Q1 was a soft start to the year with 0.6% LfL excl. Argentina, slightly below expectations mostly driven by France where price elasticity of 2024 price investments remains limited. We expect no material css adjustments and stick to our recent Sell rating. Upcoming court rulings over May-June will b
FDJ United: unsurprisingly, a broadly stable Q1 2025 affected by new regulations|Altice France: sharp earnings drop in Q4 2024 as expected, the improvement in net adds will take time to materialise in P&L|Altice International: soft EBITDA in Q4 2024, potential asset monetisation still being considered|Iliad: Moody’s revises the outlook on the Ba3 corporate rating to Positive from Stable|
FDJ United : sans surprise, un T1 2025 globalement stable affecté par les nouvelles réglementations|Altice France : forte baisse des résultats au T4 2024 comme attendu, l’amélioration des nets mettra du temps à se matérialiser dans les résultats|Altice International : EBITDA faible au T4 2024, possibles cessions d’actifs d’infrastructure toujours à l’étude|Iliad : Moody’s révise la perspective du rating corporate Ba3 de Stable à Positive|
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