reports
- Felix Fischer
- Haidje Rustau
- Ian Wong
- 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: Engineering Group, PeopleCert, The Very Group, McLaren, Versuni (formerly Philips Domestic Appliances), Eircom, Tele Columbus, Arrow Global, Forgital, Grunenthal, Standard Profil, Ithaca Energy, Cerba, Clarios, NewDay, Alain Afflelou, Intrum, Flos B&B Italia (formerly International Design Group)
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- 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: Odigeo, Engineering Group, Teva, Versuni (formerly Philips Domestic Appliances), Alain Afflelou, Eircom, Iliad, Borr Drilling, Ithaca Energy, Tullow Oil, Victoria, TUI Cruises, Axactor, McLaren, EVOCA, Flos B&B Italia (formerly International Design Group)
- Russell Waller
eir (Most Preferred) Q2 24: Another good set of numbers
Eir has reported a solid set of Q2 numbers; underlying trends are slower than in Q1, but still good: SR growth is +1.7% y/y from +2.2% y/y and EBITDAaL growth is +2.8% y/y from +7.0% y/y, with +4.9% y/y for H1 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...
- Ben Rickett
- James Ratzer
- Russell Waller
EU Telecoms: Half-time report 2024 Sector should still be able to out...
European Telecoms has had a reasonable first half of 2024 – up 7% vs. the market up 9% - and is up 15% since January 2022 – bang in line with the EU market. The sector trades in line with the market on P/E for similar earnings growth, but we still see two major structural levers of upside:
- 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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