reports
- Russell Waller
EIR Q1 24: Very good EBITDAaL growth
Eir has reported a good set of Q1 numbers, with underlying SR growth a touch slower, but still good at +2.2% y/y, and EBITDAaL growth of +7.0% y/y from -0.6% y/y in Q4 23 and vs guidance for LSD EBITDAaL growth for the full year. We recently made eir one of our most preferred names in European Telco high Yield – read about that HERE – and these results support our view that although the eir spreads are quite tight, they could be tighter still given the outlook (asset cover) and leverage (and pos...
- Russell Waller
European Telecoms High Yield review Setting out our key preferences
We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.
- Russell Waller
eir Q4 23: Solid numbers and good guidance
We recently initiated on eir (read that report HERE). We felt that eir was well positioned to grow FCF thanks to SR led EBITDA growth, and falling capex. Eir is moving toward that outcome, with some solid guidance for 2024 (low single digit EBITDA growth vs c-3% y/y for 2023). Q4 23 was broadly as expected, with good MSR growth, solid fixed growth, and flat-ish EBITDA. All-in-all, we remain of the view that although eir spreads are quite tight, they could be tighter still in our view given the o...
- Russell Waller
EIR (initiation of coverage) Another Good investment by Xavier Niel
We recently wrote about whether or not Xavier Niel companies deserved to trade at tight spreads – HERE. We concluded that they do, if they are well run good businesses. Eir is one such business. Its spreads are quite tight, but could be tighter still in our view given the outlook (asset cover) and leverage (possible rating upgrade to come?).
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