reports
- Haidje Rustau
Liberty Global - Earnings Flash - Q1 FY 2025 Results - Lucror Analytic...
Liberty Global (LG) has released disappointing Q1/25 numbers, owing to weak subscriber dynamics. Revenues and adjusted EBITDA grew y-o-y. Cash-flow performance was mixed, with OCF rising while taxes paid and capex increased. Total debt was up, while the cash balance improved slightly. Management aims to reduce leverage, with asset sales ongoing at VodafoneZiggo. However, LG still plans to pay material dividends. Market conditions are set to remain very difficult, and the near-term outlook is...
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Playtech, Scan Global Logistics, Liberty Global, Clarios, TalkTalk, Modulaire, Klockner Pentaplast, EnQuest Plc, Tata Motors, Cirsa, Ineos, Motel One, Ineos Quattro
- James Ratzer
Liberty Global (Neutral) VMO2, VodafoneZiggo, Telenet (Underweight) Q...
The weaker broadband adds at VMO2 reported this morning were only half the story. With the full Liberty Global results, there has also been a material guidance reduction for VodafoneZiggo. We addressed the VMO2 numbers in more detailed in our earlier note here – and now in this note we do a more detailed dive into VodafoneZiggo and how leverage trends could develop over the next few years based on the new guidance and the potential tower sale.
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Neopharmed, PureGym, Rexel, Flos B&B Italia (formerly International Design Group), David Lloyd Leisure, Odido, Liberty Global, Infopro Digital, Eircom, Tele Columbus, McLaren, Nexans, Fedrigoni, Stada, Grupo Antolin, Cerba, Klockner Pentaplast, Cheplapharm, Crown Holdings, Motel One, Stena AB, Casino Guichard-Perrachon
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Chaima Ferrandon
- Christian Arnold
- Sven Edelfelt
LHN HOLCIM AG
FP TOTAL SE
HEIA HEINEKEN NV
PUB PUBLICIS GROUPE SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
DG VINCI SA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
NK IMERYS SA
SLB.N SCHLUMBERGER NV
KPN ROYAL KPN NV
ORA ORANGE SA
VCT VICAT-CIMENTS VICAT SA
TKA TELEKOM AUSTRIA AG
GTT GAZTRANSPORT & TECHNIGAZ SA
FGR EIFFAGE SA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
SRT3 SARTORIUS AG PREF
AGS AGEAS SA/NV
UTDI UNITED INTERNET AG
OMV OMV AG
AMUN AMUNDI SA
GAMA GAMMA COMMUNICATIONS
RAND RANDSTAD NV
ENI ENI S.P.A.
GEBN GEBERIT AG
HEI HEIDELBERGCEMENT AG
DTE DEUTSCHE TELEKOM AG
P2F PETROFAC LIMITED
IMPN IMPLENIA AG
REP REPSOL SA
CRG CRH PLC
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
DIM SARTORIUS STEDIM BIOTECH SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
WBD WEBUILD S.P.A.
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
TRE TECNICAS REUNIDAS SA
RIO RIO TINTO PLC
TEC TECHNIPFMC PLC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ASML ASML HOLDING NV
BP. BP P.L.C.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SIK SIKA AG
FDJ LA FRANCAISE DES JEUX SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
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
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
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
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
S&P 500 and Nasdaq 100 Testing Prior 2022 Highs Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious, citing several concerning developments (SPX and QQQ failure at 200-day MAs, bear flag breakdowns across major indexes targeting 5100-5200 on SPX, high yield spreads widening above 355bps, major tops on market leaders NVDA and META, semiconducto...
- Jan Frederik Slijkerman
TMT hybrids offer good value/Look for quality in the belly of the curv...
In this report we evaluate spreads in the TMT hybrids space. As the credit space still looks relatively well bid, TMT hybrid yields offer an attractive opportunity with yields above 3.5%. Higher quality TMT hybrids or lower duration TMT hybrids look most attractive from a relative value standpoint, such as the Telia, Orange and KPN hybrids. The risk/return perspective of the Infineon hybrid note looks unattractive.
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
LOPE GRAND CANYON EDUCATION INC.
LNDC LANDEC CORP.
HOO HERBALIFE NUTRITION LTD.
DLTR DOLLAR TREE INC.
DG DOLLAR GENERAL CORPORATION
CAAS CHINA AUTOMOTIVE SYSTEMS ADS (N SHARES)
BFAM BRIGHT HORIZONS FAMILY SOLUTIONS INC.
AZO AUTOZONE INC.
ADMA ADMA BIOLOGICS INC
ACU ACME UNITED CORP.
OSTK OVERSTOCK.COM INC.
UVV UNIVERSAL CORP
FDP FRESH DEL MONTE PRODUCE INC.
TATT TAT TECHNOLOGIES LTD.
WMK WEIS MARKETS INC.
KINS KINGSTONE COS. INC.
NC NACCO INDUSTRIES INC. CL A
CHCI COMSTOCK HOLDING COMPANIES
VLGEA VILLAGE SUPER MARKET INC. CL A
LAUR LAUREATE EDUCATION INC. CLASS A
CMCL CALEDONIA MINING CORPORATION
ABT ABBOTT LABORATORIES
BRP BRP GROUP
GRPN GROUPON INC.
CNXC CONCENTRIX
DRVN DRIVEN BRANDS HOLDINGS
ALHC ALIGNMENT HEALTHCARE INC
ADSE ADS TEC ENERGY PLC
KLG_w WK KELLOGG CO
TRVG TRIVAGO N.V.
BG BUNGE LIMITED
IDR IDAHO STRATEGIC RESOURCES INC
DBD DIEBOLD NIXDORF INCORPORATED
CCB CHASE CAPITAL VIII CAP SEC H 8.25%
MNPR MONOPAR THERAPEUTICS INC.
AEVA AEVA TECHNOLOGIES INC.
ORLY OREILLY AUTOMOTIVE INC CDA
- James Ratzer
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
- James Ratzer
- Jean Danjou
- Oliver Metzger
- Stephane Houri
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
ARYN ARYZTA AG
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALLFG ALLFUNDS (UK) LTD
SHEL SHELL PLC
EAPI EUROAPI
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Jean Danjou
- Oliver Metzger
- Stephane Houri
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
ARYN ARYZTA AG
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALLFG ALLFUNDS (UK) LTD
SHEL SHELL PLC
EAPI EUROAPI
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
OMV OMV AG
GAMA GAMMA COMMUNICATIONS
ITRK INTERTEK GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
LDO LEONARDO SPA
BP. BP P.L.C.
BG BAWAG GROUP AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
OMV OMV AG
GAMA GAMMA COMMUNICATIONS
ITRK INTERTEK GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
LDO LEONARDO SPA
BP. BP P.L.C.
BG BAWAG GROUP AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Konrad Zomer
- Stephane Beyazian
- Stephane Houri
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
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
- Stephane Houri
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
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
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