reports
- Russell Waller
Orange Belgium (Neutral, TP: €10.3, -30%) H2 24 results: Guidance sug...
OBEL has reported a good set of numbers, with EBITDAaL +2.6% ahead of consensus, and 2025 guidance +2% ahead. Synergy delivery has been accelerated however, implying that 2025 EBITDA guidance is c0.8% ahead on an underlying basis.
- Baptiste Salaville
- Charlotte Vaisse
- Olfa Taamallah
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
ALLIX WALLIX GROUP SA
APAML APERAM SA
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
NRG NRJ GROUP SA
FII LISI SA
LNA LNA SANTE SA
GBT GUERBET SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SAF SAFRAN S.A.
AIR AIRBUS SE
NANO NANOBIOTIX SA
BA. BAE SYSTEMS PLC
SAVE SAVENCIA SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
LDO LEONARDO SPA
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
NVM NOVEM GROUP SA
AZE AZELIS GROUP NV
IVG IVECO GROUP
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
ORP ORPEA
AMS AMS-OSRAM AG
- Baptiste Salaville
- Charlotte Vaisse
- Olfa Taamallah
- Yan Derocles
RR. ROLLS-ROYCE HOLDINGS PLC
ALLIX WALLIX GROUP SA
APAML APERAM SA
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
NRG NRJ GROUP SA
FII LISI SA
LNA LNA SANTE SA
GBT GUERBET SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SAF SAFRAN S.A.
AIR AIRBUS SE
NANO NANOBIOTIX SA
BA. BAE SYSTEMS PLC
SAVE SAVENCIA SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
LDO LEONARDO SPA
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
NVM NOVEM GROUP SA
AZE AZELIS GROUP NV
IVG IVECO GROUP
LAT LATECOERE
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
ORP ORPEA
AMS AMS-OSRAM AG
- ING Helpdesk
Benelux Morning Notes
Aperam: 4Q24 EBITDA beats on Alloys and Recycling, 1Q25 guidance subdued. Basic-Fit: Consensus released, preview 4Q24/2024 results due 12 March. Flow Traders: 4Q24 preview. IBA: Framatome and IBA to partner to develop Astatine-211 Cyclotron Network. KPN: ACM approval received for new TowerCo with Dutch pension fund ABP. Orange Belgium: Better 2H24 EBITDAal, mobile net adds; 2025 EBITDAal growth guidance. Recticel: Peer Rockwool 4Q24 results. RELX: FY24 preview. Universal Music Gr...
- Konrad Zomer
Continued commercial performance and strong EBITDAaL growth, thanks to...
Continued commercial performance and strong EBITDAaL growth, thanks to the successful operational integration of VOO Press releaseEmbargo until 7 February 2025 at 7:00 am Regulated information – Inside information Financial information for the second semester and full year 2024 Continued commercial performance and strong EBITDAaL growth, thanks to the successful operational integration of VOO Mobile postpaid customer base 4.4% yoy / Cable customer base 3.5% yoy H2 Revenues +0.9% yoy / FY 2024 Revenues +1.7% yoy on a comparable basisH2 E...
Poursuite de la performance commerciale et forte progression de l'EBIT...
Poursuite de la performance commerciale et forte progression de l'EBITDAaL, grâce à l'intégration opérationnelle réussie de VOO Communiqué de presseEmbargo jusqu'au 7 février 2025 à 7h00 Information réglementée – informations confidentielles Information financière relative au second semestre et à l'exercice 2024 Poursuite de la performance commerciale et forte progression de l'EBITDAaL, grâce à l'intégration opérationnelle réussie de VOO Base clients mobiles postpayés +4,4 % / Base clients câble 3,5 % en glissement annuel Chiffre d'affaires +0,9 % au S2 / +1,7 % sur l’exercice 2024 en...
Voortgezette goede commerciële prestaties en sterke groei van de EBITD...
Voortgezette goede commerciële prestaties en sterke groei van de EBITDAaL, dankzij de geslaagde operationele integratie van VOO PersberichtEmbargo tot 7 februari 2025 om 7.00 u. Gereglementeerde informatie – Voorwetenschap Financiële informatie voor het tweede halfjaar en het volledige jaar 2024 Voortgezette goede commerciële prestaties en sterke groei van de EBITDAaL, dankzij de geslaagde operationele integratie van VOO Aantal mobiele postpaidklanten +4,4% j-o-j / Aantal kabelklanten +3,5% j-o-j Omzet in H2 +0,9% j-o-j / Omzet 2024 +1,7%...
- David Vagman
- CFA
Orange Belgium/Playing offence in mobile, infra a key catalyst/BUY
We update our model ahead of the 2H24 results. We up our EBITDAal by 2% in 2024F and 6% in 2025F on higher, faster VOO synergies and a slower start for DIGI. We expect a beat on consensus and guidance for 2024F but remain prudent on 2025F given mobile ARPU pressure. We cut our target price to €21.5, as we see more pressure beyond 2025F on a bigger fixed impact from DIGI. Still, we think Orange signing Proximus as a wholesale client, hopefully in 2025, would be a major positive catalyst, adding c...
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
AEGON: US WFG model in the spotlight again. BAM: Sells 50% of Invesis and tax fraud investigation finalised. Belgian Telecoms: Mobile Vikings targeting heavy data users with upgraded mobile-only offers. Universal Music Group: Acquires music services group Downtown Music for c.€737m. Events Calendar
- James Ratzer
- Russell Waller
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- ING Helpdesk
- ING Helpdesk
- Bruno Cavalier
- Olfa Taamallah
- Yan Derocles
EDEN EDENRED SA
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
DB1 DEUTSCHE BOERSE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
COV COVIVIO SA
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
GRF GRIFOLS S.A. CLASS A
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
GRF.P GRIFOLS S.A. PREF CLASS B
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
AM DASSAULT AVIATION
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