Orange (Buy, TP: €16.4, +21%) Bouygues (Buy, TP: €54, +39%) Altice Fra...

After months of speculation, there is finally an offer for SFR in France. The deal structure is a lot more complicated than we thought it would be, but we think the offer is a fair one.

Benelux Morning Notes

Belgian telecoms: DAZN informs Pro League it has no deal with operators. CTP: €600m senior unsecured green bond at 3.625%. dsm-firmenich: Givaudan 9M25 IMS. TomTom: 3Q25 results – Defying weak auto market

Altice France equity (Neutral, TP: €10.3, -14%) Altice France bonds (E...

The price war at the low end of the French mobile market, which began at the beginning of summer 2024, and which we have written about extensively (HERE, HERE, HERE and HERE), appears to be coming to an end, thanks to some tariff changes that should lead to higher APRUs. We show some new work on tariffs in France in this short report, that should be good for all the MNOs.

KPN/2025 safe, mixed view on Strategy update/HOLD

We slightly up our estimates and TP ahead of the 3Q25 results on 28 October and the strategy update on 5 November. We factor in the €25m IPR benefit, spread over 2Q25 and 3Q25. The competitive environment got tougher in 3Q25 in broadband, while in mobile competition remains intense in no frill. We expect KPN will achieve its 2025 guidance though, in line with consensus. On the other hand, we have a mixed view on the strategy update. We think KPN will confirm most 2027 targets but will need to tu...

Altice France equity (Neutral, TP: €10.3, -14%) Altice France bonds (E...

New Altice France debt and equity is now trading. Given the material change in bond terms, and the creation of a new separately traded equity piece, we reassess our rating, and think that at these levels the bonds look pretty fairly valued, and so take the bond rating to Equal weight from Overweight (the old bonds ended up +20% from the lows), and initiate on the equity with a Neutral, as we think that the equity is already implying a high probability of a deal happening, and see minimal underli...

Morning Notes : GLPG NA, GBLB BB, PROX BB, TUB BB, DEME BB

: GLPG NA, GBLB BB, PROX BB, TUB BB, DEME BB

Benelux Morning Notes

Belgian telcos: Digi launches new mobile offer at €7 per month with 30GB D'Ieteren: Belgium Sept car registration, Febiac cuts 2025 outlook to 405-410k new cars Dutch insurance: Achmea Sixth Steet JV done, new entrant for buyouts for ASR and NN Heijmans: I'm a steamroller baby Prosus: Just Eat Takeaway offer unconditional WDP: €22m investment in Romania

Benelux Morning Notes

Belgian telecoms: Telenet increases its fixed internet speed at unchanged price Colruyt: FY25/26F profitability guidance maintained despite market share loss Corbion: Keep Calm and Carry On Fagron: Acquires UCP, adding to its 503A health and wellness offering in California GBL: Planning ahead to deliver on its promise OCI: Limited details on Orascom merger, sales process for Nitrogen Europe ongoing TKH Group: Mixed emotions Wolters Kluwer: Launches UpToDate Expert AI

Altice France (Overweight) Bouygues (Buy, TP: €52, +39%) Iliad (Equal ...

There have been a few recent reports that the sale process for XpFibre has heated up. It has been suggested that a sale might eventually be pulled and the stake used as a sweetener in any eventual deal; but actually, a sale could also be the first domino in the whole M&A process, as an XpFibre sale would help to ease leverage concerns that Bouygues might have from acquiring SFR. We still think a SFR-Bouygues deal is more likely than not by year end, and that Bouygues is the best way to play this...

Benelux Morning Notes

B&S: Sarabel launches recommended all cash offer; Belgian Telecoms: Digi confirms possible minority stake disposal in Spain; market test for Flanders cooperation agreement due any time; Exor: Great companies outperforming the benchmark; PostNL: Feedback on Capital Markets Day event 2025 - new strategy and ambitions 2028; UCB: Encouraging P2a data for Galvokimig in Atopic Dermatitis; Wolters Kluwer: Accelerating share buyback programme and good start to 2H25

Coffee, Croissants & Credit/Inmobiliaria Colonial, Benelux TMT Credits

Real Estate: Inmobiliaria Colonial was back in the market with a green bond; TMT: Benelux TMT Credits - How's it going? Where's the value?

Benelux Morning Notes

ASML: Chinese advanced DUV machine on trial; Azelis: Muddling through 2025 PostNL: CMD - new strategy and ambitions for 2028; Proximus: New CEO of Proximus Global announced Syensqo: CEO succession; UCB: Brivekimig (Sanofi) P2a results in Hidradenitis Suppurativa

Benelux TMT Credits: How's it going? Where's the value?

These are exciting times in the Benelux TMT markets. In this new Benelux Credit TMT report we discuss the most attractive corporate bonds in the Benelux and wider TMT space and provide insights into the key developments driving the Dutch broadband market. We also discuss recent developments of the names under our coverage: ASML, SES, KPN, Proximus, VodafoneZiggo, Telenet, Wolters Kluwer and RELX. The latter section comes from previously published Flash Notes and have been updated where needed.

Benelux Morning Notes

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Why you should be reading the Tariff Tracker – a leading SR indicator

We publish monthly front book pricing data in our Tariff Tracker product. In this report we show some new analysis looking at how front book tariffs are a good leading indicator for service revenue trends in mobile and fixed, including new work looking at discounted and undiscounted prices.

Tele2 AB: 1 director

A director at Tele2 AB sold 230,000 shares at 166.500SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

Benelux Morning Notes

Belgian telcos: Football rights negotiations between DAZN and Proximus resume. Eurocommercial Properties: CMD Feedback. EVS: Adds another small acquisition to its new ‘media robotics' segment. Kinepolis: Paramount Skydance reportedly to bid for Warner Bros. Discovery. Wolters Kluwer: Two CEOs, one strong AI story

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/11/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/09/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/11/2025