Nous initions la couverture sur BT Group, l’opérateur historique télécom britannique, à Sous-performance et avec un objectif de cours de 118p (-17%). Nous pensons que plusieurs facteurs seront négatifs pour le titre cette année : 1/ le ralentissement de la croissance ; 2/ la montée en puissance de la concurrence (Virgin Media NetCo) et 3/ des FCF réels toujours faibles (et très en-dessous d’ une communication de « FCF normalisés » à 1,5 Md£).
We are initiating coverage of BT Group, the UK telecoms market incumbent, at Underperform with a target price of 118p (-17%). We think that a couple of factors will weight on the shares this year: 1/ slowing growth; 2/ the ramp-up in competition (Virgin Media NetCo), and; 3/ weak real FCF (well below “normalised FCF” guidance of £ 1.5bn).
Two Directors at BT Group bought/sold after exercising options 298,789 shares at between 136p and 137p. The significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's dir...
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.
Summary Marketline's Dixons Carphone plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Dixons Carphone plc - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investm...
Our economy can become more sustainable if we lower our electricity consumption. KPN and Telecom Italia show the way forward with a substantial reduction in electricity use. Telefonica and BT are less successful. In this article, we describe the transition to renewable electricity use and energy-saving options in both fixed and mobile networks
Summary Currys plc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Currys plc (Currys), formerly Dixons Carphone plc, is a multi-channel electrical and telecommunications retailer of electronic products and smart phones under Kotsovolos, Currys and Elkjop brand names. It pr...
Telecom: AT&T reports solid customer growth in 2Q24, BT reports soft EBITDA growth over 1Q25, Vodafone reports solid EBITDA growth over 1Q25. Technology: RELX reports strong 1H24 results, IBM reports solid 2Q24 results. Real Estate: Merlin Properties completes equity raise to fund data center expansion, Blackstone Property Partners Europe completes Milan trophy asset disposal
In this note we again highlight what we identify as attractive opportunities in the TMT credit space. Our picks and pans for TMT are largely unchanged since our update of 9 February, although the first half of 2024 has been quite eventful - especially for SES, but also for Equinix. SES has announced an agreement to acquire Intelsat, while Equinix has faced allegations of misreporting. Despite the upgrade to IG and some tightening of its notes YTD, we continue to like Cellnex. The combination of ...
In this report we evaluate spreads in the TMT hybrids space. Over the year, TMT hybrid notes have outperformed. Nevertheless, we still like this hybrid space as it offers a good yield. From a spread perspective, we continue to think the tightening potential over senior is more limited, although the small recent widening makes hybrids a bit more attractive.
We just wrapped up the second day of the BCG and NSR Fiber to the Future Conference. The second day featured discussions with over 30 companies including Altice USA, AT&T, BT Group, Charter, Dycom, Deutsche Telekom, Frontier, Goldman Sachs, Liberty Global, Lumen, Recon Analytics, Shentel, TDS Telecom, Tillman Global, Tucows, and Verizon.
Despite market moves and company developments our picks and pans for TMT remain unchanged. When evaluating the investment grade credit space, we still think pockets of value can be found. In this note we highlight some attractive opportunities to go long in names that we have published on before. In combination with our short ideas, this provides an interesting perspective on the current relative value of some TMT names.
2024 will be the year of the smart home, the acceleration of Europe's fibre rollout, transformative M&A and opportunities around 5G and cyber security. New regulation improves the playing field between telecom and tech firms while declining energy prices are a tailwind for the sector
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