reports
- James Ratzer
Vodafone (Buy, 135p, +93%) Vodacom upside undervalued
When talking about Vodafone with market participants, almost all of the discussion tends to be on Germany. However, this morning my colleague Chris has upgraded his estimates for Vodacom and we have increased our target from ZAR150 to ZAR180 – with the full details published here. We believe the positive benefits from Vodacom are being overlooked in the Vodafone share price and we re-visit that thesis in this note with an updated view on Vodafone.
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
GYC GRAND CITY PROPERTIES SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
TEG TAG IMMOBILIEN AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Carole Braudeau
GET GETLINK SE
BVI BUREAU VERITAS SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
ORA ORANGE SA
FNAC FNAC DARTY SA
KER KERING SA
BAYN BAYER AG
ERA ERAMET SA
WLN WORLDLINE SA
DHER DELIVERY HERO SE
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
- Carole Braudeau
GET GETLINK SE
BVI BUREAU VERITAS SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
ORA ORANGE SA
FNAC FNAC DARTY SA
KER KERING SA
BAYN BAYER AG
ERA ERAMET SA
WLN WORLDLINE SA
DHER DELIVERY HERO SE
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
- Stephane Beyazian
- Stephane Beyazian
Orange: Orange posts robust first-quarter results and confirms its 202...
Orange: Orange posts robust first-quarter results and confirms its 2025 targets Press releaseParis, 24 April 2025 Financial results at 31 March 2025 Orange posts robust first-quarter results and confirms its 2025 targets Solid retail commercial performanceEBITDAaL up +3.2%2025 financial targets confirmed In millions of euros 1Q 20251Q 2024comparablebasis1Q 2024historicalbasischangecomparablebasischangehistoricalbasisRevenues 9,9119,8499,8500.6 %0.6 %EBITDAaL 2,4802,4022,4063.2 %3.1 %eCAPEX (excluding licenses) 1,4631,3721,5506.6 %(5.6)%o/w excluding Spain 1,4631,3721,3846.6 %5.7 %o/w...
Orange: Orange affiche des résultats robustes au 1er trimestre et conf...
Orange: Orange affiche des résultats robustes au 1er trimestre et confirme ses objectifs 2025 Communiqué de presseParis, le 24 avril 2025 Information financière au 31 mars 2025 Orange affiche des résultats robustes au 1er trimestre et confirme ses objectifs 2025 Solide performance commerciale des services de détailCroissance de l’EBITDAaL de +3,2%Objectifs financiers 2025 confirmés En millions d’euros T1 2025T1 2024à basecomparableT1 2024en donnéeshistoriquesvariationà basecomparablevariationen donnéeshistoriquesChiffre d'affaires 9 9119 8499 8500,6 %0,6 %EBITDAaL 2 4802 4022 4063,2 ...
- Stefan Gauffin
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Carole Braudeau
- Carole Braudeau
- Russell Waller
Tele2 (Neutral, TP: SEK 130, -1%) Q1 25: A strong start to the year
Tele2 has reported a good set of results, with a strong inflection in EBITDAaL trends, and EBITDAaL is +2.6% ahead of consensus (albeit c50% of the EBITDAaL beat is due to a Lithuania cost deferral). The key question is whether or not this is a pull forward of the already announced cost savings, or a new higher level?
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Christoffer Wang Bjørnsen
Telenor (Sell, TP: NOK140.00) - Q1e slightly below consensus
We have made only limited estimate changes (except for an accounting change for the treatment of write-offs in associates) and are slightly below consensus on Q1e revenues, service revenues, adj. EBITDA, net profit and FCF. With Nordics opex cuts looking set to be back-end loaded this year, we expect Q1 to be a relatively uneventful quarter. We will look for more clarity on lower-quality cash flow tailwinds with regard to Telenor’s ability to cover its dividends with FCF before M&A this year, wh...
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
Orange: Orange files an application to cease to be a reporting issuer ...
Orange: Orange files an application to cease to be a reporting issuer in Canada Press releaseParis, 18 April 2025 Orange files an application to cease to be a reporting issuer in Canada Orange S.A (“Orange”) has applied to the Autorité des Marchés Financiers (“AMF”) as its principal regulator in Canada and to the Ontario Securities Commission (“OSC”), for an order (the “order”) to cease being a reporting issuer in all provinces and territories of Canada (the “Jurisdictions”). If the order is granted, Orange will cease to be a reporting issuer in Canada and, as a result, will no lon...
Orange: Orange dépose une demande pour mettre fin à son statut d’émett...
Orange: Orange dépose une demande pour mettre fin à son statut d’émetteur assujetti au Canada Communiqué de presseParis, le 18 avril 2025 Orange dépose une demande pour mettre fin à son statut d’émetteur assujetti au Canada Orange a sollicité auprès de l'Autorité des Marchés Financiers (« AMF »), son principal organisme de réglementation au Canada, ainsi qu'auprès de la Ontario Securities Commission (« OSC »), une requête visant à mettre fin à son statut d'émetteur assujetti dans toutes les provinces et territoires du Canada. Si la demande est acceptée, Orange cessera d'être un éme...
Orange: Shareholders' Meeting 21 May 2025 - Details concerning the ava...
Orange: Shareholders' Meeting 21 May 2025 - Details concerning the availability of information on the Combined Ordinary and Extraordinary Shareholders' Meeting Press releaseIssy-les-Moulineaux, 18 April 2025 Combined Ordinary and Extraordinary Shareholders’ Meeting of21 May 2025 Details concerning the availability of information on the Combined Ordinary and Extraordinary Shareholders’ Meeting The Orange combined Ordinary and Extraordinary Shareholders’ Meeting will be held on Wednesday 21 May 2025 at 3:00 pm CET at the Salle Pleyel - 252, rue du Faubourg-Saint-Honoré, 75008 Paris, Fran...
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