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Vodafone Group: 1 director

A director at Vodafone Group bought 823,500 shares at 69p and the significance rating of the trade was 100/100. 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 directors over the last two years clearly sh...

James Ratzer
  • James Ratzer

FTTF Conference Summary: Top Ten Takeaways

Our Global Fiber-to-the-Future conference has just wrapped up with over 50 companies worldwide presenting their views on the state-of-play of the fiber market.

Jonathan Chaplin
  • 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.

Carole Braudeau
  • Carole Braudeau

Credit Morning 03/22/2024

Ardagh is heading towards a restructuring process Grifols : CNMV finds no material accounting errors, requires further transparency on related-party transactions and leverage calculation>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 22/03/2024

Ardagh se dirige vers un processus de restructuring Grifols : pas d’erreur comptable significative selon la CNMV qui demande plus de transparence sur les opérations avec les parties liées et le calcul du levier>...

United Utilities Group: 1 director

A director at United Utilities Group sold 1,842 shares at 1,040p and the significance rating of the trade was 52/100. 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 directors over the last two years clea...

Vodafone Group Plc: Planned buybacks are negative, but dividend reduct...

The overall effect of the revised capital allocation depends on the timing and amount of debt repayment upon successful completion of the deals in Italy and Spain.

Jerôme Bodin ... (+2)
  • Jerôme Bodin
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/15/2024

After a terrible start to the year with the fall in gas prices and interest rate pressures, utilities have staged a slight recovery since the second half of February thanks to an uptick in electricity prices and slight decline in long rates. The most recent US macro figures support our scenario of higher long rates in the coming months, stymieing a sector recovery. A recovery will have to wait for a hypothetical collapse in consumer spending in Europe and the first policy rate cuts by...

Carole Braudeau
  • Carole Braudeau
ATO ATOS SE
ORA ORANGE SA ... (+13)

Credit Morning 03/15/2024

Elis: new bond issue maturing in 2030Ageas: BNP is said to weigh purchase of Fosun’s Ageas stakeVodafone reaches an agreement to sell Vodafone Italy to Swisscom for € 2bn in cashTHOM: resilient Q1 results without any major surprise after the figures released as part of the issuance.>...

Stephane Beyazian
  • Stephane Beyazian

Vodafone : Divestment of Italy and share buybacks

>Not the best offer but a direct divestment - Vodafone announced the sale of its business in Italy for an EV of € 8bn, or a multiple of 6.0x EBITDA FY 2024 which Vodafone recalculates at 7.8x with adjustments (Vodafone factors back in € 176m in costs booked in intra-group costs and € 97m in other costs). The latter multiple is in line with those on M&A deals in the sector and, more importantly, is higher than the disappointing multiple on the sale of Vodafone Spain (5...

Carole Braudeau
  • Carole Braudeau
ATO ATOS SE
ORA ORANGE SA ... (+13)

Morning Crédit 15/03/2024

Elis : émission d’une nouvelle obligation à échéance 2030Ageas : BNP considérerait la reprise de la participation de 10% de Fosun au capital d’AgeasVodafone annonce un accord de cession de Vodafone Italie à Swisscom pour 8 mds EUR en cashTHOM : des résultats T1 résilients mais sans surprise après les chiffres communiqués dans le cadre de l’émission>...

Jerôme Bodin ... (+2)
  • Jerôme Bodin
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/03/2024

Après un début d’année horribilis avec la chute des prix du gaz et les tensions sur les taux, les Utilities ont marqué un léger rebond depuis la deuxième moitié de février grâce à un rebond des prix de l’électricité et un léger reflux des taux longs. Les derniers chiffres macro US soutiennent notre scénario de taux longs plus hauts dans les mois qui viennent, empêchant le rebond du secteur. Celui-ci devra attendre un hypothétique effondrement de la consommation en Europe et les premiè...

Stephane Beyazian
  • Stephane Beyazian

Vodafone : Cession de l’Italie et rachat d’actions

>Pas la meilleure offre mais une cession directe - Vodafone annonce la vente de son activité en Italie sur une V.E. de 8 Md€, soit un multiple de 6.0x l’EBITDA FY2024 que Vodafone recalcule à 7,8x avec des ajustements (Vodafone réintègre 176 M€ de coûts comptabilisés dans les coûts intra-groupe et 97 M€ d’autres charges). Ce dernier multiple ressort en ligne avec le M&A du secteur et surtout supérieur au multiple décevant de la cession de Vodafone Espagne (5x). ...

Bruno Cavalier ... (+2)
  • Bruno Cavalier
  • Charlotte Vaisse
INFINEON INFINEON TECHNOLOGIES AG
FP TOTAL SE
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
RMV RIGHTMOVE PLC
ALKAL KALRAY SA
JEN JENOPTIK AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
Bruno Cavalier ... (+2)
  • Bruno Cavalier
  • Charlotte Vaisse
INFINEON INFINEON TECHNOLOGIES AG
FP TOTAL SE
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EN BOUYGUES SA
MUV2 MUNICH REINSURANCE COMPANY
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
EL ESSILORLUXOTTICA SA
GAMA GAMMA COMMUNICATIONS
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
UCB UCB S.A.
DTE DEUTSCHE TELEKOM AG
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
EVK EVONIK INDUSTRIES AG
MONC MONCLER SPA
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SMHN SUESS MICROTEC AG
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
RMV RIGHTMOVE PLC
ALKAL KALRAY SA
JEN JENOPTIK AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
Konrad Zomer ... (+2)
  • Konrad Zomer
  • Stephane Beyazian

ODDO : Germany: DTE, Freenet and 1&1 set to be the winners again in 20...

>Clients: Freenet inTV, Deutsche Telekom in broadband and 1&1 in mobile - In broadband, Deutsche Telekom added 66,000 clients in Q4 2023 vs Vodafone -94,000, O2D +23,000 and 1&1e -10,000 by our estimates. Deutsche Telekom continues its fibre roll-out (2-3 million new lines per year). Telefonica and 1&1 hope for better trends in the future but we see no visible signs. Freenet, which launched its offering in 2023, underlines the difficulty of building a brand on this ma...

Konrad Zomer ... (+2)
  • Konrad Zomer
  • Stephane Beyazian

ODDO : Allemagne : DTE, Freenet et 1&1 encore gagnants en 2024

>Clients : Freenet #1 (TV), Telekom #2 (internet) et 1&1 #3 (mobile) - Sur l’internet fixe, Deutsche Telekom a ajouté 66 000 clients au T4 2023 vs Vodafone -94 000, O2D +23 000, et 1&1e -10 000 selon nous. Telekom poursuit le déploiement de la fibre (2-3 M de lignes nouvelles par an). Telefonica et 1&1 espèrent de meilleures tendances à venir mais nous ne voyons pas de signe visible. Freenet, qui a lancé son offre en 2023, souligne la difficulté de construire une mar...

Carole Braudeau
  • Carole Braudeau

Credit Morning 02/28/2024

BUT: a more challenging Q2 but with no impact on leverage or liquidity Altarea: after a difficult 2023, the group now wants to ramp up its performance>...

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