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Ben Rickett ... (+2)
  • Ben Rickett
  • James Ratzer

1&1 (Neutral, €14, +16%) Previously: Buy, €26. United Internet (Neutra...

We have been long-time buyers of 1&1, arguing that the value of the high-growth retail business was obscured by the mobile network build. However that growth has now stalled in an increasingly competitive German mobile market.

Ben Rickett
  • Ben Rickett

United Internet (Buy, €28, +77%) 1&1 (Buy, €26, +120%) 3Q24: Guidance...

1&1 has reported soft Q3 results, with service revenue growth stalling in an increasingly competitive German mobile market. The company has cut the service revenue guidance (again) and has caveated the EBITDA guidance (now conditional on winning compensation for the network outage in May). In this Quick Take we review the retail trends and mobile network build progress.

Stephane Beyazian
  • Stephane Beyazian

United Internet AG : Q3 2024: IONOS acceleration, 1&1 below expectatio...

>IONOS (Outperform): revenue acceleration (thanks to price hikes) - For Q3 2024, IONOS reported revenues up by 11% y-o-y at € 390m (ODDO BHF € 388m, css € 390m). Q3 2024 adjusted EBITDA was up by 13% at € 119m, 3% above expectations (ODDO BHF € 120m, consensus € 116m). The company added 20,000 new contracts (in line with Q2). Good news: webhosting revenues accelerated from 10% y-o-y to 12% y-o-y in Q2, thanks to price hikes, while aftermarket revenues returned to grow...

Stephane Beyazian
  • Stephane Beyazian

United Internet AG : Q3 2024: IONOS acceleration, 1&1 below expectatio...

>IONOS (Outperform): revenue acceleration (thanks to price hikes) - For Q3 2024, IONOS reported revenues up by 11% y-o-y at € 390m (ODDO BHF € 388m, css € 390m). Q3 2024 adjusted EBITDA was up by 13% at € 119m, 3% above expectations (ODDO BHF € 120m, consensus € 116m). The company added 20,000 new contracts (in line with Q2). Good news: webhosting revenues accelerated from 10% y-o-y to 12% y-o-y in Q2, thanks to price hikes, while aftermarket revenues returned to grow...

 PRESS RELEASE

EQS-News: United Internet mit erfolgreichen ersten 9 Monaten 2024

EQS-News: United Internet AG / Schlagwort(e): 9-Monatszahlen United Internet mit erfolgreichen ersten 9 Monaten 2024 12.11.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. United Internet mit erfolgreichen ersten 9 Monaten 2024 Kundenverträge: + 420.000 auf 28,87 Mio. Verträge Umsatz: + 2,0 % auf 4,661 Mrd. EUR EBITDA: - 1,4 % auf 978,4 Mio. EUR, darin enthalten - 93,3 Mio. EUR höhere Anlaufkosten beim 1&1 Mobilfunknetz Prognose 2024: Umsatz konkretisiert; EBITDA und Cash-Capex bestätigt Montabaur, 12. November 2024....

 PRESS RELEASE

EQS-News: United Internet with successful first nine months of 2024

EQS-News: United Internet AG / Key word(s): 9 Month figures United Internet with successful first nine months of 2024 12.11.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. United Internet with successful first nine months of 2024 Customer contracts: + 420,000 to 28.87 million contracts Sales: + 2.0% to EUR 4.661 billion EBITDA: - 1.4% to EUR 978.4 million, including EUR - 93.3 million higher start-up costs for 1&1 mobile network Guidance 2024: sales specified; EBITDA and cash capex confirmed Montabaur, November 12, 2024. ...

Konrad Zomer ... (+2)
  • Konrad Zomer
  • Stephane Beyazian

ODDO : Two more constellations! IRIS² and Apple-GlobalStar

>IRIS²: a high cost, new investments for SES and Eutelsat - The European Commission has awarded a 12-year concession contract for the design, delivery and operation of the IRIS² constellation to SpaceRISE, a consortium composed of Eutelsat, SES and Hispasat. IRIS2 will have 260 low earth orbit satellites (LEO, orbit used by OneWeb/Eutelsat) and 18 medium earth orbit satellites (MEO, the orbit for which SES is the only player). Orange and Deutsche Telekom are partners,...

Konrad Zomer ... (+2)
  • Konrad Zomer
  • Stephane Beyazian

ODDO : Et deux constellations de plus ! IRIS² et Apple-Globalstar

>IRIS² : un coût élevé, de nouveaux investissements pour SES et Eutelsat - La Commission européenne a attribué un contrat de concession de 12 ans pour la conception, la livraison et l'exploitation de la constellation IRIS² à SpaceRISE, un consortium composé d'Eutelsat, SES et Hispasat. IRIS2 comptera 260 satellites de basse orbite (LEO, orbite utilisée par OneWeb/Eutelsat) et 18 de moyenne orbite (MEO, l’orbite dont SES est le seul acteur). Orange et Deutsche Telekom ...

Cosmin Filker ... (+4)
  • Cosmin Filker
  • Marcel Goldmann
  • Marcel Schaffer
  • Matthias Greiffenberger

GBC Best of German Mittelstand - 29.10.2024

Liebe Investoren, hätten Sie unmittelbar nach Ausbruch des Ukraine-Krieges einen DAX-ETF gekauft, würden Sie sich heute über eine Performance von über 35 % freuen. Hätten Sie dagegen im gleichen Zeitraum in die kleineren deutschen Aktienindizes investiert, hätten Sie im besten Fall keinen Verlust gemacht, im schlechtesten Fall ein Minus von mehr als 15 %. Seit nunmehr fast drei Jahren gilt die Börsenweisheit nicht mehr, dass kleinere Unternehmen zwar ein höheres Risiko aufweisen als Large Cap...

Olfa Taamallah ... (+2)
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/26/2024

‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In the U...

Olfa Taamallah ... (+2)
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 09/26/2024

tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...

Olfa Taamallah ... (+2)
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/09/2024

“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffrent ma...

Olfa Taamallah ... (+2)
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 26/09/2024

tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...

Konrad Zomer ... (+2)
  • Konrad Zomer
  • Stephane Beyazian

ODDO : More users switching provider in France, Italy and the UK

>More consumers are looking to change provider in France, Italy and UK - The Oliver Wyman consultancy published yesterday a survey with 7,000 consumers in five countries (see page 2). These studies are not indisputable but offer additional indicators.Mobile market: according to the survey, the desire to switch operator within 24 months is up sharply in Italy (27%, +9pp), the UK (31%, +6pp) and France (27%, +4pp). No major shifts in Germany (26%, +2pp) or Spain (2...

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