reports
- James Ratzer
EOLO Q2 25: Evolving churn and ARPU levels
Eolo is a business that continues to evolve, with a pivoting mix of growth towards FTTH, likely as a result of increased FWA competition. Simultaneously, they are undertaking an increased focus on customer retention, helping churn and costs, but this is likely to have some incremental ARPU pressure. We await more details on the Fastweb deal as the next future leg of growth.
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Loxam, Modulaire, Progroup, Forgital, Voyage Care, Tele Columbus, Industria Macchine Automatiche, Vallourec, Assemblin, PeopleCert, Novafives, Eolo, Altice France (SFR), Altice International, Multiversity, Grunenthal, Ontex, Benteler International, Rolls-Royce, Axactor, Grupo Antolin
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Playtech, Salt, Eolo, Tele Columbus, Telenet, VodafoneZiggo, CABB, Manuchar, Canpack, Victoria, Grunenthal, Stena AB, TI Fluid Systems, Ineos, Ineos Quattro, Advanz Pharma
- James Ratzer
Eolo Q1 25: An evolving FWA business model
Eolo’s business model as an FWA player continues to evolve in the face of the changing competitive environment. From the Q1 results today we highlight some of the newer trends to emerge, especially around capex and a changing mix between business and consumer growth.
- James Ratzer
Eolo: Q4 24 - Back to Equal Weight More positive longer-term, more cl...
We have been fans of the Eolo story and business model since we initiated – and the bonds have since tightened from 10.5% to 8% yield. However, given this move, combined with the Q4 results (which show higher churn) and the near-term capex impact of the Fastweb deal, we now move back to Equal Weight. While the Fastweb should be positive in the longer-term, the near-term implications are likely to lead to higher debt levels
- James Ratzer
EOLO Model update to reflect new equity and capex assumptions
Following Eolo’s results last week, we update our numbers and publish a new model. In this brief piece, we run through our new assumptions to reflect the new equity injection and a change in mix between capex & EBITDA. We continue to see the credit as well placed.
- James Ratzer
Eolo: Q3 24 New equity injection announced - Our Take
Earlier this month, we initiated coverage on Eolo with our deep-dive report. Today, they announced Q3 results and a new €50m equity drawdown option from their main shareholder, Partners Group. In this note, we review this in more detail and where the equity capital might be deployed.
- Ben Rickett
- James Ratzer
EOLO: Initiation of coverage Credit looks protected in different FTTH...
FWA in Italy has been a unique growth spot in European Telecoms over the past 10 years. However, the common question is whether rising FTTH in rural areas could be a potential threat to the Eolo business model, just like Tesselis has seen in urban areas. We initiate coverage in this report and run through the fundamentals of the business and different FTTH scenarios. At 10.5% yield, we believe the risk/reward profile is slightly more attractive than other companies. We see better near-term cashf...
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