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...
After very strong results during 2021 and 2022 on the back of industry tailwinds due to supply chain disruptions, IMCD maintained a relatively steady operating performance over 2023 despite a clear normalisation of end-market demand within Industries. Notwithstanding these industry pressures, IMCD was able to offset the negative organic growth over 2023 (-6.4%) with its acquisitory power, stabilising growth for the year (excl. FX impact). We believe that IMCD is ready to resume its up...
>IONOS (Outperform): 2024 EBITDA 4% above expectations - IONOS reported Q4 2023 sales up 7.5% y-o-y to € 365m (cons. € 364m), driven by webhosting (+9%) and cloud (+14%). Q4 EBITDA was up 20% y-o-y to € 84m (cons. € 84m), thanks to revenue growth and stable costs. IONOS added 60,000 new clients in Q4, a solid quarter. 2024 guidance confirmed: target growth of 11% in revenues to € 1,423m (of which 11% in webhosting and 14-16% in cloud) and 15% in EBITDA to € 450m (cons...
>IONOS (Outperform): 2024 EBITDA 4% above expectations - IONOS reported Q4 2023 sales up 7.5% y-o-y to € 365m (cons. € 364m), driven by webhosting (+9%) and cloud (+14%). Q4 EBITDA was up 20% y-o-y to € 84m (cons. € 84m), thanks to revenue growth and stable costs. IONOS added 60,000 new clients in Q4, a solid quarter. 2024 guidance confirmed: target growth of 11% in revenues to € 1,423m (of which 11% in webhosting and 14-16% in cloud) and 15% in EBITDA to € 450m (cons...
EQS-News: 1&1 AG / Key word(s): Annual Results/Dividend 1&1 with successful fiscal year 2023 21.03.2024 / 07:29 CET/CEST The issuer is solely responsible for the content of this announcement. 1&1 with successful fiscal year 2023 Customer contracts: +480,000 to 16.26 million Revenue: + 3.4 percent to €4,097 million, thereof €3,243 million service revenues EBITDA: - 5.7 percent to €653.8 million, due to the expected and planned increase in start-up costs for the 1&1 mobile network Forecast 2024: ca. 4 % higher service revenue, ca. 10 % higher EBITDA Montabaur, M...
EQS-News: United Internet AG / Key word(s): Annual Results/Forecast United Internet with successful fiscal year 2023 21.03.2024 / 07:29 CET/CEST The issuer is solely responsible for the content of this announcement. United Internet with successful fiscal year 2023 Customer contracts: + 1.03 million to 28.49 million contracts Sales: + 5.0% to EUR 6.213 billion EBITDA: + 2.2% to EUR 1.300 billion, despite planned increased start-up costs for construction of 1&1 mobile network Dividend proposal: EUR 0.50 per share Montabaur, March 21, 2024. United Internet AG can look...
EQS-News: United Internet AG / Schlagwort(e): Jahresergebnis/Prognose United Internet mit erfolgreichem Geschäftsjahr 2023 21.03.2024 / 07:29 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. United Internet mit erfolgreichem Geschäftsjahr 2023 Kundenverträge: + 1,03 Mio. auf 28,49 Mio. Verträge Umsatz: + 5,0 % auf 6,213 Mrd. EUR EBITDA: + 2,2 % auf 1,300 Mrd. EUR, trotz planmäßig erhöhter Anlaufkosten für den Bau des 1&1 Mobilfunknetzes Dividendenvorschlag: 0,50 EUR je Aktie Montabaur, 21. März 2024. Die United Internet AG blic...
EQS-News: 1&1 AG / Schlagwort(e): Jahresergebnis/Dividende 1&1 mit erfolgreichem Geschäftsjahr 2023 21.03.2024 / 07:29 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. 1&1 mit erfolgreichem Geschäftsjahr 2023 Kundenverträge: +480.000 auf 16,26 Mio. Umsatz: +3,4% auf 4,097 Mrd. EUR, davon 3,243 Mrd. EUR Service-Umsatz EBITDA: -5,7% auf 653,8 Mio. EUR infolge planmäßig erhöhter Anlaufkosten für den Bau des 1&1 Mobilfunknetzes Prognose 2024: ca. 4% höherer Service-Umsatz, ca. 10% höheres EBITDA Montabaur, 21. März 2024 – Die...
>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...
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