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)
- James Ratzer
- Stamatios Draziotis CFA
OTE (Hellenic Telecoms) | Rally under scrutiny
Muted fundamentals, strong price performance ytd, mixed news flow; EBITDAaL growth far lower than EU peers, warranting a Hold – OTE shares have had several twists and turns in 2024, with the stock posting a modestly positive return in H1 followed by a rally until Nov and a c8% correction from its recent peak in the last few weeks. Catalyzing the bounce since early summer was a confluence of factors including the end of the decline in GR fixed (mainly due to easy comps), hopes for the sale of Rom...
- Stamatios Draziotis CFA
OTE (Hellenic Telecoms) | Rally under scrutiny
Muted fundamentals, strong price performance ytd, mixed news flow; EBITDAaL growth far lower than EU peers, warranting a Hold – OTE shares have had several twists and turns in 2024, with the stock posting a modestly positive return in H1 followed by a rally until Nov and a c8% correction from its recent peak in the last few weeks. Catalyzing the bounce since early summer was a confluence of factors including the end of the decline in GR fixed (mainly due to easy comps), hopes for the sale of Rom...
- Research Team
WOOD Daily: 11B PW; SFG RO; AEGN GA; ELPE GA; HTO GA; SNG RO; MTELEKOM...
HEADLINES: • 11 bit studios: 3Q24 surprises slightly positively, but ytd Frostpunk 2 sales disappoint NEGATIVE • Sphera Group: small beat in 3Q24 – new Cioccolatitaliani franchise signed for Italy POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • HELLENiQ Energy: 3Q24 results and interim dividend NEUTRAL • OTE: 3Q24 results review – soft quarter, with flat yoy adjusted EBITDA, in line with expectations NEUTRAL • Romgaz: 3Q24 results N...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
AEGN AEGEAN AIRLINES SA
PPC PUBLIC POWER CORPORATION S.A.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
TEN TEN SQUARE GAMES
VRC VERCOM SA
- Piotr Raciborski
- CFA
WOOD Flash – OTE: 3Q24 results review – soft quarter, with flat yoy ad...
OTE has reported a soft set of 3Q24 results, with sales up 2% yoy, to EUR 897m (3% below our forecast), and the adjusted EBITDA flat yoy, at EUR 370m (in line with our estimate), due mainly to the contraction of the Romanian segment’s adjusted EBITDA offsetting the growth in Greece. We see the 3Q24 results as neutral, as the adjusted EBITDA is in line with our estimate, while the misses on the reported EBITDA and the bottom-line were driven by a negative operating one-off.
- Russell Waller
OTE (Buy, TP: €18.0, +20%) Q3 24: Solid results, possible exceptional...
OTE has reported a solid set of Greek results. Romania has missed expectations, but we expect it to be either sold or shut down. We recently upgraded OTE to Buy – HERE – because we thought growth would return to Greece, and this would lead to upgrades. This is not yet fully happening, but we would expect more to come in Q4 once the Voucher scheme is fully operational, and the latest VRS kicks in – the new wholesale deal with NOVA could help as well.
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Carole Braudeau
- Carole Braudeau
- Stephane Beyazian
Deutsche Telekom : Q3 2024: Germany not much impacted by higher compet...
>Q3 2024: solid figures with adjusted EBITDAaL +6% y-o-y - Q3 2024 sales are up 4% like-for-like y-o-y to € 28,501m in line with consensus (ODDO BHF € 28,028m, consensus € 28,470m). Q3 2024 adjusted EBITDAaL is up 6% y-o-y to € 11,096m or 1% above consensus (ODDO BHF € 10,972m, consensus € 11,045m). FCFaL are up 28% year-to-date to € 15bn, helped by lower cash capex (-10% year-to-date).Deutsche Telekom is overall confirming guidance: (i) adjusted EBITDAaL of € 4...
- Stephane Beyazian
Deutsche Telekom : Q3 2024: Germany not much impacted by higher compet...
>Q3 2024: solid figures with adjusted EBITDAaL +6% y-o-y - Q3 2024 sales are up 4% like-for-like y-o-y to € 28,501m in line with consensus (ODDO BHF € 28,028m, consensus € 28,470m). Q3 2024 adjusted EBITDAaL is up 6% y-o-y to € 11,096m or 1% above consensus (ODDO BHF € 10,972m, consensus € 11,045m). FCFaL are up 28% year-to-date to € 15bn, helped by lower cash capex (-10% year-to-date).Deutsche Telekom is overall confirming guidance: (i) adjusted EBITDAaL of € 4...
- James Ratzer
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Alvaro del Pozo
DEUTSCHE TELEKOM: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 28.501 M euros (+3,4% vs +3,7% BS(e) y +3,4% consenso); EBITDA: 11.096 M euros (+5,8% vs +5,5% BS(e) y +5,6% consenso); BDI: 2.335 M euros (+3,0% vs +5,3% BS(e) y +5,6% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 84.837 M euros (+78,2% vs +78,3% BS(e) y +78,1% consenso); EBITDA: 32.388 M euros (+6,2% vs +6,1% BS(e) y +6,2% consenso); BDI: 7.050 M euros (+15,3% vs +16,2% BS(e) y +16,3% consenso).
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’24. IDEAS DESTACADAS Y P...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRIFOLS, IBERDROLA. EUROPA: ASML, DEUTSCHE TELEKOM, PROSUS, SIEMENS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. La inflación estadounidense sigue el camino esperado Las bolsas europeas terminaron con caídas, aunque el dato de i...
- James Ratzer
Vodafone (Buy, 140p, +100%) Post call thoughts: What is needed to hit...
Vodafone’s H1 earnings call recently wrapped up with the stock having sold off during and after the call. We review our thoughts on this and in this note show some further analysis on what would be required to meet the FY EBITDA guidance based on the new comments given in the call.
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