reports
- James Ratzer
- Stefan Gauffin
Elisa (Hold, TP: EUR45.00) - Cost savings continue to lift EBITDA
The Q1 results showed improved mobile service revenue (MSR) growth and a return to growth in International Digital Services (IDS), and group EBITDA beat consensus on cost control. However, due to Elisa’s premium valuation to Nordic peers, we reiterate our HOLD and EUR45 target price.
- Stefan Gauffin
- Russell Waller
Tele2 (Neutral, TP: SEK 110, +13%) Q1 24: A good start to the Europea...
Tele2 has reported a good set of Q1 numbers with EBITDAal +1.2% ahead of consensus expectations and at EFCF +24% ahead. Total end-user SR accelerated to +4.3% YoY (+3.4% in Q4), supported by the earlier phasing of price rises in Sweden this year. EBITDAaL growth (ex energy) slowed to +2.5% y/y (+4.0% in Q4), although this was better than had been messaged by the company in the pre results call, which probably explains the strong share price move today.
- James Ratzer
- Stefan Gauffin
Elisa (Hold, TP: EUR45.00) - First quarter for new CEO
Q2–Q4 2023 revenues were below consensus, due to weakness in International Digital Services (IDS). Ahead of the Q1 results (due at 07:30 CET on 19 April), we are in line with consensus on sales and EBITDA. We reiterate our HOLD and EUR45 target price.
- Stefan Gauffin
Tele2 (Buy, TP: SEK106.00) - New owner increases appeal
We do not view the Q1 report as a trigger event, as Tele2 has guided for flat EBITDA growth. We prefer Telia over Tele2 over the quarter. That said, we note Xavier Niel’s achievements in costs and cash flow at Millicom in a short time and believe investors could piggy-back on a strong industrial owner. We reiterate our BUY and have raised target price to SEK106 (100).
- Bruno Cavalier
- Emira Sagaama
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 09/04/2024 Date Performance dep...
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
SDG SYNERGIE SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BAMNB KONINKLIJKE BAM GROEP NV
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
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
DEME DEME GROUP NV
LHYFE LHYFE S.A.
- Bruno Cavalier
- Emira Sagaama
- Stephane Beyazian
ODDO BHF Small & MIDCAP MORNING NEWS - 04/09/2024 Date Performance sin...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
SDG SYNERGIE SA
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
BAMNB KONINKLIJKE BAM GROEP NV
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
ALFEN ALFEN NV
DRI 1&1 DRILLISCH AG
DEME DEME GROUP NV
LHYFE LHYFE S.A.
- Emira Sagaama
- Jerôme Bodin
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
VIV VIVENDI SE
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
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Bruno Cavalier
- Emira Sagaama
- Jerôme Bodin
ETL EUTELSAT COMMUNICATIONS SA
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
RCO REMY COINTREAU SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
VIV VIVENDI SE
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
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
- Konrad Zomer
- Stephane Beyazian
ODDO : Altice: after debt restructuring, a commercial tour de force?
>Our scenario for the restructuring of Altice France - Faced with a debt wall in 2027-2029 (€ 22bn) and already negative FCF, Altice France has opted to force the hand of its creditors by attempting to impose the restructuring of its debt. We see three scenarios: 1/ A general agreement: assuming the reinitialisation of leverage in 2024 at 3.7x and the use of the ~€ 5.4bn proceeds from divestments (Altice Media, La Poste Mobile, XP Fibre, data centres), we calcul...
ETL EUTELSAT COMMUNICATIONS SA
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
ODDO : Altice : après le tour de force obligataire, un tour de force c...
>Notre scenario de restructuration d’Altice France - Face à son mur de dette sur 2027-2029 (22 Md€) et ses FCF déjà négatifs, Altice France a choisi de forcer la main de ses créanciers en tentant d’imposer une restructuration de sa dette. Notre équipe crédit, dans une note publiée ce matin, perçoit trois scenarios : 1/ Un accord général : en supposant une réinitialisation du levier 2024 à 3,7x et l’utilisation de ~5,4 Md€ de produits de cession (Altice Medi...
ETL EUTELSAT COMMUNICATIONS SA
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
EQS-News: Telefónica Deutschland's Management Board and Supervisory Bo...
EQS-News: Telefónica Deutschland Holding AG / Key word(s): Offer/Statement Telefónica Deutschland's Management Board and Supervisory Board jointly recommend acceptance of the public delisting acquisition offer 26.03.2024 / 17:32 CET/CEST The issuer is solely responsible for the content of this announcement. Management Board and Supervisory Board jointly recommend acceptance of the public delisting acquisition offer The Management Board and the Supervisory Board of Telefónica Deutschland Holding AG ("Telefónica Deutschland") today issued their Joint Reasoned Statement o...
EQS-News: Vorstand und Aufsichtsrat der Telefónica Deutschland empfehl...
EQS-News: Telefónica Deutschland Holding AG / Schlagwort(e): Übernahmeangebot/Stellungnahme Vorstand und Aufsichtsrat der Telefónica Deutschland empfehlen gemeinsam die Annahme des öffentlichen Delisting-Erwerbsangebots 26.03.2024 / 17:32 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Der Vorstand und der Aufsichtsrat empfehlen gemeinsam die Annahme des öffentlichen Delisting-Erwerbsangebots Der Vorstand und der Aufsichtsrat der Telefónica Deutschland Holding AG („Telefónica Deutschland“) haben heute ihre gemeinsame begründete Ste...
EQS-News: Public Delisting Acquisition Offer to the shareholders of Te...
EQS-News: Telefónica Deutschland Holding AG / Key word(s): Offer/Delisting Public Delisting Acquisition Offer to the shareholders of Telefónica Deutschland Holding AG 20.03.2024 / 12:31 CET/CEST The issuer is solely responsible for the content of this announcement. MUNICH, 20 March 2024 Public Delisting Acquisition Offer to the shareholders of Telefónica Deutschland Holding AG Telefónica Local Services GmbH (‘Bidder’), a wholly-owned subsidiary of Telefónica, S.A. with registered office in Madrid/Spain, today submitted a public Delisting Acquisition Offer to the shareh...
EQS-News: Öffentliches Delisting-Erwerbsangebot an die Aktionäre der T...
EQS-News: Telefónica Deutschland Holding AG / Schlagwort(e): Übernahmeangebot/Delisting Öffentliches Delisting-Erwerbsangebot an die Aktionäre der Telefónica Deutschland Holding AG 20.03.2024 / 12:31 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. München, 20. März 2024 Öffentliches Delisting-Erwerbsangebot an die Aktionäre der Telefónica Deutschland Holding AG Die Telefónica Local Services GmbH („Bieterin“), eine hundertprozentige Tochtergesellschaft der Telefónica, S.A. mit Sitz in Madrid/Spanien, hat heute den Aktionären der Tele...
- James Ratzer
- Russell Waller
Swisscom (Neutral, TP: CHF620, +20%) Swisscom and Vodafone agree bind...
Swisscom and Vodafone have announced a binding agreement for Vodafone Italy: an €8bn EV for 100% of the company, on a debt-free basis. We update our thoughts on the deal in this piece from a Swisscom perspective, and will be following up with a piece looking at the deal from a Vodafone perspective later today.
- James Ratzer
Vodafone (Buy, 140p, +100%) M&A Watch: How Iliad could still buy Voda...
Vodafone’s recent announcement that they are selling their Italian assets to Fastweb will likely have frustrated Xavier Niel, who we know has been keen to do a deal with Vodafone Italy for a number of years. Is this the end of the story? We think it might not be, and if Vodafone won’t sell the asset to him, then maybe he should acquire the whole of Vodafone.
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