reports
- James Ratzer
Cellnex vs. Telefonica Cellnex (Buy, €34, +32%) Telefonica (Reduce, ...
On Wednesday, we published our European Telecoms Year Ahead note for 2026. In that note, we upgraded Cellnex to a Buy, as we think the market’s worst fears on growth are overdone, and we downgraded Telefonica to a Reduce, as we fear the low cashflow growth outlook is not being properly priced in. However, in that sector report, we missed out one important aspect to back up this diverging view of value and we now highlight that here.
- Carole Braudeau
- Carole Braudeau
- Chris Hoare
Global EM Telcos & Japan DC exposure, future developments and valuati...
EM & Japanese Telcos have more DC capacity than those in other regions. In this short note, we look at the current and future Data Center (DC) capacity for the telcos in our coverage as well as the potential valuation for these assets, in an attempt to contextualise this exposure.
BNP PARIBAS: BUILDING THE EUROPEAN CO-LEADER IN FULL-SERVICE VEHICLE ...
BNP PARIBAS: BUILDING THE EUROPEAN CO-LEADER IN FULL-SERVICE VEHICLE LEASING EXCLUSIVE NEGOTIATIONS BETWEEN ARVAL AND MERCEDES-BENZ GROUP FOR THE ACQUISITION OF ATHLON BUILDING THE EUROPEAN CO-LEADER IN FULL-SERVICE VEHICLE LEASING EXCLUSIVE NEGOTIATIONS BETWEEN ARVAL AND MERCEDES-BENZ GROUP FOR THE ACQUISITION OF ATHLON PRESS RELEASE Paris, 18 December 2025 With a fleet of 1.9 million vehicles under full-service leasing and the strongest growth momentum in the market as well as the highest quality of service – achieving an average annual increase of more than 100,000 units over the ...
BNP PARIBAS SA : CREATION DU CO-LEADER EUROPEEN DE LA LOCATION LONGUE ...
BNP PARIBAS SA : CREATION DU CO-LEADER EUROPEEN DE LA LOCATION LONGUE DUREE (LLD) DE VEHICULES ARVAL ENTRE EN NEGOCIATIONS EXCLUSIVES AVEC MERCEDES-BENZ GROUP EN VUE DE L’ACQUISITION D’ATHLON CRÉATION DU CO-LEADER EUROPÉEN DE LA LOCATION LONGUE DURÉE (LLD) DE VEHICULESARVAL ENTRE EN NÉGOCIATIONS EXCLUSIVES AVEC MERCEDES-BENZ GROUP EN VUE DE L’ACQUISITION D’ATHLON COMMUNIQUE DE PRESSE Paris, le 18 décembre 2025 Fort d'une flotte de 1,9 million de véhicules en LLD et de la meilleure dynamique de croissance du marché comme de la meilleure qualité de service, avec une progression annuelle m...
- Research Department
IBERIAN DAILY 18 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, AENA, AMADEUS, CIE AUTOMOTIVE, EBRO FOODS, NATURGY, NEINOR HOMES, TELEFÓNICA. Awaiting new drivers Most European indices, with the exception of peripheral markets, ended with slight corrections in a session without macroeconomic data. In the STOXX 600, almost all sectors (16/20) ended with gains, led by Basic Resources and Telecommunications vs. the bigger drops of Technology and Construction. On the macro side, in the euro zone, November’s final inflation was cut one...
- Research Department
INFORME DIARIO 18 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, AENA, AMADEUS, CIE AUTOMOTIVE, EBRO FOODS, NATURGY, NEINOR HOMES, TELEFÓNICA A la espera de nuevos catalizadores Poco movimiento en Europa en una jornada descargada de datos macro que terminó con tímidas pérdidas en la mayoría de los índices salvo para la periferia. En el STOXX 600, casi todos los sectores (16/20) terminaron con ganancias, lideradas por R. Básicos y Telecomunicaciones frente a las mayores caídas de Tecnología y Construc...
- Carole Braudeau
- Carole Braudeau
Appointment of Laetitia Brun as Chief Human Resources Officer of the E...
Appointment of Laetitia Brun as Chief Human Resources Officer of the Eramet Group, member of the Executive Committee Paris, December 17th, 2025, 8:30am PRESS RELEASE Appointment of Laetitia Brun as Chief Human Resources Officer of the Eramet Group, member of the Executive Committee Eramet announces the appointment of Laetitia Brun as Chief Human Resources Officer of the Group, effective February 9, 2026. In this capacity, she will become a member of the Executive Committee. She will succeed Anne-Marie Le Maignan, who has decided to retire after twenty-two years dedicated to supporting...
Nomination de Laetitia Brun au poste de Directrice des Ressources Huma...
Nomination de Laetitia Brun au poste de Directrice des Ressources Humaines du Groupe Eramet, membre du Comité Exécutif Paris, le 17 Décembre, 2025, 8h30 COMMUNIQUÉ DE PRESSE Nomination de Laetitia Brun au poste de Directrice des Ressources Humaines du Groupe Eramet, membre du Comité Exécutif Eramet annonce la nomination de Laetitia Brun au poste de Directrice des Ressources Humaines du Groupe, à compter du 9 février 2026. À ce titre, elle deviendra membre du Comité Exécutif. Elle succédera à Anne-Marie Le Maignan, qui a décidé de prendre sa retraite après vingt-deux années consacrées ...
BNP Paribas share buyback programme - Declaration of transactions in o...
BNP Paribas share buyback programme - Declaration of transactions in own shares from December 8, 2025 to December 12, 2025 BNP Paribas share buyback programme Declaration of transactions in own shares from December 8, 2025 to December 12, 2025 PRESS RELEASE Paris, 15 December 2025 In accordance with Article 5 of Regulation (EU) No 596/2014 on Market Abuse and Article 3 (3) of Delegated Regulation (EU) 2016/1052 supplementing Regulation (EU) No 596/2014 through regulatory technical standards concerning the conditions applicable to buyback programs and stabilization measures, BNP ...
Programme de rachat d’actions de BNP Paribas - Déclaration des transac...
Programme de rachat d’actions de BNP Paribas - Déclaration des transactions sur actions propres réalisées du 8 décembre 2025 au 12 décembre 2025 Programme de rachat d’actions de BNP Paribas Déclaration des transactions sur actions propres réalisées du 8 décembre 2025 au 12 décembre 2025 COMMUNIQUÉ DE PRESSE Paris, le 15 décembre 2025 Conformément à l’article 5 du règlement (UE) n° 596/2014 sur les abus de marché et à l’article 3 (3) du règlement délégué (UE) 2016/1052 complétant le règlement (UE) n° 596/2014 par des normes techniques de réglementation concernant les conditions...
- Carole Braudeau
- Carole Braudeau
- Research Department
IBERIAN DAILY 12 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, FERROVIAL, GRUPO SANJOSE, REPSOL, TELEFÓNICA, VIDRALA. The Ibex near 17,000 points European stock markets climbed near 1% yesterday after the Fed’s rate cut and despite doubts surrounding the technology sector after the poor reception of Oracle’s results. In the STOXX 600, Construction (that rallied after being the worst-performing sector last Wednesday) and Leisure, closely followed by Banks led the gains whereas Utilities and Energy were almost the only sectors ending w...
- Research Department
INFORME DIARIO 12 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, FERROVIAL, GRUPO SANJOSE, REPSOL, TELEFÓNICA, VIDRALA. EUROPA: BNP PARIBAS. El Ibex enfila los 17.000 puntos Las bolsas europeas avanzaron ayer cerca de un 1% tras la bajada de tipos por parte de la Fed y pese a las dudas en las tecnológicas tras la mala acogida de los resultados de Oracle. En el STOXX 600, los mejores sectores fueron Construcción (rebotó tras ser el miércoles el peor sector) y Ocio seguido de cerca por los Bancos mientras...
BNP Paribas: Exclusive discussions with Holmarcom for the sale of BMCI...
BNP Paribas: Exclusive discussions with Holmarcom for the sale of BMCI in Morocco BNP PARIBAS ENTERS INTO EXCLUSIVE DISCUSSIONS WITH HOLMARCOM FOR THE SALE OF BMCI IN MOROCCO PRESS RELEASE Paris, 12 December 2025 BNP Paribas has entered into exclusive discussions for a potential sale of its 67% stake in its Moroccan subsidiary BMCI with the Holmarcom Group, a partner and shareholder of BMCI for 30 years. These discussions are at a preliminary stage. If a project were to move forward, further details would be disclosed in due course in accordance with applicable regulations. If the tran...
BNP Paribas SA : Entrée en discussions exclusives avec Holmarcom en vu...
BNP Paribas SA : Entrée en discussions exclusives avec Holmarcom en vue de la cession de BMCI au Maroc ENTREE EN DISCUSSIONS EXCLUSIVES AVEC HOLMARCOM EN VUE DE LA CESSION DE BMCI AU MAROC COMMUNIQUE DE PRESSE Paris, le 12 décembre 2025 BNP Paribas confirme être entré en discussions exclusives avec le groupe Holmarcom, partenaire et actionnaire de la BMCI depuis 30 ans, en vue d’une éventuelle cession de sa participation de 67% au capital de sa filiale marocaine BMCI. Ces discussions sont à un stade préliminaire. BNP Paribas communiquera en temps voulu si un projet venait à se concrétis...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.