Telecom Italia (Buy, €0.35, +25%) FiberCop earnouts reduced, but the ...

Today we have initiated coverage on FiberCop and in that work we reassessed the potential for earnouts to be paid as part of a combination with OpenFiber. We are now a lot more sceptical whether TI will receive those earnouts, which is a drag to value – but meanwhile other parts of the TI story evolve more positively with Iliad and Poste Italiane. In this note, we provide our updated thoughts on the path ahead for Telecom Italia and the potential catalyst path.

FiberCop Initiation (Underweight) Not your normal NetCo: Open Fiber’s...

We thought launching coverage on FiberCop could be staid affair. However, the recent FT article (denied by the company) suggests things could be more interesting with acquisition business plans apparently under pressure.

Credit Morning 02/17/2025

FDJ: solid 2024 results but significant impact of upcoming tax increases|Clariane amends and extends its syndicated loan and sets up a new real estate credit line.|

Morning Crédit 17/02/2025

FDJ : résultats 2024 solides mais impact significatif de la hausse des taxes à venir|Clariane amende et étend son crédit syndiqué et met en place une nouvelle ligne de crédit immobilier.|

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Huhtamaki, David Lloyd Leisure, Neopharmed, Axactor, Telecom Italia, Ineos, Ineos Quattro, Samvardhana Motherson, Scan Global Logistics

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: MasOrange, Recordati, Telecom Italia, Rekeep, Solenis, Clarios

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/13/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/02/2025

Credit Morning 02/13/2025

Delivery Hero: good full-year results and plan to buy back € 1bn of convertible bonds.|URW renounces to leave the USA after a quality 2024 year|AccorInvest and Accor are considering to sell their F1 hotels|Commerzbank posts strong annual results, plans 3,900 job cuts, and lifts 2028 targets|Lone Star’s Portuguese Lender Novo Banco to Start IPO Procedure|

Telecom Italia : In a difficult market, TIM delivers on FCF and the re...

Morning Crédit 13/02/2025

Delivery Hero : Bon résultats annuels et projet de rachat de 1 md EUR d’obligations convertibles.|URW renonce à sortir des USA après un exercice 2024 de qualité|AccorInvest et Accor pourraient bientôt céder leurs hôtels F1|Commerzbank publie de solides résultats 2024, annonce un vaste plan de licenciement et révise à la hausse ses objectifs 2028|Lone Star, actionnaire à 75%, lance la procédure d’IPO de Novo Banco|

Coffee, Croissants & Credit/Italgas, Kinder Morgan, Klepierre, Unibail...

Utilities - Italgas: Solid 2024 results. Kinder Morgan: Revises outlook to positive and potential rating upgrade

Telecom Italia : In a difficult market, TIM delivers on FCF and the re...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: EnQuest Plc, Rexel, United Group, Telecom Italia, PHM Group, Huhtamaki, Best Secret (Schustermann & Borenstein), Solenis, Iceland Foods, Asmodee, Axactor, Hurtigruten, Hapag-Lloyd

Telecom Italia (Buy, €0.35, +13%) Q4 24: Visibility on cash returns fr...

The scars of the March 2024 CMD have not yet fully healed, but this set of results, new outlook and most importantly, visibility of cash returns should start to make the 2024 CMD become a distant memory.

Credit Morning 02/12/2025

Carrefour is considering acquiring minority stakes in Atacadao|Moody's upgrades Coty's CFR to Ba1/stable|Paprec: agreement with the French national financial prosecutor|Banco BPM : strong annual results, update on its strategic plan and increase of the tender offer on Anima|

Morning Crédit 12/02/2025

Le groupe propose de racheter les minoritaires d’Atacadao|Moody’s a upgradé le rating à Ba1/stable|Signature d’un accord avec le PNF|Banco BPM publie de solides résultats 2024, update son plan stratégique et relève son offre sur Anima|

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Recordati, AMS Osram, Rekeep, Boels, Telecom Italia, MasOrange, Paprec Group, Flora Food Group (formerly Upfield), TAP, Ineos, Ardagh, TUI

Bank Brunch/CRH covered, SABSM 8NC7 NPS

CRH starts 2025 with a 7yr covered bond. Banco Sabadell replaces upcoming calls/reds with new 8NC7 NPS. Bank bond performance

Bank Brunch/CRH covered, SABSM 8NC7 NPS

CRH starts 2025 with a 7yr covered bond. Banco Sabadell replaces upcoming calls/reds with new 8NC7 NPS. Bank bond performance