reports
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- James Ratzer
- James Ratzer
Vodafone (Buy, 135p, +87%) The Rule of Three: 3% EBITDA growth at 3x ...
Vodafone’s FY results have less to unpack than usual, with Spain and Italy now treated as discontinued items, as a sign of the ongoing simplification of the group. New guidance given for FY25 looks supportive and is marginally ahead of consensus.
- 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.
- James Ratzer
- James Ratzer
- Bruno Cavalier
- Emira Sagaama
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 09/04/2024 Date Performance dep...
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
SDG SYNERGIE SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BAMNB KONINKLIJKE BAM GROEP NV
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
DEME DEME GROUP NV
LHYFE LHYFE S.A.
- Bruno Cavalier
- Emira Sagaama
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 04/09/2024 Date Performance sin...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
SDG SYNERGIE SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BAMNB KONINKLIJKE BAM GROEP NV
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
DEME DEME GROUP NV
LHYFE LHYFE S.A.
- Emira Sagaama
- Jerôme Bodin
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
VIV VIVENDI SE
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Bruno Cavalier
- Emira Sagaama
- Jerôme Bodin
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
VIV VIVENDI SE
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ODDO : Altice: after debt restructuring, a commercial tour de force?
>Our scenario for the restructuring of Altice France - Faced with a debt wall in 2027-2029 (€ 22bn) and already negative FCF, Altice France has opted to force the hand of its creditors by attempting to impose the restructuring of its debt. We see three scenarios: 1/ A general agreement: assuming the reinitialisation of leverage in 2024 at 3.7x and the use of the ~€ 5.4bn proceeds from divestments (Altice Media, La Poste Mobile, XP Fibre, data centres), we calcul...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ODDO : Altice : après le tour de force obligataire, un tour de force c...
>Notre scenario de restructuration d’Altice France - Face à son mur de dette sur 2027-2029 (22 Md€) et ses FCF déjà négatifs, Altice France a choisi de forcer la main de ses créanciers en tentant d’imposer une restructuration de sa dette. Notre équipe crédit, dans une note publiée ce matin, perçoit trois scenarios : 1/ Un accord général : en supposant une réinitialisation du levier 2024 à 3,7x et l’utilisation de ~5,4 Md€ de produits de cession (Altice Medi...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
EQS-News: Telefónica Deutschland's Management Board and Supervisory Bo...
EQS-News: Telefónica Deutschland Holding AG / Key word(s): Offer/Statement Telefónica Deutschland's Management Board and Supervisory Board jointly recommend acceptance of the public delisting acquisition offer 26.03.2024 / 17:32 CET/CEST The issuer is solely responsible for the content of this announcement. Management Board and Supervisory Board jointly recommend acceptance of the public delisting acquisition offer The Management Board and the Supervisory Board of Telefónica Deutschland Holding AG ("Telefónica Deutschland") today issued their Joint Reasoned Statement o...
EQS-News: Vorstand und Aufsichtsrat der Telefónica Deutschland empfehl...
EQS-News: Telefónica Deutschland Holding AG / Schlagwort(e): Übernahmeangebot/Stellungnahme Vorstand und Aufsichtsrat der Telefónica Deutschland empfehlen gemeinsam die Annahme des öffentlichen Delisting-Erwerbsangebots 26.03.2024 / 17:32 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Der Vorstand und der Aufsichtsrat empfehlen gemeinsam die Annahme des öffentlichen Delisting-Erwerbsangebots Der Vorstand und der Aufsichtsrat der Telefónica Deutschland Holding AG („Telefónica Deutschland“) haben heute ihre gemeinsame begründete Ste...
- Jonathan Chaplin
Fiber to the Future – Broadband Trends; Infrastructure Wars; New ILEC ...
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.
EQS-News: Public Delisting Acquisition Offer to the shareholders of Te...
EQS-News: Telefónica Deutschland Holding AG / Key word(s): Offer/Delisting Public Delisting Acquisition Offer to the shareholders of Telefónica Deutschland Holding AG 20.03.2024 / 12:31 CET/CEST The issuer is solely responsible for the content of this announcement. MUNICH, 20 March 2024 Public Delisting Acquisition Offer to the shareholders of Telefónica Deutschland Holding AG Telefónica Local Services GmbH (‘Bidder’), a wholly-owned subsidiary of Telefónica, S.A. with registered office in Madrid/Spain, today submitted a public Delisting Acquisition Offer to the shareh...
EQS-News: Öffentliches Delisting-Erwerbsangebot an die Aktionäre der T...
EQS-News: Telefónica Deutschland Holding AG / Schlagwort(e): Übernahmeangebot/Delisting Öffentliches Delisting-Erwerbsangebot an die Aktionäre der Telefónica Deutschland Holding AG 20.03.2024 / 12:31 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. München, 20. März 2024 Öffentliches Delisting-Erwerbsangebot an die Aktionäre der Telefónica Deutschland Holding AG Die Telefónica Local Services GmbH („Bieterin“), eine hundertprozentige Tochtergesellschaft der Telefónica, S.A. mit Sitz in Madrid/Spanien, hat heute den Aktionären der Tele...
- James Ratzer
- Russell Waller
Swisscom (Neutral, TP: CHF620, +20%) Swisscom and Vodafone agree bind...
Swisscom and Vodafone have announced a binding agreement for Vodafone Italy: an €8bn EV for 100% of the company, on a debt-free basis. We update our thoughts on the deal in this piece from a Swisscom perspective, and will be following up with a piece looking at the deal from a Vodafone perspective later today.
- James Ratzer
Vodafone (Buy, 140p, +100%) M&A Watch: How Iliad could still buy Voda...
Vodafone’s recent announcement that they are selling their Italian assets to Fastweb will likely have frustrated Xavier Niel, who we know has been keen to do a deal with Vodafone Italy for a number of years. Is this the end of the story? We think it might not be, and if Vodafone won’t sell the asset to him, then maybe he should acquire the whole of Vodafone.
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