reports
- Anthony Dick
- Michael Foundoukidis
Continental : A welcome transformation, but already priced in
Continental's ongoing transformation into a pure player in the tire sector, first with the imminent spin-off of its automotive business and then, in 2026, with the sale of ContiTech, makes it undeniably more attractive fundamentally. This justifies the re-rating seen since the start of the year and our rating upgrade to Neutral (TP € 79 vs € 70). However, we now see limited upside, and, among tire makers, we see Michelin as more attractive and maintain our preference for the stock (better earnin...
- Anthony Dick
- Michael Foundoukidis
Continental : Une transformation bienvenue mais déjà bien valorisée
La transformation en cours de Continental en un pure player du pneu, d’abord avec le spin-off imminent de l’activité automobile puis, en 2026, la cession de ContiTech, le rend indéniablement plus attractif sur le plan fondamental. Cela justifie le rerating récent observé et le relèvement de notre recommandation à Neutre (OC 79 € vs 70 €). Pour autant, nous estimons le potentiel désormais limité et, au sein des pneumaticiens, Michelin nous semble plus attrayant et conserve notre préférence (meill...
Bouygues: Monthly disclosure of the total number of shares and voting ...
Bouygues: Monthly disclosure of the total number of shares and voting rights REGULATED INFORMATION MONTHLY DISCLOSURE OF THE TOTAL NUMBER OF SHARES AND VOTING RIGHTS Paris, 01/09/25 Article 223-16 of the AMF General Regulation Date Shares Voting rights Theoretical (1) Exercisable (2) 31 August 2025 383,433,512 497,905,464 495,700,521 (1) In accordance with Article 223-11 of the AMF General Regulation, this number is calculated on the basis of all the shares to which voting rights are attached, including shares for which voting rights have been suspended.(2) Fo...
Bouygues : publication mensuelle du nombre d'actions composant le capi...
Bouygues : publication mensuelle du nombre d'actions composant le capital et du nombre total de droits de vote INFORMATION REGLEMENTÉE PUBLICATION MENSUELLE DU NOMBRE D'ACTIONS COMPOSANT LE CAPITAL ET DU NOMBRE TOTAL DE DROITS DE VOTE Paris, le 01/09/25 Article 223-16 du Règlement général de l’AMF Date Nombre d’actions composant le capital Nombre total de droits de vote théoriques (1) exerçables (2) 31 août 2025 383 433 512 497 905 464 495 700 521 (1) Conformément à l’article 223-11 du Règlement général de l’AMF, nombre calculé sur la base de l’ensemble des acti...
- Mateo Salcedo
Air France-KLM : Back into the HY market
Air France-KLM was back into the bond market last week through the issuance of a € 500m 5Y bond priced at MS+155bps (i.e. a yield of 3.85%), which is at the lower end of the price guidance (MS+155-160bps) and tighter than the IPT (MS+190bps). Proceeds from the transaction will be used for general corporate purposes, with no further information provided. We understand that this will be used to refinance upcoming debt including the CB/Perpetual (if not converted) or the 2026 maturities. The timing...
- Mateo Salcedo
Air France-KLM : Back into the HY market
Air France-KLM was back into the bond market last week through the issuance of a € 500m 5Y bond priced at MS+155bps (i.e. a yield of 3.85%), which is at the lower end of the price guidance (MS+155-160bps) and tighter than the IPT (MS+190bps). Proceeds from the transaction will be used for general corporate purposes, with no further information provided. We understand that this will be used to refinance upcoming debt including the CB/Perpetual (if not converted) or the 2026 maturities. The timing...
- Carole Braudeau
- Carole Braudeau
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ACKB ACKERMANS & VAN HAAREN NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
DHER DELIVERY HERO SE
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SUNN SUNRISE
- Hela Zarrouk
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ALLAN LANSON-BCC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
SIFG SIF HOLDING NV
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
SFG SPHERA FRANCHISE GROUP SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
SUNN SUNRISE
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ACKB ACKERMANS & VAN HAAREN NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
DHER DELIVERY HERO SE
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SUNN SUNRISE
- Hela Zarrouk
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ALLAN LANSON-BCC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
SIFG SIF HOLDING NV
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
SFG SPHERA FRANCHISE GROUP SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
SUNN SUNRISE
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
MOB MOBILEZONE HOLDING AG
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
SUNN SUNRISE
- Stephane Beyazian
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
MOB MOBILEZONE HOLDING AG
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
SUNN SUNRISE
- Stephane Beyazian
Orange: Orange issues new bonds for a total notional of euros 900 mill...
Orange: Orange issues new bonds for a total notional of euros 900 million Press release Paris, 28 August 2025 Not for distribution in the United States of America Orange issues new bonds for a total notional of euros 900 million Orange issues a EUR 900 million 12-year bond at 3.75%. CurrencyFormatTermNotionalCouponRe-offer spreadEURFixed rateSeptember 2037900 million3.75%m/s + 108 bps Barclays and BofA Securities are acting as Global Coordinators. Barclays, BBVA, BofA Securities, Crédit Agricole - Corporate Investment Bank, Goldman Sachs Bank Europe SE, HSBC, Santander and UniCredit are ...
Orange : Orange emprunte sur le marché obligataire 900 millions d’euro...
Orange : Orange emprunte sur le marché obligataire 900 millions d’euros Communiqué de presse Paris, le 28 août 2025 Ne pas diffuser aux Etats-Unis d'Amérique Orange emprunte sur le marché obligataire 900 millions d’euros Orange emprunte sur le marché obligataire 900 millions d’euros à 12 ans avec un coupon de 3,75%. DeviseFormatMaturitéMontantCouponMargeEURTaux fixeSeptembre 2037900 millions3,75%m/s + 108 bps Barclays et BofA Securities interviennent en qualité de Coordinateurs Globaux. Barclays, BBVA, BofA Securities, Crédit Agricole - Corporate Investment Bank, Goldman...
- Carole Braudeau
- Carole Braudeau
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