Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
>Our scenario for the restructuring of Altice France - Faced with a debt wall in 2027-2029 (€ 22bn) and already negative FCF, Altice France has opted to force the hand of its creditors by attempting to impose the restructuring of its debt. We see three scenarios: 1/ A general agreement: assuming the reinitialisation of leverage in 2024 at 3.7x and the use of the ~€ 5.4bn proceeds from divestments (Altice Media, La Poste Mobile, XP Fibre, data centres), we calcul...
>Notre scenario de restructuration d’Altice France - Face à son mur de dette sur 2027-2029 (22 Md€) et ses FCF déjà négatifs, Altice France a choisi de forcer la main de ses créanciers en tentant d’imposer une restructuration de sa dette. Notre équipe crédit, dans une note publiée ce matin, perçoit trois scenarios : 1/ Un accord général : en supposant une réinitialisation du levier 2024 à 3,7x et l’utilisation de ~5,4 Md€ de produits de cession (Altice Medi...
>2024 outlook broadly in line - Gamma reported its FY 2023 results this morning. Gamma announced a share buy-back of up to £ 35m, as the company wants to put its strong balance sheet with £ 135m net cash to work.For 2024, Gamma appears confident regarding consensus expectations but with an adjustment of £ 3m over 2024-2025 for the implementation of new cloud-based Finance and HR systems. The company is suggesting a consensus range of £ 118-127m for adjusted ...
>2024 outlook broadly in line - Gamma reported its FY 2023 results this morning. Gamma announced a share buy-back of up to £ 35m, as the company wants to put its strong balance sheet with £ 135m net cash to work.For 2024, Gamma appears confident regarding consensus expectations but with an adjustment of £ 3m over 2024-2025 for the implementation of new cloud-based Finance and HR systems. The company is suggesting a consensus range of £ 118-127m for adjusted ...
>Clients: Freenet inTV, Deutsche Telekom in broadband and 1&1 in mobile - In broadband, Deutsche Telekom added 66,000 clients in Q4 2023 vs Vodafone -94,000, O2D +23,000 and 1&1e -10,000 by our estimates. Deutsche Telekom continues its fibre roll-out (2-3 million new lines per year). Telefonica and 1&1 hope for better trends in the future but we see no visible signs. Freenet, which launched its offering in 2023, underlines the difficulty of building a brand on this ma...
>Clients : Freenet #1 (TV), Telekom #2 (internet) et 1&1 #3 (mobile) - Sur l’internet fixe, Deutsche Telekom a ajouté 66 000 clients au T4 2023 vs Vodafone -94 000, O2D +23 000, et 1&1e -10 000 selon nous. Telekom poursuit le déploiement de la fibre (2-3 M de lignes nouvelles par an). Telefonica et 1&1 espèrent de meilleures tendances à venir mais nous ne voyons pas de signe visible. Freenet, qui a lancé son offre en 2023, souligne la difficulté de construire une mar...
>On the commercial front: a volume effect of +4% at Iliad and Bouygues Telecom - From the commercial standpoint, Iliad and Bouygues Telecom continue to gain market share. In fixed-line internet, Bouygues Telecom has added 81,000 clients vs 50,000 for Iliad, whilst Orange lost -31,000 (impact of price hikes) and SFR was down -44 000 (continued commercial decline). In the mobile segment, Iliad gained 274,000 contracts vs Bouygues Telecom at 108,000, Orange was up 83,000...
>Commercialement : effet volume de +4% chez Iliad et Bouygues Telecom - Commercialement, Iliad et Bouygues Telecom continuent de gagner des parts de marché. Sur l’internet fixe, Bouygues Telecom a ajouté 81 000 clients vs Iliad 50 000, Orange -31 000 (impact des hausses de prix) et SFR -44 000 (poursuite du recul commercial). Sur le mobile, Iliad gagne 274 000 contrats vs Bouygues Telecom 108 000, Orange 83 000 et SFR -118 000 (ajustement ODDO BHF). En résumé, nous ca...
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