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- James Ratzer
Telecom Italia (Buy, €0.35, +25%) FiberCop earnouts reduced, but the ...
Today we have initiated coverage on FiberCop and in that work we reassessed the potential for earnouts to be paid as part of a combination with OpenFiber. We are now a lot more sceptical whether TI will receive those earnouts, which is a drag to value – but meanwhile other parts of the TI story evolve more positively with Iliad and Poste Italiane. In this note, we provide our updated thoughts on the path ahead for Telecom Italia and the potential catalyst path.
- Ben Rickett
- James Ratzer
- Carole Braudeau
- Carole Braudeau
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LRC LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Baptiste Lebacq
- Markus Remis
- Thomas Zlowodzki
LRC LEGRAND
IPN IPSEN SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
LI KLEPIERRE SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
ULVR UNILEVER PLC
RXL REXEL SA
SZG SALZGITTER AG
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
UCG UNICREDIT S.P.A.
TIT TELECOM ITALIA S.P.A.
STR STRABAG SE
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
- Carole Braudeau
Credit Morning 02/13/2025
Delivery Hero: good full-year results and plan to buy back € 1bn of convertible bonds.|URW renounces to leave the USA after a quality 2024 year|AccorInvest and Accor are considering to sell their F1 hotels|Commerzbank posts strong annual results, plans 3,900 job cuts, and lifts 2028 targets|Lone Star’s Portuguese Lender Novo Banco to Start IPO Procedure|
- Stephane Beyazian
- Carole Braudeau
Morning Crédit 13/02/2025
Delivery Hero : Bon résultats annuels et projet de rachat de 1 md EUR d’obligations convertibles.|URW renonce à sortir des USA après un exercice 2024 de qualité|AccorInvest et Accor pourraient bientôt céder leurs hôtels F1|Commerzbank publie de solides résultats 2024, annonce un vaste plan de licenciement et révise à la hausse ses objectifs 2028|Lone Star, actionnaire à 75%, lance la procédure d’IPO de Novo Banco|
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Stephane Beyazian
- 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: EnQuest Plc, Rexel, United Group, Telecom Italia, PHM Group, Huhtamaki, Best Secret (Schustermann & Borenstein), Solenis, Iceland Foods, Asmodee, Axactor, Hurtigruten, Hapag-Lloyd
- Ben Rickett
- James Ratzer
- Carole Braudeau
Credit Morning 02/12/2025
Carrefour is considering acquiring minority stakes in Atacadao|Moody's upgrades Coty's CFR to Ba1/stable|Paprec: agreement with the French national financial prosecutor|Banco BPM : strong annual results, update on its strategic plan and increase of the tender offer on Anima|
- Carole Braudeau
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Carole Braudeau
Credit Morning 02/10/2025
Flos B&B Italia: second exercise of 103% call on 10% of the SSN due 2028|Pricing power to help offsetting increase in aluminum import tax in the US|Altice International : S&P cuts the corporate rating to CCC+/negative from B-/negative|Telecom Italia: there would be at least two plans for a partial acquisition (Iliad, CVC)|
- Carole Braudeau
Morning Crédit 10/02/2025
Flos B&B Italia : nouvel exercice du call à 103% sur 10% de la souche 10% 2028|Pricing power to help offsetting increase in aluminum import tax in the US|Altice International : S&P degrade le rating de B-/négative à CCC+/négative|Telecom Italia : il y aurait a minima deux projets de rachat partiel (Iliad, CVC)|
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