DIGI has reported its Q3 2024 earnings today morning. Revenues increased by 14.2% YoY, mainly driven by the Spanish segment where the revenue increased by 22.1% YoY. While the OPEX and DD&A both increased YoY, the EBIT came in ten times higher at EUR 447mn driven by an EUR 390mn other income coming from the partial sale of its Spanish FTTH network. EBITDA arrived at 565.4 in Q3, up by 276% YoY and Net profit rose to EUR 342.8mn from last year’s EUR 13mn.
HEADLINES: • 11 bit studios: 3Q24 surprises slightly positively, but ytd Frostpunk 2 sales disappoint NEGATIVE • Sphera Group: small beat in 3Q24 – new Cioccolatitaliani franchise signed for Italy POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • HELLENiQ Energy: 3Q24 results and interim dividend NEUTRAL • OTE: 3Q24 results review – soft quarter, with flat yoy adjusted EBITDA, in line with expectations NEUTRAL • Romgaz: 3Q24 results N...
In today's Morning Views publication we comment on developments of the following high yield issuers: Air Baltic, Aggreko, PHM Group, Rekeep, Hapag-Lloyd, Bite, Applus, Iliad, Digi Communications, Kem One, Axactor, Nomad Foods (Iglo), Premier Foods, CBR Fashion, Telecom Italia, Boparan, Altice France (SFR), Ineos, Ineos Quattro, Casino Guichard-Perrachon
Digi has reported a good set of Q2 numbers vs expectations, with EBITDAaL +11% ahead of consensus. 2024 capex guidance has though been lifted for the third quarter in a row, and new guidance for 2025 is well ahead of our model.
HEADLINES: • AmRest: 3Q24 in line, on a EUR 9m positive one-off NEGATIVE • Eurocash: 3Q24 weak, as expected; FY25E guidance cancelled NEGATIVE • cyber_Folks: 3Q24 results review – 26% yoy adjusted EBITDA growth, 2% above our estimate POSITIVE • Mo-BRUK: 3Q24 EBITDA up 26% yoy, 22-28% above our and the market's expectations POSITIVE • Allegro: 3Q24 EBITDA beat, but yoy decline guided for 4Q24E, due to international operations NEUTRAL • Vercom: 3Q24 results - 28% yoy EBITDA growth, in line with ou...
In today's Morning Views publication we comment on developments of the following high yield issuers: PHM Group, Rekeep, Air Baltic, Telecom Italia, Digi Communications, Huhtamaki, Boels, Nomad Foods (Iglo), Arxada, Ardagh, Softbank Group, Samvardhana Motherson, Borr Drilling, Iceland Foods
Vodafone’s H1 earnings call recently wrapped up with the stock having sold off during and after the call. We review our thoughts on this and in this note show some further analysis on what would be required to meet the FY EBITDA guidance based on the new comments given in the call.
HEADLINES: • Ilirija d.d.: ADRs growth pace cools, cost inflation persists (NOT RATED) • Migros: good set of operating results in 3Q24 POSITIVE • Kalekim: strong bottom-line performance in 3Q24 POSITIVE • Ford Otosan: 3Q24 results – quarterly margin improvement tempered by lower export guidance NEUTRAL • Tupras: 3Q24 results – net income beats the consensus; comment on the fire at the Izmit refinery NEUTRAL • Turkish Airlines: 3Q24 – strong cargo and investments offset steep growth in staff cost...
Last week, we reviewed the UK altnet market. So this week, we turn our attention to Germany and how the fibre challengers are developing in that market. We have done a lot of work over the past few months on the MDU market in Germany for TeleColumbus and OXG. So now, we specifically focus on Deutsche Glasfaser and the recent UGG/ Infrafibre deal, as these players mount their challenge against DT in the SDU market.
In today's Morning Views publication we comment on developments of the following high yield issuers: SPIE, Teva, Digi Communications, Altice France (SFR), Telenet, Sunrise, Air France-KLM, Axactor, Victoria, Ineos, Stada, Oriflame, Casino Guichard-Perrachon, Boparan, Synthomer, NewDay
HEADLINES: • Erste Bank: 3Q24 results – strong NII delivery • mBank: underlying 3Q34 business delivery in line; beat on headline net profit due to tax charges NEUTRAL • ING BSK: 3Q24 results – minor miss on high credit risk charges, as corporate NPL ratio surges NEUTRAL • Jeronimo Martins: beat in 3Q24, Biedronka at -2% lfl and stable margin erosion; price war continues POSITIVE • Komercni Banka: 3Q24 results – net profit largely in line with expectations • Medicover: 3Q24 operating numbers in l...
HEADLINES: • Kruk: 3Q24 headline net profit at record high (in line with earlier flash estimate), enables revenues to grow 35% yoy NEUTRAL • Raiffeisen Bank International: 3Q24 in line with expectations; higher CHF mortgage saga costs in Poland to affect FY24E ROE; significant acceleration in downsizing Russian business NEUTRAL • ADNOC Drilling: 3Q24 results NEUTRAL • Elm: 3Q24E financial results preview (due on 3 November) • CCC: 3Q24E prelims preview – 93% yoy EBITDA growth expected (due on 8 ...
Over the weekend, it has been widely reported that the upcoming Budget this Wednesday will include a 2pp rise for employer national insurance tax. In this brief note, we run through the financial implications of this for the UK telecoms companies (BT, VMO2, TalkTalk and Vodafone) and who is most exposed.
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
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