reports
- James Ratzer
Vodafone (Buy, 120p, +26%) Safaricom buyout: More FCF accretive than ...
Vodafone and Vodacom have announced today that they will be taking control of Safaricom. Given the structure of the deal with Kenyan Government involving pre-paying dividends, we think the deal could offer better than expected accretion to Vodafone’s reported FCF for limited capital outflow.
Telenor Marks 25 Years on the Oslo Stock Exchange
Telenor Marks 25 Years on the Oslo Stock Exchange Today, Telenor celebrated its 25th anniversary as a listed company on the Oslo Stock Exchange. Since its listing in 2000, the company has distributed more than NOK 243 billion to shareholders. Around 70 guests attended the event, including Minister of Digitalization Karianne Tung. The program featured speeches from CEO of Euronext Oslo Stock Exchange Øivind Amundsen, Telenor CEO Benedicte Schilbred Fasmer, and CFO Torbjørn Wist. Øivind Amundsen congratulated Telenor on the milestone: “We are very pleased to see the companies listed on th...
Telenor markerer 25 år på Oslo Børs
Telenor markerer 25 år på Oslo Børs Telenor markerte i dag sitt 25-årsjubileum som børsnotert selskap på Oslo Børs. Siden børsnoteringen i 2000 har selskapet delt ut over 243 milliarder kroner til aksjonærene. Rundt 70 gjester deltok på markeringen, blant dem digitaliseringsminister Karianne Tung. Arrangementet inneholdt taler fra børsdirektør Øivind Amundsen, konsernsjef Benedicte Schilbred Fasmer og finansdirektør Torbjørn Wist. Børsdirektør Øivind Amundsen gratulerte Telenor med jubileet: – Vi syns det er veldig gledelig at selskapene vi har notert her på Euronext Oslo Børs gjør det ...
- Guy Sips
- Michiel Declercq
- Wim Hoste
Local Champions Mid Cap Conference Book 11.12.2025
This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB
- ING Helpdesk
Benelux Morning Notes
Adecco: Introduces the agility advantage to grow, adapt and lead in the intelligent era. Belgian telcos: DAZN announces immediatele end for Belgian football broadcasting. CMB.TECH: Good 3Q thanks to its tankers. D'Ieteren: CFO buys more shares, State Farm seeks 6% California Auto Rate cut. Staffing: Belgium October Temp volume stable at -3.4% YoY despite tougher comps.
- Ben Rickett
- James Ratzer
FWA is on the horizon It has the potential to be disruptive: Keep a v...
FWA has reached 38% penetration in Austria today, 13% in Italy, but is just 1-2% elsewhere in Europe. Furthermore, the EC has just made a major decision to dedicate a further 540MHz of spectrum to mobile carriers increasing their bandwidth by 60%.
- ING Helpdesk
Benelux Morning Notes
Arcadis: US peer Aecom sets a new standard for EBITDA margin potential. Belgian telecoms: Orange Belgium price increases from January. CFE: Keeps outlook, materially lower QoQ net debt. Flow Traders: Market volumes improve in October. IMCD: Awaiting a recovery. Kinepolis: Launches retail bond issuance for €100-150m. NEPI Rockcastle: Sound operational performance continues. Universal Music Group: EU to warn on Downtown deal
- ING Helpdesk
Telenor Consolidates IoT Operations to Launch Global IoT Powerhouse
Telenor Consolidates IoT Operations to Launch Global IoT Powerhouse Fornebu, Norway – November 13, 2025 – Telenor announces a significant step in its Internet of Things (IoT) strategy by consolidating its Nordic IoT operations under Telenor Connexion, creating a unified global IoT powerhouse. This move strengthens Telenor’s position as a leading provider of managed IoT solutions, enabling customers to benefit from a more streamlined, scalable, and innovative service offering. “This consolidation is about unlocking scale and accelerating growth. By bringing our IoT capabilities together und...
Telenor samler IoT-virksomheten – etablerer en global IoT-enhet
Telenor samler IoT-virksomheten – etablerer en global IoT-enhet (Fornebu, 13. november 2025) Telenor tar et viktig steg i sin IoT-strategi ved å samle den nordiske IoT-virksomheten under Telenor Connexion og skape en samlet global IoT-aktør. Dette styrker Telenors posisjon som en ledende leverandør av administrerte IoT-løsninger og gir kundene et mer strømlinjeformet, skalerbart og innovativt tjenestetilbud. – Dette handler om å utnytte skala og øke veksttakten. Ved å samle IoT-kompetansen under Telenor Connexion og vårt porteføljemerke Telenor IoT, bygger vi en sterkere plattform for å be...
- ING Helpdesk
Benelux Morning Notes
ABN Amro: 3Q mixed, NIBC M&A good value for money. Adyen: CMD highlights – confident on long-term growth Belgian Telecoms: Digi Belgium raises €104.5m in capital, after €80m capital increase in July. CM.com: Raises €5m through private placement. Recticel: Peer Rockwool's 3Q25 trading update. Zabka: Potential bidder for Carrefour Romania. Events Calendar
- Russell Waller
- James Ratzer
Vodafone (Buy, 120p, +30%) H1 26 - Multiple re-rating in play
Vodafone has reported a decent set of H1 results and guidance has been moved to the upper-end of the guidance range (albeit us and consensus were already there). We think there is still a story for the multiple to be re-rated further – and even though there is new dividend guidance today, we also think there is potential for incremental cash return to come at the FY results.
- ABGSC Telecom Operators Research
- Herman Caspersen
- Øystein Elton Lodgaard
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview Investor Day Aperam: In line 3Q25 EBITDA, soft 4Q25 guidance balanced by optimism on EU trade action and FCF beat Brunel: 3Q25 beats; outlook FY25 in line but trend NL and cash position weaker CM.com: Rejects Bird's offer Euronext: Records, beats, buybacks and upgrades GBL: 3Q25 a bit light Kinepolis: Canadian peer Cineplex 3Q25 Results and October 2025 Box office revenue NEPI Rockcastle: COO appointed as new CEO Proximus: Major cut to Global 2026 EBITDA, in line 3Q, 2025 FCF guid...
- Russell Waller
Proximus (Neutral, TP: €11.8, +62%) Q3 25: Domestic resilience, but G...
Proximus has reported a mixed set of results and has updated guidance accordingly: Global guidance has been cut again, and 2026 Global outlook has been cut heavily. For this year, the Global weakness has been absorbed by domestic such that Group outlook is unchanged.
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
CON CONTINENTAL AKTIENGESELLSCHAFT
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BT.A BT GROUP PLC
MT ARCELORMITTAL SA
DGE DIAGEO PLC
RNO RENAULT SA
G1A GEA GROUP AG
KPN ROYAL KPN NV
GFC GECINA SA
DAI DAIMLER AG
EBS ERSTE GROUP BANK AG
ADEN ADECCO GROUP AG
SCMN SWISSCOM AG
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
TEP TELEPERFORMANCE SE
RF EURAZEO SA
ZAL ZALANDO SE
GEBN GEBERIT AG
ORSTED ORSTED
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
TIT TELECOM ITALIA S.P.A.
COLO B COLOPLAST A/S CLASS B
INX IMCD N.V.
LDO LEONARDO SPA
AZN ASTRAZENECA PLC
NEXI NEXI S.P.A.
STLA STELLANTIS N.V.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
ARM ARM HOLDINGS PLC
SYENS SYENSQO
UN0 UNIPER SE
AENA AENA S.M.E. SA
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
Coffee, Croissants & Credit/Snam, Veolia, Engie, CTP, Vonovia, SES, BT...
Utilities: Snam posted robust 9M25 financials, Veolia 9M25 results show continued strong growth, Engie weak 9M25 results – spread tightening limited. Telecom: SES reports weak 3Q25 earnings, BT reports soft 1H26 results, Swisscom 3Q25 results look mixed, Telecom Italia reports solid 3Q25 results, KPN guides for somewhat higher leverage. Real Estate: CTP 9M25 - robust operating trends, Vonovia 9M25 - guidance confirmed
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