reports
- James Ratzer
- Russell Waller
Orange Masmovil approval: A good outcome. A compliant EC? More M&A to ...
The EC has approved the Orange Masmovil merger (HERE) with remedies unchanged from the announcement in early December (HERE). We continue to be of the view that the remedy package is a good one for the operators in Spain, and indeed for the likelihood of further M&A in Europe.
- Russell Waller
Remedy package signed in Spain: Not as bad as the headline would sugge...
The decision that we have all been waiting for has finally arrived. Orange Masmovil and Digi have reached an agreement for a remedy package in Spain. We provide our thoughts on the package in this piece. The headline “Digi buying spectrum” is bad, but we think that the reality and specifics of the package are nowhere near as bad as the headline would suggest.
- Russell Waller
Masmovil Q3 23: Interesting updates given on timing and remedies for ...
Masmovil (MM) has reported a good set of numbers, with Telco SR better at +7.7% y/y from +6.1% y/y in Q2. EBITDA growth y/y is much worse sequentially, but quarterly trends can be volatile: 9m EBITDA growth was +7.7% y/y vs +7.0% y/y in 2022. MM gave some interesting updates to the merger process on the call, which we include in this report.
- James Ratzer
The biggest decision you haven't heard of
While the Masmovil-Orange decision is probably the biggest upcoming decision you have heard of, the biggest decision for the European telecoms industry that most people haven’t heard of, is coming up next month at the World Radio Congress : the longer-term use for the 6.4-7.1GHz band in Europe.
- Ben Rickett
- James Ratzer
PROPRIETARY SURVEY: Spanish dynamics improving.... ...but all hinges ...
The Spanish market right now is in a period of great uncertainty, until we know the outcome of the Masmovil-Orange ruling and can gauge the impact of any remedies. To try to answer that, we recently published an in-depth note trying to recreate the EC’s analysis on GUPPI ratios, suggesting that the sale of sub-brands, most likely to Digi, should be an acceptable remedy (even if Digi is trying to ask for more), and this shouldn’t destabilise the market too much.
- Russell Waller
Masmovil Q2 23: Good EBITDA and SR trends; new insights into Ora-MM d...
Masmovil (MM) has reported a good set of numbers, with Telco SR and EBITDA trends better than in Q2. A decision on the Orange-MM deal deal is due on 4th September. Ahead of that decision, we commissioned a survey in Spain to look into switching patterns in the event of a shutdown of current provider, so that we can work out diversion and GUPPI ratios for all the various Orange and Masmovil brands (this builds on and expands the work we did in March 2022, looking at a similar topic).
- Russell Waller
Masmovil Q1 23: Better OpFCF, Orange deal update
As part of our expanding high yield coverage, we now have a full model and coverage of Masmovil (MM). We look at the latest quarterly trends in this report following the recent Q1 results, including feedback from the call. As a reminder, Orange CFO talked about Orange’s future plans for MM on the recent NDR roadshow we hosted – HERE.
Mediaset Espana Communicacion SA: 1 director
A director at Mediaset Espana Communicacion SA bought 4,788,715 shares at 3.240EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the ...
- Research Department
INFORME DIARIO 16 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: LAR, MEDIASET ESPAÑA, METROVACESA. EUROPA: SECTOR BANCOS Fuerte repunte de volatilidad El miedo a que se produzca una crisis de liquidez bancaria en europea provocó otra jornada de huida de los activos de riesgo. Las pérdidas en la cotización de Credit Suisse llegaron a ser de hasta el -30% en la sesión, después de que su Presidente A. Lehmann descartase solicitar ayudas estatales aunque posteriormente el Banco requirió muestras de apoyo por parte ...
- Research Department
IBERIAN DAILY 16 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, LAR ESPAÑA, MEDIASET ESPAÑA, METROVACESA. Sharp increase in volatility Fears of a new banking liquidity crisis in Europe triggered another session of flight from risk assets. Losses were as high as -30% over the session, after A. Lehman, chairman of Crédit Suisse, ruled out requesting state aid, although later on the bank did request signs of support from the SNMB (Swiss Monetary Authority) and FINMA (Swiss Financial Market Supervisor) which will mean liquidity lin...
- Jerôme Bodin
ODDO : Q4 better than expected in Spain but challenging advertising tr...
>Atresmedia: 2022 results above expectations - Atresmedia yesterday reported full-year 2022 results above our expectations (EBITDA € 172.8m vs € 160m expected). The main difference vs our expectations stemmed from strict cost control (-1.6% vs 0% expected). The advertising trend in Q4 was slightly above our expectations (-0.2% vs -1% expected). As expected, the trend in Spain improved sequentially vs 9M 2022. We also note the decline in content production and distribu...
- Jerôme Bodin
ODDO : Un T4 meilleur qu’attendu en Espagne mais tendance publicitaire...
>Atresmedia: résultats 2022 supérieurs aux attentes - Atresmedia a publié hier ses résultats annuels 2022 ressortis supérieurs à notre attente (172,8 M€ d‘EBITDA vs 160 M€ attendus). La principale différence avec nos attentes provient d’un strict contrôle des couts (-1,6% vs 0% attendu). La tendance publicitaire au T4 est notamment légèrement au-dessus de nos attentes à -0,2% alors que nous tablions sur -1%. La tendance en Espagne est comme attendu en amélioration séq...
- Baptiste Lebacq
- Jean-Baptiste Rouphael
- Konrad Zomer
- Marc Lavaud
AKE ARKEMA
LHN HOLCIM AG
AC ACCOR SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
BVI BUREAU VERITAS SA
SK SEB SA
SQ SQUARE INC. CLASS A
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
WKL WOLTERS KLUWER NV
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ENI ENI S.P.A.
ELE ENDESA S.A.
BAS BASF SE
SAN SANOFI
WPP WPP PLC
ASM ASM INTERNATIONAL N.V.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
INX IMCD N.V.
TL5 MEDIASET ESPANA COMUNICACION SA
HFG HELLOFRESH SE
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
ADE ADEVINTA ASA
- Baptiste Lebacq
- Jean-Baptiste Rouphael
- Konrad Zomer
- Marc Lavaud
AKE ARKEMA
LHN HOLCIM AG
AC ACCOR SA
GET GETLINK SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
BVI BUREAU VERITAS SA
SK SEB SA
SQ SQUARE INC. CLASS A
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
WKL WOLTERS KLUWER NV
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ENI ENI S.P.A.
ELE ENDESA S.A.
BAS BASF SE
SAN SANOFI
WPP WPP PLC
ASM ASM INTERNATIONAL N.V.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
INX IMCD N.V.
TL5 MEDIASET ESPANA COMUNICACION SA
HFG HELLOFRESH SE
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
ADE ADEVINTA ASA
- Martial Descoutures
- Oliver Metzger
- Research Department
- Martial Descoutures
- Oliver Metzger
- Ignacio Romero
- Research Department
IBERIAN DAILY 31 JANUARY + 4Q’22 RESULTS. HIGHLIGHTS AND PREVIEWS (ANÁ...
NEWS SUMMARY: ELECTRICITY SECTOR, IAG, MEDIASET, UNICAJA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’22 results to be released over the coming days in Spain. The Ibex ends flat above 9,000 points The European stock markets posted slight losses at the beginning of a decisive week for central banks. Within the Euro STOXX, the best-performing sectors were Media and Food, ...
- Research Department
INFORME DIARIO 31 ENERO + RDOS. ESPAÑA Y EUROPA 4T’22. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IAG, MEDIASET, SECTOR ELÉCTRICO, UNICAJA. EUROPA: ASML, NOKIA, UNICREDIT, VINCI. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’22 que se publicarán en España y Europa en los próximos días. El Ibex cierra plano y no pierde los 9.000 puntos Las bolsas europeas arrancaron la semana con ligeras caídas en un...
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