reports
- Ben Rickett
- James Ratzer
TeleColumbus (Overweight) Potential ServCo sale: Implications and ref...
TeleColumbus’ NetCo/ ServCo separation is progressing quicker than we had expected and we believe the company is now seriously exploring a ServCo sale as a route to reduce debt and enhance equity value. TeleColumbus’ current 10% PIK note arguably sees an excessive transfer of value from equity holders to debt holders given our view that the company has asset coverage > 100%.
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Trung Nguyen
- Felix Fischer
European High Yield Investment Outlook 2025 - Lucror Analytics
In this publication, we review the past year and discuss our outlook for the next 12 months. We begin our discussion with the macro factors at play, including GDP forecasts, the geopolitical landscape and our expectations for cost inflation. We also trace the development of primary markets in the European HY space, and give our view on defaults in general as well as for our coverage universe. We then discuss sector trends and expectations, along with earnings development for companies under our ...
PFD PREMIER FOODS PLC
AMS AMS AG
RR. ROLLS-ROYCE HOLDINGS PLC
CO CASINO GUICHARD-PERRACHON SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
NOKIA NOKIA OYJ
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
SPIE SPIE SA
CEXA CEMEX SAB DE CV (ADR)
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
CDR CODERE S.A.
GAME GAMENET GROUP SPA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
TIFS TI FLUID SYSTEMS
NEXI NEXI S.P.A.
AXA AXACTOR SE
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Felix Fischer
PFD PREMIER FOODS PLC
AMS AMS AG
RR. ROLLS-ROYCE HOLDINGS PLC
CO CASINO GUICHARD-PERRACHON SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
NOKIA NOKIA OYJ
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
SPIE SPIE SA
CEXA CEMEX SAB DE CV (ADR)
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
CDR CODERE S.A.
GAME GAMENET GROUP SPA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
TIFS TI FLUID SYSTEMS
NEXI NEXI S.P.A.
AXA AXACTOR SE
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Loxam, Modulaire, Progroup, Forgital, Voyage Care, Tele Columbus, Industria Macchine Automatiche, Vallourec, Assemblin, PeopleCert, Novafives, Eolo, Altice France (SFR), Altice International, Multiversity, Grunenthal, Ontex, Benteler International, Rolls-Royce, Axactor, Grupo Antolin
- James Ratzer
- James Ratzer
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Playtech, Salt, Eolo, Tele Columbus, Telenet, VodafoneZiggo, CABB, Manuchar, Canpack, Victoria, Grunenthal, Stena AB, TI Fluid Systems, Ineos, Ineos Quattro, Advanz Pharma
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Engineering Group, PeopleCert, The Very Group, McLaren, Versuni (formerly Philips Domestic Appliances), Eircom, Tele Columbus, Arrow Global, Forgital, Grunenthal, Standard Profil, Ithaca Energy, Cerba, Clarios, NewDay, Alain Afflelou, Intrum, Flos B&B Italia (formerly International Design Group)
- Ben Rickett
- James Ratzer
TeleColumbus: Deep-dive review Increased conviction in credit upside
We have recently spent a fair amount of time with the TeleColumbus CEO/ CFO to review our longer-term thinking on the business model and we materially increase our value of the business from prior estimates. We come away with the conclusion that the market price on the debt is wrong and believe this is one of the most attractive credit opportunities in Europe at the moment.
- James Ratzer
TeleColumbus Q2 24: Growth drivers on track, but at a slightly higher...
2024 is very much a transition year for TeleColumbus in their TV base, but importantly the core Internet franchise growth remains very strong – and well ahead of Vodafone’s growth rates. This, alongside developments on NetCo/ OpCo we think can be further upside for the bonds, but in the near-term, the cost of managing this transition in 2024 will be slightly more expensive than initially assumed.
- James Ratzer
- James Ratzer
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.
- Russell Waller
European Telecoms High Yield review Setting out our key preferences
We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.
- Pierre François Merveille
Tele Columbus : Fibre push
Tele Columbus (TC) has started to implement its Fiber Champion strategy in the course of 2021 following the successful takeover of the company by Kublai (MSIP / United Internet) and a subsequent capital raise of € 475m in May 2021. The latter had a positive initial impact on the net leverage (4.9x excluding leases at end-2021 vs 6.3x in 2020), which is set to reverse as a result of investment in opex (personnel and marketing costs) and in capex (upgrade of the HFC network to FTTB...
- Pierre François Merveille
Tele Columbus : Fibre push
Tele Columbus (TC) has started to implement its Fiber Champion strategy in the course of 2021 following the successful takeover of the company by Kublai (MSIP / United Internet) and a subsequent capital raise of € 475m in May 2021. The latter had a positive initial impact on the net leverage (4.9x excluding leases at end-2021 vs 6.3x in 2020), which is set to reverse as a result of investment in opex (personnel and marketing costs) and in capex (upgrade of the HFC network to FTTB...
An unfavourable environment weighs on TELE COLUMBUS, which sees a down...
The independent financial analyst theScreener just requalified the general evaluation of TELE COLUMBUS (DE), active in the Integrated Telecommunications industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as defensive. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Neutral. As of the analysis date January 18, 2022, the clo...
DGAP-News: Tele Columbus AG: New optical fibre rings connect key netwo...
DGAP-News: Tele Columbus AG / Key word(s): Market Report/Miscellaneous Tele Columbus AG: New optical fibre rings connect key network locations in four German states 22.12.2021 / 10:47 The issuer is solely responsible for the content of this announcement. Press Release Tele Columbus expands internet backbone New optical fibre rings connect key network locations in four German states - Approx. 1,400 kilometres of optical fibre connects additional network locations - Rapid response for capacity adjustments - Technological groundwork for further FTTH expansion Berlin, ...
DGAP-News: Tele Columbus AG: Neue Glasfaserringe verbinden wichtige Ne...
DGAP-News: Tele Columbus AG / Schlagwort(e): Marktbericht/Sonstiges Tele Columbus AG: Neue Glasfaserringe verbinden wichtige Netzstandorte in vier Bundesländern 22.12.2021 / 10:47 Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Pressemitteilung Tele Columbus erweitert Internet-Backbone Neue Glasfaserringe verbinden wichtige Netzstandorte in vier Bundesländern - Ca. 1.400 Kilometer Glasfaser erschließen weitere Netzstandorte - Kurze Vorlaufzeiten für Kapazitätsanpassungen - Technologische Grundlage für weiteren FTTH-Ausbau Berlin, 22 Dez...
DGAP-News: Tele Columbus AG: Tele Columbus rüstet Netze für Gigabit au...
DGAP-News: Tele Columbus AG / Schlagwort(e): Markteinführung/Produkteinführung Tele Columbus AG: Tele Columbus rüstet Netze für Gigabit auf 07.12.2021 / 10:00 Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Pressemitteilung DOCSIS 3.1 Rollout gestartet Tele Columbus rüstet Netze für Gigabit auf Berlin, 07.12.2021. Die Tele Columbus AG, einer der führenden Glasfaserkabelnetzbetreiber, hat damit begonnen, seine internetfähigen Netze für Übertragungsgeschwindigkeiten bis ein Gigabit pro Sekunde zu optimieren. Mit der Aufrüstung soll der weit ...
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