TMT hybrids offer good value/Look for quality in the belly of the curv...

In this report we evaluate spreads in the TMT hybrids space. As the credit space still looks relatively well bid, TMT hybrid yields offer an attractive opportunity with yields above 3.5%. Higher quality TMT hybrids or lower duration TMT hybrids look most attractive from a relative value standpoint, such as the Telia, Orange and KPN hybrids. The risk/return perspective of the Infineon hybrid note looks unattractive.

UK Telecoms Access Review What now happens beyond 2031? BT (Buy, £2.4...

Ofcom has published their long-awaited regulatory review setting out the framework for the period 2026-31. The good news is that in reality not much changes between now and 2031 – in line with expectations - and we see this as supportive for our Buy case on BT.

Deutsche Telekom (Buy, €42, +25%) Two doses of mobile rationality

As has been well documented, the German mobile market has been through a period of disruption in recent months. Therefore, we are encouraged by two steps forward – what seems to be a rational outcome on the spectrum extension, and a new tariff plan from DT that also appears to re-inject some much needed rationality into the market.

Liberty Global to buy out VodafoneZiggo? Our Take.

It is being reported that Liberty Global is in talks with Vodafone about potentially buying out their 50% stake in VodafoneZiggo.

Eircom - ESG Report - Lucror Analytics

Deutsche Telekom AG: 1 director

A director at Deutsche Telekom AG sold 20,000 shares at 34.402EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...

Credit Morning 03/13/2025

Branicks FY 24 call notes: Apparently VIB bought some of the Branicks’ bond worth EUR 9m|

Morning Crédit 13/03/2025

Branicks FY 24 call notes: Apparently VIB bought some of the Branicks’ bond worth EUR 9m|

Coffee, Croissants & Credit/CEZ, Telefonica

Utilities - CEZ: 2024 EBITDA beats estimates but 2025 guidance lower

IBERIAN DAILY 13 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ELECTRICITY SECTOR, OHLA, TELEFÓNICA. Stock markets take a break European stock markets ended with gains, spurred by the solid US inflation data and the renewed possibility of a peace agreement in Ukraine. The IBEX, the only European index in the red, stayed above 12,800 points. In the STOXX 600, the best-performing sectors were financials (Banks and Insurance), along with Industrials, whereas Retail and Basic Materials posted the biggest losses. On the macro side, in Spain, Janu...

INFORME DIARIO 13 MARZO + RDOS. EUROPA 4T’24. PREVIEWS (ANÁLISIS BANCO...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SECTOR ELÉCTRICO, TELEFÓNICA. 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. 4T’24 que se publicarán en España y Europa en los próximos días. Tregua en las bolsas Jornada de más a menos en Europa, que terminó con ganancias ayudado por el buen dato de inflación en EE.UU. y la posibilidad renovada de un...

Eircom - Earnings Flash - Q4 FY 2024 Results - Lucror Analytics

Eircom has released its Q4 and FY 2024 numbers. Performance was solid overall, with revenue and EBITDA growing y-o-y on the back of improvement in both segments. OCF rose slightly in the quarter, although cash interest and taxes paid also increased. Reported net leverage dropped sequentially to 4.3x from 4.7x. The company guided for further moderate EBITDA growth in FY 2025. Capex should decline slightly, as the mobile build-out has passed its peak.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Air France-KLM, Eircom, TDC NET, Loxam, Allwyn (formerly Sazka), Huhtamaki, Nexi, Vedanta Resources, TI Fluid Systems, Ardagh, Synthomer

Eir (Most Preferred) Q4 24: A good EBITDAaL growth quarter and solid ...

Eir has reported a solid set of Q4 numbers, with underlying SR trends slightly better at +0.8% y/y from 0% y/y in Q3, and EBITDAaL growth much better at +5.9% y/y from +0.7% y/y in Q3. New 2025 guidance is a touch ahead of us at the FCF level. We continue to think that although the Eir spreads are quite tight, they could be tighter still given the outlook (asset cover) and leverage (possible rating upgrade to come?).

Morning Crédit 11/03/2025

Viridien launches its bond refinancing; positive rating actions taken by all agencies|

ODDO : Feedback from 9th ODDO BHF TMT Forum

Our two-day 9th virtual TMT Forum was attended by 32 listed companies and 292 investors. The trends in media seem to point to a correct start to the year. Telecom players are optimistic on the regulatory front (intra-market consolidation). Software & IT services and semis continue to see mixed trends, apart from in AI and some hopes that a few companies will benefit from the rise of defence spending. In terms of companies, the main positive messages came from Auto1, CMCOM, Indra, Infineon, Telec...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/03/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/03/2025