ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/16/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/16/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 16/07/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/07/2025

Swisscom (Neutral, TP: CHF575, +3%) Sunrise (Neutral, TP: CHF38, -13%)...

We recently held investor calls with senior management at Salt (HERE), Swisscom (HERE) and Sunrise. We provide a summary in this report. We are Neutral on all three names, but if domestic conditions are indeed improving, as was suggested, then we would become more positively inclined. In addition, we can see how all three look attractive on a yield relative basis to the now 0% Swiss central Bank rate, that is seemingly heading to negative territory again.

Swisscom (Neutral, TP: CHF575, +3%) Swisscom CEO call feedback – Swis...

Yesterday, we hosted a call for investors with Swisscom CEO, Christoph Aeschlimann. Topics were wide-ranging, but he talked encouragingly about the outlook for Swiss SR, with new products in B2C (family plans) and B2B (BEEM). Overall, market dynamics appear to be improving in Swiss B2C mobile.

Bible 1Q25: Telecom Infrastructure – Mobile stabilizes off the lows, ...

Today, we are publishing the Telecom Infrastructure section of our 27th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Enterprise IT and PCs. Fixed equipment revenues are rebounding from the inventory correction, rising 9% YoY. RAN spending is stabilizing, up l...

Swisscom (Neutral, TP: CHF578, +8%) Q1 25: In-line results, but condi...

Swisscom has reported a solid enough set of numbers vs consensus, and the important B2C SR trends are a touch better sequentially, but underlying trends in Italy are weak, and EBITDA trends slipped a little domestically.

Coffee, Croissants & Credit/Italgas, Infineon, Swisscom and Telecom It...

Utilities - Italgas: good 1Q25 results and 2i Rete Gas acquisition completed

A-rated TMT credit investments/Better credits at similar spreads

This report updates credit investors on opportunities in the single-A TMT space. We argue that the notes of Relx, Swisscom, and ASML look attractive. The notes of SAP and Telenor look to trade at fair value. We provide a summary of our general findings, followed by company descriptions.

Bible 4Q24: Telecom Infrastructure – Recovery across the board

Today, we are publishing the Telecom Infrastructure section of our 26th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Telecom capex rebounded, up 13% YoY, driving a strong recovery across the value chain—from fixed and mobile equipment to semiconductors. Nokia remains our top pick in the sector.

Inwit (Neutral, €12.8, +32%) Could Swisscom renegotiate the Inwit MSA?

This afternoon Swisscom said they will try to renegotiate the Inwit MSA, arguing that the fees are high relative to Inwit’s secondary tenants and international benchmarks. In this Quick Take we discuss whether that’s true, and whether Swisscom could plausibly threaten to exit the MSA.

Swisscom (Neutral, TP: CHF636, +20%) Q4 24: Mixed results, Italy guid...

Swisscom has reported a mixed set of numbers, and given some disappointing guidance for Italy. Furthermore, remarks about a lack of repair in the Swiss B2C market despite recent price rises by Salt and Sunrise are a bit disappointing, albeit, we had not factored that into our model.

Coffee, Croissants & Credit/Italgas, Kinder Morgan, Klepierre, Unibail...

Utilities - Italgas: Solid 2024 results. Kinder Morgan: Revises outlook to positive and potential rating upgrade

Coffee, Croissants & Credit/Swisscom, Cellnex, SELP, Unibail

Telecom - Swisscom's credit rating lowered to A- by S&P. Cellnex evaluates sale of its Swiss business

Coffee, Croissants & Credit/Swisscom

Telecom - Swisscom's credit rating lowered to A2 by Moody's

Coffee, Croissants & Credit/Swisscom, Orange

Telecom - Swisscom flags one-off costs related to the closing of the Vodafone Italia acquisition. Vodafone Spain and MasOrange combine fibre networks

Coffee, Croissants & Credit/Cellnex, Swisscom, Vodafone, Unibail

Telecom - S&P maintains the credit rating of Cellnex. Italian government clears acquisition of Vodafone Italia by Swisscom

A-rated TMT credit investments/Better credits at similar spreads

In this report we evaluate the single-A TMT space. We argue that the notes of Wolters Kluwer, Relx, Swisscom and ASML look attractive. The notes of SAP and Telenor look to trade at fair value. As spread curves trade rather flat, we prefer notes in the belly of the curves. In this note we provide a summary of our general findings, followed by company descriptions.

Swisscom (Neutral, TP: CHF600, +8%) Q3 24: Swiss EBITDA supported by g...

Swisscom has reported a solid set of numbers. Swiss SR trends ex wholesale are unchanged (which is in stark contrast to Sunrise), but better cost cutting has led to a 2% EBITDA beat vs consensus for Switzerland and a 1% beat at the Group level.