Credit Morning 11/21/2025

Tereos : -66% EBITDA in H1 25/26 and expected leverage slippage to 6x in March 2026|Ubisoft: net bookings above expectations in Q2 2025/26. The group breached covenants of certain debt, some of which will be repaid using proceeds from the closing of the JV with Tencent|Orange/Iliad/Bouygues are reportedly mulling a wider offer for SFR (Financial Times)|

Morning Crédit 21/11/2025

Tereos : Résultats S1 25/26 : -66% d’EBITDA au S1 25/26 et dérapage attendu du levier à 6x en mars 2026|Ubisoft (UBIFP, non noté) : net bookings supérieurs aux attentes au T2 2025/26, la guidance annuelle est confirmée. Le groupe a brisé les covenants de certaines dettes qui seront remboursées grâce aux produits de la finalisation de la JV avec Tencent.|Orange/Iliad/Bouygues envisageraient une offre élargie sur SFR (Financial Times)|

INFORME DIARIO 21 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, TELEFÓNICA, UNICAJA. EUROPA: PROSUS. Nvidia, un impulso a las bolsas que se desinfla Los resultados publicados por la tecnológica disipan de momento las dudas en torno a la IA y provocó rebotes en los índices europeos superiores al 1% pero que se fueron moderando hacia el cierre del mercado con un Ibex que se quedó al borde de los 16.000 puntos. En el STOXX 600, Energía e Industriales fueron los que mayores ganancias presentaron frente a Autos...

IBERIAN DAILY 21 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAF, TELEFÓNICA, UNICAJA. Nvidia fuelled stock markets to later ease The results released by the technology group dispelled doubts surrounding AI for the time being, leading to the rally of European markets >1% that eased at the closing bell, with the Ibex near 16,000 points. In the STOXX 600, Energy and Industrial led gains vs. Autos and Media that posted the biggest drops. On the macro side, in the euro zone, December’s consumer confidence was disappointing after remaining at th...

IBERIAN DAILY 17 NOVEMBER + 3Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ACS, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’25 results to be released over the coming days in Spain. Fear of AI bubble brings volatility Following the record highs reached last week thanks to the hope of an end to the shutdown in the US and the solid business results, stock markets reeled in part of the gains due to the concerns of a bubble...

INFORME DIARIO 17 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, TELEFÓNICA. EUROPA: AIRBUS, PROSUS. 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’25 que se publicarán en España y Europa en los próximos días. El temor a una burbuja en la IA genera volatilidad en las bolsas Tras los máximos históricos alcanzados en la semana gracias a la esperanza de una resoluci...

CAF: RDOS. 9MESES’25 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANCO ...

Rdos. 3T'25 vs 3T'24: Ventas: 986,0 M euros (+17,7% vs +10,0% BS(e) y +12,6% consenso); EBIT: 47,0 M euros (+34,3% vs +37,7% BS(e) y +42,9% consenso); BDI: 27,0 M euros (+200,0% vs +173,3% BS(e) y +211,1% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 3.165 M euros (+8,5% vs +6,3% BS(e) y +7,0% consenso); EBIT: 161,0 M euros (+17,5% vs +18,4% BS(e) y +19,7% consenso); BDI: 100,0 M euros (+63,9% vs +60,0% BS(e) y +65,6% consenso).

Telefonica: A new strategic plan/Before the CMD, grand plans were disc...

Last week, Telefonica held its capital markets day and presented its long-awaited new strategy and 3Q25 results. Ahead of the CMD, a radical change in direction, including M&A, was discussed in the media but any such grand plans were missing from its new Strategic Plan. Notably, Telefonica has cut its dividend, but this seems more of a way to deal with weaker free cash flow than a way to cut indebtedness. Also, its outlook for growth remains muted. We are disappointed by Telefonica's outlook for...

TELEFÓNICA: COMENTARIOS A LA PRESENTACIÓN DEL CMD'25 (ANÁLISIS BANCO S...

Los comentarios de la compañía en la presentación del CMD’25 celebrado ayer estuvieron muy centrados en la rebaja del guidance’25 de FCF y su evolución esperada, así como en las implicaciones de esta evolución para la nueva política de dividendos. Destacamos:

Coffee, Croissants & Credit/Telefonica, Goodman Group

Telecom: Telefonica's leverage reduction takes more time than expected. Real Estate: Goodman 1Q26: confirms FY26 guidance, continued growth in data centres

IBERIAN DAILY 05 NOVEMBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: GRIFOLS, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’25 results to be released over the coming days in Spain. Stock markets tentative By contrast to Monday, yesterday stock markets ended better than they opened, although most ended in the red, with tech stocks linked to AI leading the drops after the rally over the past few weeks. In the STOXX 6...

INFORME DIARIO 05 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’25. IDEAS DESTA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, TEEFÓNICA. EUROPA: AHOLD DELHAIZE, BMW. 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’25 que se publicarán en España y Europa en los próximos días. Las bolsas dudan A diferencia del lunes, las bolsas fueron de menos a más, aunque la mayoría terminaron en negativo con los valores tecnológicos li...

Telefonica (Neutral) After a 13% fall post-CMD, is it attractive?

Earlier this morning we published our initial take on Telefonica’s Q3 results and the CMD which has led to new FCF guidance c.20% below prior consensus estimates.

Telefonica (Neutral) CMD Quick Take: After all the hype, just a profi...

Telefonica’s CMD has been just over 9 months in the making – and sadly it isn’t yet clear where the story now goes from here. The new guidance now implies no margin growth or capital efficiency improvement over the next three years – but exactly how the higher level of investment will support longer-term growth beyond 2028 is unclear.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/04/2025

Credit Morning 11/04/2025

Webuild: CFR upgraded by S&P to BB+|ELO a achevé la mise en autonomie financière d’Auchan Retail et de NIH et a bénéficié du soutien de l’AFM à hauteur de 425 m EUR|Picard: new SUNs offering due 2032 and tender offer on the existing SUNs due 2027|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/11/2025

Morning Crédit 04/11/2025

Webuild: CFR upgraded by S&P to BB+|ELO a achevé la mise en autonomie financière d’Auchan Retail et de NIH et a bénéficié du soutien de l’AFM à hauteur de 425 m EUR|Picard : émission d’une nouvelle obligation SUN de maturité 2032 et tender sur la souche 2027|

TELEFÓNICA: RDOS. 3T’25 Y CMD’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 8.958 M euros (-10,6% vs -10,7% BS(e) y -10,7% consenso); EBITDA: 3.071 M euros (+4,2% vs +3,5% BS(e) y +3,2% consenso); EBIT: 952,0 M euros (+28,6% vs +55,3% BS(e) y +51,6% consenso); BDI: 276,0 M euros (+2660,0% vs +3510,0% BS(e) y +4080,0% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 26.971 M euros (-11,3% vs -11,4% BS(e) y -11,4% consenso); EBITDA: 8.966 M euros (-4,3% vs -4,5% BS(e) y -4,6% consenso); EBIT: 3.061 M euros (+9,2% vs +16,2% BS(e) y +15,3% cons...

TELEFÓNICA: 3Q’25 RESULTS & CMD’25 (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 8.958 Bn (-10.6% vs. -10.7% BS(e) and -10.7% consensus); EBITDA: € 3.071 Bn (+4.2% vs. +3.5% BS(e) and +3.2% consensus); EBIT: € 952.0 M (+28.6% vs. +55.3% BS(e) and +51.6% consensus); Net Profit: € 276.0 M (+2660.0% vs. +3510.0% BS(e) and +4080.0% consensus); 9M'25 vs. 9M'24 Results Sales: € 26.971 Bn (-11.3% vs. -11.4% BS(e) and -11.4% consensus); EBITDA: € 8.966 Bn (-4.3% vs. -4.5% BS(e) and -4.6% consensus); EBIT: € 3.061 Bn (+9.2% vs. +16.2% BS(e) and +15.3%...