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. - ...
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. - ...
>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...
>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...
>FY 2024: EBITDA target above expectations - For 2024, NFON is targeting mid-to-upper-single-digit percentage growth for recurring revenues, a shade faster than in 2023 (4.8%). The share of recurring revenues is expected at >90% of total revenue, in line with 2023 (93.7%). The target is potentially a little softer when compared to consensus expectations of +9.4% for total revenues. Recurring revenue growth was still low in Q4 2023 at 3.8% y-o-y (vs ~5% for the first 9...
>FY 2024: EBITDA target above expectations - For 2024, NFON is targeting mid-to-upper-single-digit percentage growth for recurring revenues, a shade faster than in 2023 (4.8%). The share of recurring revenues is expected at >90% of total revenue, in line with 2023 (93.7%). The target is potentially a little softer when compared to consensus expectations of +9.4% for total revenues. Recurring revenue growth was still low in Q4 2023 at 3.8% y-o-y (vs ~5% for the first 9...
EQS-News: NFON AG / Key word(s): Preliminary Results/Annual Results NFON AG exceeds profitability targets for 2023 and continues profitable growth trajectory in transformation year 2024 07.03.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. NFON AG exceeds profitability targets for 2023 and continues profitable growth trajectory in transformation year 2024 Recurring revenue up 4.8% at EUR 77.1 million Share of recurring revenue increased to 93.7% of total revenue Adjusted EBITDA increased by more than EUR 9 million to EUR 8.4...
EQS-News: NFON AG / Schlagwort(e): Vorläufiges Ergebnis/Jahresergebnis NFON AG übertrifft Profitabilitätsziele für 2023 und sieht Fortsetzung des profitablen Wachstumskurses im Transformationsjahr 2024 07.03.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. NFON AG übertrifft Profitabilitätsziele für 2023 und sieht Fortsetzung des profitablen Wachstumskurses im Transformationsjahr 2024 Anstieg der wiederkehrenden Umsätze um 4,8 % auf 77,1 Mio. EUR Anteil der wiederkehrenden Umsätze am Gesamtumsatz auf 93,7 % gesteigert...
>Clients: Freenet inTV, Deutsche Telekom in broadband and 1&1 in mobile - In broadband, Deutsche Telekom added 66,000 clients in Q4 2023 vs Vodafone -94,000, O2D +23,000 and 1&1e -10,000 by our estimates. Deutsche Telekom continues its fibre roll-out (2-3 million new lines per year). Telefonica and 1&1 hope for better trends in the future but we see no visible signs. Freenet, which launched its offering in 2023, underlines the difficulty of building a brand on this ma...
>Clients : Freenet #1 (TV), Telekom #2 (internet) et 1&1 #3 (mobile) - Sur l’internet fixe, Deutsche Telekom a ajouté 66 000 clients au T4 2023 vs Vodafone -94 000, O2D +23 000, et 1&1e -10 000 selon nous. Telekom poursuit le déploiement de la fibre (2-3 M de lignes nouvelles par an). Telefonica et 1&1 espèrent de meilleures tendances à venir mais nous ne voyons pas de signe visible. Freenet, qui a lancé son offre en 2023, souligne la difficulté de construire une mar...
>The positive points in Q3 2023: margins, return to customer growth - The group’s sales and EBITDA beat our forecasts by 1-2%. Sales came to € 20.4m (vs ODDO BHF € 20.3m) and adjusted EBITDA to € 2.6m (vs ODDO BHF € 2.5m).NFON remains in line with its target of 5-10% growth in sales in 2023, although it is at the lower end of the range as expected, and is ahead of its previous EBITDA guidance of € 6-7m (vs € 6m in 9M 2023). We nonetheless expect slightly higher c...
>Les points positifs du T3 2023 : marges, retour à la croissance clients - Chiffre d’affaires et EBITDA ressortent 1-2% au-dessus de nos attentes. Le chiffre d’affaires ressort à 20,4 M€ (vs ODDO BHF 20, 3 M€) et l’EBITDA ajusté à 2,6 M€ (vs ODDO BHF (2,5 M€).NFON reste en ligne avec son objectif de croissance de 5-10% des ventes en 2023, même si c’est dans le bas de fourchette comme attenu, et est même en avance par rapport à son objectif d’EBITDA de 6-7 M€ (vs ...
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