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Orange : Good EBITDA leverage in H1 2018, which can be extrapolated. M...

>Strong leverage on EBITDA in H1: +3.3% (vs +1.7% for revenues) - The Q2 2018 earnings release came in slightly ahead of forecasts with revenues up 1.4% y1eo1ey (vs +2% in Q1). Excluding ePresse and handsets, growth in services revenues accelerated in Q2 to +1.3% (vs 0.8% in Q1). Adjusted EBITDA in telecoms was up 3.4% in Q2 (vs +4.4% in Q1). The change in reporting has made analysing growth in services revenues and ARPU particularly tricky since Q1 2018.+ France: ...

Hendrik Wiersma ... (+4)
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/KPN, Telefónica, Orange, Suez, Terna and ...

KPN (KPN) reported solid 2Q18 numbers this morning. Total adjusted sales declined 1.5% to €1.4bn, or +0.5% when excluding the negative effect from regulation. Adjusted EBITDA climbed 1.3% to €577m. Ignoring the regulatory drag, the adjusted EBITDA result would have been 2.3% higher. Overall, we view this report card a supportive to spreads. (For full Story, please download report)

Orange : Beau levier sur l’EBITDA au S1 2018 à extrapoler. Mobile F...

>Fort levier sur l’EBITDA au S1 : +3.3% (vs +1.7% de CA) - La publication des résultats T2 2018 ressort légèrement au-dessus des attentes avec un CA en hausse de 1.4% yoy (vs +2% au T1). Hors ePresse et Terminaux, le CA Services accélère au T2 à +1.3% (vs 0.8% au T1). L’EBITDA Télécoms ajusté ressort en hausse de 3.4% au T2 (vs +4.4% au T1). Le changement de reporting rend l’étude de l’évolution du CA Services et de l’ARPU plus que délicate depuis le T1 2018.+ Fr...

Hendrik Wiersma ... (+4)
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Rabobank, Orange, ArcelorMittal and Total

Moody's has assigned an A3 rating for Rabobank's (RABOBK) non-preferred senior unsecured paper. The non-preferred rating is thus one notch above the bank's subordinated rating (Baa1) at Moody's. Rabobank's non-preferred notes are rated A- and AA- at S&P and Fitch. (For complete story, please download full report)

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...

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