In this report we evaluate spreads in the TMT hybrids space. Over the year, TMT hybrid notes have outperformed. Nevertheless, we still like this hybrid space as it offers a good yield. From a spread perspective, we continue to think the tightening potential over senior is more limited, although the small recent widening makes hybrids a bit more attractive.
As momentum has become less adverse than over the past five years, interest rates have started to fall and valuations have (historically low), this should have prodded small and mid cap companies back to their old outperformance. The European elections in France and the ensuing decision to dissolve the French National Assembly have changed risk perceptions and erased YTD gains. In our new ODDO BHF European mid cap list for H2 2024, France is underweighted with a mix of defensive and s...
Le momentum devenu moins défavorable qu’au cours des 5 derniers exercices, l’amorce de baisse des taux, et les valorisations (historiquement basses) auraient dû aider les small&Midcaps à retrouver leur surperformance. Les Elections européennes suivies de la dissolution de l’Assemblée nationale en France ont changé la perception du risque et gommé les gains YTD. Notre nouvelle liste ODDO BHF European Midcaps pour le S2 2024 se trouve sous-pondérée sur la France et propose un mix entre ...
>Unprecedented revision of 25% - Ericsson yesterday published its annual Ericsson Mobility report, an industry benchmark for mobile network traffic forecasts. Traffic forecasts are crucial in terms of the investment outlook for the telecoms sector.What is surprising is that Ericsson cut its global mobile traffic forecast by close to 25% for 2029 (from 403 EB/m to 313 EB/m, or from 56 to 42 GB/m per smartphone user). Ericsson does not communicate much on this revi...
>Une révision inédite de 25% - Ericsson a publié hier son rapport annuel « Ericsson Mobility report», une référence de l’industrie pour les prévisions de trafic sur réseau mobile. Les prévisions de trafic sont déterminantes pour les prévisions d’investissements dans les télécoms.La surprise est qu’Ericsson coupe de près de 25% à la baisse ses prévisions de trafic mobile mondial pour 2029 (de 403 ExaBytes/mois à 313 EB/mois, soit de 56 à 42 GB/mois par utilisateur...
KPN announces results of its Tender Offer NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT Introduction On 11 June 2024, Koninklijke KPN N.V. (“KPN”) announced an Any and All Debt Tender Offer to holders of its outstanding € 500m Perpetual Fixed Rate Resettable Capital Securities (ISIN: XS2069101868) (the "Securities") to tender their Securities for purchase by KPN for cash (the "Offer"). The purpose of this transaction is to proactively manage KPN’s ...
We up our 2024-26F EPS by 1-3% and raise our Target Price - to factor in KPN's recent transactions, results and our view that more deals will come. The stars have been aligning for KPN for a few years now, helping the stock to rerate to the top of European telecoms and rewarding its rare status as a safer European telecom play. This does not mean that all is quiet in Dutch telecom. Glaspoort has bought 200k fibre connections from Delta while KPN has been authorised to buy a successful MVNO, You...
KPN successfully issues € 500m Green Hybrid Bond NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT Today, Koninklijke KPN N.V. (“KPN”) has successfully issued a Green € 500m perpetual non-call 5.25 year subordinated bond to finance projects that support KPN’s sustainability ambitions and have a positive environmental impact (the “Green Hybrid Bond”). With this issuance, KPN further demonstrates its commitment to its sustainability ambitions through financing a...
KPN announces € 500m Green Hybrid Bond and Debt Tender Offer Today, Koninklijke KPN N.V. (“KPN”) announces its intention to issue a Green € 500m perpetual non-call 5.25 year subordinated bond to finance projects that support KPN’s sustainability ambitions and have a positive environmental impact (the “Green Hybrid Bond”). KPN intends to use an amount equal to the net proceeds of the Green Hybrid Bond Offering to finance and/or refinance a portfolio of eligible assets, investments and expenditures that meet the requirements of KPN’s Green Finance Framework (the “Framework”). The documentatio...
This morning KPN announced that they will combine their remaining tower assets with Open Tower Company, consolidating a new enlarged TowerCo. This is the first example of a European MNO buying back into towers; partly motivated by KPN wanting to renegotiate their MSA with OTC and to gain greater leverage in future MSA renegotiations (primarily with Cellnex). In this Quick Take we discuss valuation and implications for the EU Towers sector.
>Stable grid of mobile sites – securing future tower usage - KPN announced this morning the creation of a TowerCo, together with Dutch pension fund ABP. With the rapid exponential growth in data consumption and the acceleration in new technologies, there is an increasing need for a stable and strong grid of mobile sites providing good coverage in the Netherlands. TowerCo will hold the passive mobile infrastructure assets of KPN and those of NOVEC (some 900 towers) and...
KPN and ABP join forces through new TowerCo KPN and Dutch pension fund ABP have signed an agreement to create a new tower company (TowerCo). This strategic partnership is in line with KPN's ‘Connect, Activate & Grow’ strategy to optimize the value of its passive infrastructure assets and retain strategic flexibility. It demonstrates KPN’s intent to optimize shareholder value and continue to operate the best digital infrastructure in the Netherlands. With the increasing consumption of data and the deployment of new technologies, there is an increasing need for a strong and stable grid of m...
KPN completes € 200m share buyback KPN today announces that its € 200m share buyback that was started on 1 February 2024 has been completed on 31 May 2024. In total, KPN has repurchased 59,987,360 ordinary shares at an average price of € 3.33 per share. The share buyback is part of KPN’s commitment to structurally return additional capital to its shareholders and was executed by an intermediary on behalf of KPN. KPN intends to cancel 58,487,360 of the repurchased shares to reduce its capital, the remaining 1,500,000 repurchased shares will be retained to cover employee share plans. For th...
Feintool is perfectly positioned to benefit from a brisker energy transition (75% of revenues in 2027 vs 40% in 2023) in both the automotive and industrial sectors. Growth appears to be limited over 2024, but the medium-term prospects look more attractive (2024-26 CAGR: +9%), buoyed by attractive operating leverage (EBIT margin: 6% by 2026 vs 3.5% in 2023) and growing cash generation (2026 FCF yield: 4%e. vs 2.5% in 2023). Based on our valuation methods, we obtained a target price of ...
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