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Ben Rickett ... (+3)
  • Ben Rickett
  • James Ratzer
  • Russell Waller

EU Telecoms - M&A Outlook for 2025 The Calm Before the Storm

The sector has had one of its best years for share price performance in 2024. This is impressive, but even more so when one considers that there is limited M&A premium embedded in any share prices – indeed 2024 saw the lowest amount of M&A activity since 2016.

Ben Rickett ... (+3)
  • Ben Rickett
  • James Ratzer
  • Russell Waller

European Telecoms: The Year Ahead 2025 Ongoing regulatory support all...

2024 saw the best outperformance for the telecoms sector since 2013 (and the third best since 2000) and ironically this came in a year with one of the lowest announced M&A volumes. We believe this is a testament to improved perception of the underlying fundamentals.

Soomit Datta
  • Soomit Datta

LatAm Telcos – TIM/Vivo to Neutral; Wireless MVNO threats - NuCel / Br...

As well as a broader regional recap, we focus on wireless MVNO threats: NuCel in Brazil, recapping also the experience of AMX in Mexico with Bait (Walmart).

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/29/2024

Emeria Q3 2024 call: promises, more promises? / Q3 24: Extremely weak earnings print, leverage based on reported EBITDA up by 0.9x qoq / Kiloutou reported good results in Q3 24 and its financial position remains stable|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 29/11/2024

Emeria call T3 2024 : des promesses, encore des promesses ? / Q3 24: Extremely weak earnings print, leverage based on reported EBITDA up by 0.9x qoq / Kiloutou a publié de bons résultats au T3 24 et sa situation financière reste stable|

Research Department
  • Research Department

IBERIAN DAILY 28 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS, OHLA, REIT SECTOR, TALGO, TELEFÓNICA. Europe falling once again, with the IBEX back below 11,600 European stock markets fell after the news of the Trump administration’s tariff plans and the political and fiscal uncertainty in France. In the STOXX 600, the best-performing sectors were Real Estate and Household Goods, while Technology and Construction suffered the biggest losses. On the macro side, from the ECB, I. Schnabel pushed to ease monetary policy gradually and come...

Research Department
  • Research Department

INFORME DIARIO 28 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, OHLA, SOCIMIS, TALGO, TELEFÓNICA. De nuevo Europa a la baja y el Ibex pierde los 11.600 puntos Caídas en los mercados europeos con la resaca de los planes arancelarios de la administración Trump y la incertidumbre política y fiscal de Francia. En el STOXX 600, los mejores sectores fueron Inmobiliario y Hogar mientras que Tecnología y Construcción sufrieron las mayores correcciones. Por el lado macro, desde el BCE, I. Schnabel abogó por rela...

Research Department
  • Research Department

IBERIAN DAILY 26 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: FLUIDRA, TALGO, TELEFÓNICA. EuroSTOXX 50 back above 4,800 points The possibility of new stimulus measures in China and the more moderate messages on the geopolitical front spurred gains in Europe. In the STOXX 600, the best-performing sectors were Consumer Goods and Travel & Leisure, whereas Retail and Energy (Israel and Lebanon would be seeking an agreement to end the war that is dragging down Brent prices) suffered the biggest losses. On the macro side, in Germany November’s IFO...

Research Department
  • Research Department

INFORME DIARIO 26 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FLUIDRA, TALGO, TELEFÓNICA. El Euro STOXX 50 recupera los 4.800 puntos La posibilidad de nuevas medidas de estímulo de China y los mensajes más moderados en el plano geopolítico animaron las subidas en Europa. En el STOXX 600, los mejores sectores fueron B. Consumo y Viajes&Ocio mientras que Retail y Energía (Israel y el Líbano estarían buscando un acuerdo para poner fin a la guerra, lo que lastró al Brent), sufrieron las mayores caídas. Por el lado...

James Ratzer
  • James Ratzer

Telefonica Peru bond initiation: Speculative Buy on further parent sup...

Telefonica faces an interesting conundrum in Peru and will face an imminent decision that could help to unlock value – either for Telefonica’s parent company equity or for the Telefonica Peru bonds.

Jan Frederik Slijkerman
  • Jan Frederik Slijkerman

TMT hybrid yields trended lower/Move up in quality

In this report we evaluate spreads in the TMT hybrids space. Over the year, TMT hybrid notes have performed well. However, we now think the tightening potential over senior notes is more limited. One can move up in quality (or lower duration) without giving up much additional spread.

James Ratzer
  • James Ratzer

Telefonica (Neutral, €4.5, +7%) Q3 24 – Revenue, EBITDA and FCF beat

Telefonica’s Q3 results are solid, being marginally ahead of consensus across the board. In particular, strong KPIs in Spain and high organic growth in Brazil stands out, and with all guidance reiterated, we believe there could be some upside to consensus estimates.

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