We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
>EBITDAaL above (Europe), FCF below (WCR) - Q1 2024 revenues up 0.4% y-o-y at € 27.942bn (consensus € 27.993bn), with an increase of 2.9% for service revenues driven by TMUS (+2%) and Europe (+7%). Q1 EBITDAaL came in 5% higher at € 10.473bn (ahead of cons. of € 10.249bn) or +6% on a comparable basis. FCFaL up 3.6% at € 3.708bn (cons. € 3.879bn), with weaker growth driven by capex down by just 2% and a weaker WCR than expected. However, for 2024, the group confir...
>EBITDAaL au-dessus (Europe), FCF en-dessous (BFR) - CA du T1 2024 en hausse de 0,4% sur un an à 27 942 M€ (consensus 27 993 M€), dont une hausse de 2,9% sur le CA de services tiré par TMUS (+2%) et l'Europe (+7%). L’EBITDAaL du T1 ressort en hausse de 5% à 10 473 M€ (au-dessus du cons. de 10 249 M€) ou +6% à base comparable. Les FCFaL sont en hausse de 3,6% à 3 708 M€ (cons. 3 879 M€), en croissance plus faible en raison des investissements seulement en baisse de 2% ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. EUROPA: DEUTSCHE TELEKOM, ENI, SIEMENS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Las bolsas siguen de fiesta Nueva jornada de avances, con el Ibex liderando y consolidando má...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. Stock markets continue to rally It was a new session of gains, with the Ibex standing out and consolidating 2015 highs, and with sovereign yields tightening significantly after the US inflatio...
Vodafone’s FY results have less to unpack than usual, with Spain and Italy now treated as discontinued items, as a sign of the ongoing simplification of the group. New guidance given for FY25 looks supportive and is marginally ahead of consensus.
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, UNICAJA. EUROPA: BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Jornada de transición en las bolsas En una sesión sin referencias macroeconómicas y con la campaña de resultados com...
NEWS SUMMARY: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, SANTANDER, TELEFÓNICA, UNICAJA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. A transition session for stock markets In a session without macroeconomic references and with the earnings season being the only catalyst, most European indices (with t...
BNetzA’s latest proposal for the German spectrum auction might well now be close to the final outcome, and delays the uncertainty of an auction and potential large cash outflows until 2030 for all German operators. This seems a further example of pragmatic regulation in the European telecoms sector.
EQS-News: 1&1 AG / Key word(s): Miscellaneous 1&1 AG: New consultation on spectrum allocation 13.05.2024 / 15:10 CET/CEST The issuer is solely responsible for the content of this announcement. New consultation on spectrum allocation Montabaur. 13 May 2024. In its consultation published today on the upcoming allocation of frequencies in the low and mid-band range, the Federal Network Agency envisages an extension of the existing frequency usage rights for Deutsche Telekom, Vodafone and Telefónica. This extension is linked to a commitment by Telefónica to continue the tran...
EQS-News: 1&1 AG / Schlagwort(e): Sonstiges 1&1 AG - Neue Konsultation zur Frequenz-Vergabe 13.05.2024 / 15:10 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Neue Konsultation zur Frequenz-Vergabe Montabaur. 13. Mai 2024. Die Bundesnetzagentur sieht in ihrer heute veröffentlichten Konsultation zur anstehenden Bereitstellung von Frequenzen im Low- und Mid-Band-Bereich eine Verlängerung der bestehenden Frequenznutzungsrechte für Deutsche Telekom, Vodafone und Telefónica vor. Diese Verlängerung ist mit einer Verpflichtung von Telefóni...
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