reports
KPN obtains 100 MHz in 3.5 GHz spectrum auction
KPN obtains 100 MHz in 3.5 GHz spectrum auction KPN has obtained an attractive spectrum package of 100 MHz of 3.5 GHz frequency licenses in the Dutch spectrum auction for a total consideration of € 58.4 million. The licenses have a duration up to and including 2040 and enable KPN to take the next step in 5G and to cope with the growing demand of mobile data in the coming years. Joost Farwerck, CEO KPN: “After the multiband auction in 2020 we have made a great start with 5G via the 700 MHz band, with worldwide recognition for network quality and coverage. The newly acquired 3.5 GHz lice...
Bouygues: Monthly disclosure of the total number of shares and voting ...
Bouygues: Monthly disclosure of the total number of shares and voting rights REGULATED INFORMATION MONTHLY DISCLOSURE OF THE TOTAL NUMBER OF SHARES AND VOTING RIGHTS Paris, 01/07/2024 Article 223-16 of the AMF General Regulation Date Shares Voting rights Theoretical (1) Exercisable (2) 30 June 2024 379,236,788 493,899,988 491,579,096 (1) In accordance with Article 223-11 of the AMF General Regulation, this number is calculated on the basis of all the shares to which voting rights are attached, including shares for which voting rights have been suspended...
- Jan Frederik Slijkerman
A-rated TMT credit has appeal/Market softness creates buying opportuni...
In this report we evaluate the single-A TMT space. We argue that the notes of Wolters Kluwer and Relx look attractive. We prefer to avoid the notes of Proximus until we get further clarity about competitive dynamics in Belgium, following the expected entry of Digi. ASML and SAP, where spreads have widened a little since April 2024, could appeal to some investors. In this note we provide a summary of our general findings, followed by company descriptions.
- Jan Frederik Slijkerman
TMT Picks & Pans/July 2024 update
In this note we again highlight what we identify as attractive opportunities in the TMT credit space. Our picks and pans for TMT are largely unchanged since our update of 9 February, although the first half of 2024 has been quite eventful - especially for SES, but also for Equinix. SES has announced an agreement to acquire Intelsat, while Equinix has faced allegations of misreporting. Despite the upgrade to IG and some tightening of its notes YTD, we continue to like Cellnex. The combination of ...
- Nicolas David
Atos : Financial restructuring agreement reached with creditors
>Financial restructuring agreement reached with creditors - On Sunday evening, Atos announced that it had reached an agreement with the group’s banks and bondholders on the broad terms and conditions of the financial restructuring plan.This agreement plans to preserve the group’s scope of consolidation, assuming the finalisation of the ongoing discussions with (i) the State, regarding the sale of the advanced computing, mission-critical systems activities and cyb...
- Carole Braudeau
- Carole Braudeau
- Bruno Cavalier
- Thijs Berkelder
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 07/01/2024
By calling a snap election in the hope of bringing a majority of voters back to a centrist bloc, Emmanuel Macron has gambled with the Constitution. And he lost. Yesterday's election, marked by a jump in turnout (+20pt vs 2022), confirmed the dominance of the National Rally (RN). There are now two possible scenarios. One is an absolute majority for the RN, enabling it to "conduct the nation's policy"... until a possible dissolution in a year's time. The other is a divided parliament, f...
- Nicolas David
Atos : Accord de restructuration financière avec les créanciers
>Accord de restructuration financière avec les créanciers - Atos a annoncé dimanche soir avoir trouvé un accord avec un groupe de banques et de porteurs d’obligations de la société sur les principaux termes d’un plan de restructuration financière.Cet accord prévoit la préservation de l’ensemble du périmètre du Groupe, sous réserve de la finalisation des discussions en cours (i) avec l’Etat pour la vente des activités d’Advanced Computing, de Mission-Critical Syst...
- Chris Hoare
Sub-Saharan African Telecoms Solid top line, decent overall performan...
Q1 was a solid quarter for the Sub-Saharan African operators, especially from a top line perspective. Airtel Africa continued to outperform peers overall. We continue to think that fundamentals for AAF and MTN are strong and deserve more attention. Valuations are compelling too.
- Bruno Cavalier
- Thijs Berkelder
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 01/07/2024
En provoquant des élections anticipées dans l’espoir de ramener une majorité d’électeurs vers un bloc centriste, Emmanuel Macron a joué avec la Constitution. Il a perdu. L’élection d’hier marquée par un bond de la participation (+20pts vs 2022) a confirmé la domination du Rassemblement National. Deux scénarios subsistent. L’un est une majorité absolue pour le RN lui permettant de "conduire la politique de la nation"… jusqu’à une possible dissolution dans un an. L’autre est une parleme...
- Olfa Taamallah
- Yan Derocles
Figeac Aero : Well on course for EBITDA margin of at least 16%
>2023-24 shows the margin target of 16% is well within reach - By neutralising the effects of the losses in Mexico and the remainder of the inflation not offset by clients (respectively € 7.4m and € 3.8m), Figeac should already have achieved in March 2024 the EBITDA margin targeted for March 2028 of 16%; this shows the strength of the safety net factored into the guidance. Over the next four years, the company is set to benefit from operating leverage related to the s...
- Oliver Metzger
- Stephan Wulf
SCHOTT Pharma AG & Co. KGaA : Increasing optimism on FY 2024 while lon...
>More optimistic on FY 2024 as visibility increases - The most important topic of SCHOTT Pharma's H1 conference call last week was CFO Dr Almuth Steinkühler's more positive sales guidance for 2024. Previously the company limited the guidance to the low end of its 9-11% sales growth target for FY 2024 as FY 2023 came in stronger than anticipated and therefore comps were challenging. At the conference call, the CFO explicitly emphasised that the full range of the guidan...
- Olfa Taamallah
- Yan Derocles
Figeac Aero : La route pour une marge d’EBITDA d’au moins 16% est tout...
>L’exercice 2023-24 démontre que l’objectif de marge de 16% est largement atteignable - En neutralisant les effets des pertes au Mexique et du reliquat d’inflation non compensé par les donneurs d’ordre (respectivement 7.4 M€ et 3.8 M€), Figeac aurait déjà atteint en mars 2024 la marge d’EBITDA cible pour l’exercice mars 2028 de 16%, ce qui démontre l’épaisseur du matelas intégré dans les objectifs. Sur les quatre prochaines années, la société va, en effet, bénéficier ...
Market Update - June 30, 2024
Market Update - June 30, 2024 Press release Market update Agreement reached on financial restructuring terms between the Company and a group of banks and bondholders Significant milestone towards reaching a final restructuring agreement by July Main terms of Atos’ financial restructuring plan: Contribution of €233 million by way of a capital increase with preferential subscription right, €75 million of which is backstopped by the bondholders participating to the new financings (described below) in cash and €100 million is backstopped by the Participating Creditors...
Point de marché - 30 juin 2024
Point de marché - 30 juin 2024 Communiqué de presse Point de marché Accord sur les termes de la restructuration financière entre la Société et un groupe de banques et de porteurs d’obligations Une étape importante vers la conclusion d'un accord de restructuration final en juillet Principaux termes du plan de restructuration financière d’Atos : Apport de 233 millions d’euros par le biais d’une augmentation de capital avec maintien du droit préférentiel de souscription garantie à hauteur de 75 millions d’euros par les porteurs d’obligations participants aux nouveaux ...
EQS-News: NFON AG reported on a successful year in 2023 and on its fut...
EQS-News: NFON AG / Key word(s): AGM/EGM NFON AG reported on a successful year in 2023 and on its future strategy at its Annual General Meeting 28.06.2024 / 15:10 CET/CEST The issuer is solely responsible for the content of this announcement. NFON AG reported on a successful year in 2023 and on its future strategy at its Annual General Meeting NFON successfully launched a transformation process and strategic realignment in 2023 Andreas Wesselmann, CTO of NFON AG since the beginning of 2024, presented plans to strengthen innovation and talked about the use of artifici...
EQS-News: NFON AG berichtet im Rahmen der Hauptversammlung über erfolg...
EQS-News: NFON AG / Schlagwort(e): Hauptversammlung NFON AG berichtet im Rahmen der Hauptversammlung über erfolgreiches Jahr 2023 und die weitere Zukunftsstrategie 28.06.2024 / 15:10 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. NFON AG berichtet im Rahmen der Hauptversammlung über erfolgreiches Jahr 2023 und die weitere Zukunftsstrategie NFON startet erfolgreich Transformationsprozess und strategische Neuausrichtung im Jahr 2023 Andreas Wesselmann, seit Anfang 2024 CTO der NFON AG, präsentiert Pläne zur Stärkung der Innovation...
- Russell Waller
- Thomas J. Schiessle
Q2/24 erfreulich – Lagerabbau bei Standart-Vails abgeschlossen- CFO: Q...
FY 24 ist auf Kurs; der Markt intakt, aber das Kundenverhalten eher zurückhaltend. Im H1/24 stieg der Konzernumsatz (in CC) mit 9,0 % YoY auf € 489 Mio. jüngst schneller. Das adj. EBITDA stieg auf € 134 Mio. (in CC.: +2 %; Marge 27,4 %; Vj: 29,4 %), sank (wg. Unterauslastung) im QoQ aber. Die Nachfrage nach Primärverpackungen für Flüssig-Medikamente ist anhaltend hoch, was u.E. ab H2/23-24 deutlich und margenrelevant (vor ramp-up-Kosten (FY 23-24: € 10-15 Mio.)) werden wird, denn der Corona-bedi...
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