Notes : AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, V...

: AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, VPK NA, WDP BB, WKL NA, ALFEN NA

Bpost : Confidence in peak season delivery supports FY25 targets

3Q25 results: Telenet, VodafoneZiggo, Virgin Media O2/Better than fear...

VodafoneZiggo, Telenet and Virgin Media O2 presented mixed results over 3Q25. Fortunately, KPIs are improving somewhat. Given the competitive end markets, our conviction to buy or sell the notes of any of the three companies remains low. Leverage remained stable QoQ. Nevertheless, we still see upside to the VMED and ZIGGO notes if either Vodafone or Telefonica were to acquire full ownership of their joint ventures or if the businesses where to IPO.

Europe HY Trade Book - Media & Communications - Lucror Analytics

The Europe HY Trade Book - Media & Communications includes current trade recommendations drawn from our European HY media & communications coverage universe, along with relative-value scatter plots and a peer table. 

Telenet - ESG Report - Lucror Analytics

Coffee, Croissants & Credit/Inmobiliaria Colonial, Benelux TMT Credits

Real Estate: Inmobiliaria Colonial was back in the market with a green bond; TMT: Benelux TMT Credits - How's it going? Where's the value?

Benelux TMT Credits: How's it going? Where's the value?

These are exciting times in the Benelux TMT markets. In this new Benelux Credit TMT report we discuss the most attractive corporate bonds in the Benelux and wider TMT space and provide insights into the key developments driving the Dutch broadband market. We also discuss recent developments of the names under our coverage: ASML, SES, KPN, Proximus, VodafoneZiggo, Telenet, Wolters Kluwer and RELX. The latter section comes from previously published Flash Notes and have been updated where needed.

Morning Notes : ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

: ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

2Q25 Results: Telenet, VodafoneZiggo, Virgin Media O2/A strategic pivo...

The 2Q25 earnings of VodafoneZiggo, Telenet and Virgin Media O2[de] continue to look soft. Interestingly, a network carve-out in the UK now seems off the table, while Liberty Global is working to unlock the intrinsic value of its separate businesses through divestitures, as they have done with Sunrise. Nevertheless, 2Q25 performance was underwhelming and our conviction to buy or sell the notes is low. Despite stable QoQ leverage, we see limited value in current spreads. Nevertheless, there is st...

bpost Conference call feedback and model update post 2Q25

Despite the ongoing headwinds, bpost reported better than expected 2Q25 results, with the adj. EBIT of € 58.3m exceeding expectations (kbcse: € 46m, css: € 48m). While results in Belgium were somewhat lower, this was offset by better than expected results in the other divisions while Staci's performance was in line. Although sales pressure at Radial US continued following the termination of contracts in 2024 and early 2025, we are pleased to see that its new fast track offering is gaining tracti...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025

Benelux Morning Notes

bpost: 2Q25 results beat 22%, outlook raised further, room for another upgrade at 3Q25. Lotus Bakeries: APAC factory ahead of schedule. NN Group: 1H on track with May CMD, longevity deal a positive surprise (Sol 2 PF 205%). Talabat: 2Q25 Preview. Vopak: AVTL's FID on Mumbai expansion

Morning Notes : BPOST BB, JEN BB, LOTB BB, NN NA, VPK NA

: BPOST BB, JEN BB, LOTB BB, NN NA, VPK NA